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Market microstructure and Nazi influence on the Paris stock exchange during WWII

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Author Info
Kim Oosterlinck () (Centre Emile Bernheim, Solvay Business School, Université Libre de Bruxelles, Brussels.)

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Abstract

Although studies of the Paris stock exchange are quite numerous, its functioning during the Second World War has been overlooked. Based on archives from both the French brokers (Compagnie des Agents de Change) and from the occupying forces, this paper describes the market microstructure, the changes in market organization and the manipulations of the stock prices by the Nazis. Furthermore, the paper shows that, for economic reasons, some measures imposed by the Nazis were kept after the war. It suggests, moreover, that long-term analysis based on indices that include the war years could be misleading because most stocks could not be bought or sold, even though they were quoted at the time.

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File URL: http://www.solvay.edu/EN/Research/Bernheim/documents/wp04026.pdf
File Format: application/pdf
File Function: First version, 2004-11
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Publisher Info
Paper provided by Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) in its series Working Papers CEB with number 04-026.RS.

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Length: 24 pages
Date of creation: Nov 2004
Date of revision:
Handle: RePEc:sol:wpaper:04-026

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Web page: http://www.solvay.edu/EN/Research/Bernheim/index.php
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Related research
Keywords: microstructure; WWII; Paris Stock Exchange;

Find related papers by JEL classification:
N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Frey, Bruno S. & Kucher, Marcel, 2000. "History as Reflected in Capital Markets: The Case of World War II," The Journal of Economic History, Cambridge University Press, vol. 60(02), pages 468-496, June. [Downloadable!]
    Other versions:
  2. Frey, Bruno S. & Waldenstr M, Daniel, 2004. "Markets work in war: World War II reflected in the Zurich and Stockholm bond markets," Financial History Review, Cambridge University Press, vol. 11(01), pages 51-67, April. [Downloadable!]
  3. Waldenström, Daniel & Frey, Bruno S., 2002. "How Government Bond Prices Reflect Wartime Events. The Case of the Stockholm Market," Working Paper Series in Economics and Finance 489, Stockholm School of Economics. [Downloadable!]
    Other versions:
  4. Pierre-Cyrille Hautcoeur & Muriel Petit-Konczyk, 2004. "The development of the Paris Bourse in the interwar period. What old and new stock indices tell us," DELTA Working Papers 2004-18, DELTA (Ecole normale supérieure). [Downloadable!]
  5. William O. Brown, Jr. & Richard C.K. Burdekin, . "German Debt Traded in London During World War II: A British Perspective on Hitler," Claremont Colleges Working Papers 1999-19, Claremont Colleges. [Downloadable!]
  6. Frey, Bruno S & Kucher, Marcel, 2001. "Wars and Markets: How Bond Values Reflect the Second World War," Economica, London School of Economics and Political Science, vol. 68(271), pages 317-333, August. [Downloadable!] (restricted)
  7. Kim Oosterlinck, 2003. "The Bond Market and the Legitimacy of Vichy France," Working Papers CEB 03-003.RS, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB). [Downloadable!]
    Other versions:
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