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The bond market and the legitimacy of Vichy France

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Listed author(s):
  • Oosterlinck, Kim

Abstract

During World War II, the spread between the 3 percent rentes and the Vichy government bonds reflected French investors' perception of the shifting fortunes of war and the willingness of future post-war government to repay the debt issued by the collaborationist regime. Structural breaks in this spread do not always match with the dates of major military events but are more closely related to the political ones, emphasizing the struggle for legitimacy by rival claimants to power. © 2003 Elsevier Science (USA). All rights reserved.

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File URL: http://www.sciencedirect.com/science/article/pii/S0014-4983(03)00031-7
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Article provided by Elsevier in its journal Explorations in Economic History.

Volume (Year): 40 (2003)
Issue (Month): 3 (July)
Pages: 326-344

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Handle: RePEc:eee:exehis:v:40:y:2003:i:3:p:326-344
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622830

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  1. Daniel Waldenstr�m & Bruno S. Frey, "undated". "How Government Bond Prices Reflect Wartime Events - The Case of the Stockholm Market," IEW - Working Papers 102, Institute for Empirical Research in Economics - University of Zurich.
  2. William O. Brown, Jr. & Richard C.K. Burdekin, "undated". "German Debt Traded in London During World War II: A British Perspective on Hitler," Claremont Colleges Working Papers 1999-19, Claremont Colleges.
  3. 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.
  4. Andrews, Donald W K, 1993. "Tests for Parameter Instability and Structural Change with Unknown Change Point," Econometrica, Econometric Society, vol. 61(4), pages 821-856, July.
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  6. Banerjee, Anindya & Lumsdaine, Robin L & Stock, James H, 1992. "Recursive and Sequential Tests of the Unit-Root and Trend-Break Hypotheses: Theory and International Evidence," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(3), pages 271-287, July.
  7. Perron, Pierre, 1989. "The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis," Econometrica, Econometric Society, vol. 57(6), pages 1361-1401, November.
  8. Willard, Kristen L & Guinnane, Timothy W & Rosen, Harvey S, 1996. "Turning Points in the Civil War: Views from the Greenback Market," American Economic Review, American Economic Association, vol. 86(4), pages 1001-1018, September.
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