Krieg und Finanzmarkt. Eine ökonomische Analyse der Bedrohungslage der Schweiz im 2. Weltkrieg
Historical events are reflected in asset prices. In this paper we therefore analyze the prices of Swiss government bonds traded during WWII. The econometric analysis reveals that some events that are generally considered crucial for the military threat Switzerland faced, are clearly reflected in government bond prices. This holds, in particular, for events that occured before the official outbreak of the war. The most prominent examples are the Nazi takeover in Januray 1933 or the introduction of the draft for military service in March 1935. On the other hand, some events to which historians attach great attention are not reflected in bond prices at all: The most prominent example is the German capitulation in 1945. The analysis of financial markets is certainly no substitute to the traditional inquiries undertaken by historians. But it is a challenging complementaiy method to evaluate particular sentiments existing at a given moment of time.
Volume (Year): 134 (1998)
Issue (Month): IV (December)
|Contact details of provider:|| Postal: |
Phone: +41 (0)44 631 32 34
Fax: +41 (0)44 631 39 01
Web page: http://www.sjes.ch
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:ses:arsjes:1998-iv-1. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peter Steiner)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.