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German Debt Traded in London During World War II: A British Perspective on Hitler

Author

Listed:
  • William O. Brown, Jr.

    (Claremont McKenna College)

  • Richard C.K. Burdekin

    (Claremont McKenna College)

Abstract

Two series of German bonds, issued in 1924 and 1930, traded on the London Stock Exchange throughout Hitler’s 1933-1945 regime in Germany. We isolate both structural breaks and turning points in these bond series. Major turning points follow Hitler’s reintroduction of conscription in 1935, the outbreak of war in 1939 and the D-Day invasion of June 1944. The German bonds’ sustained downtrend after 1935 suggests that bondholders recognized the negative implications of Hitler’s program. Bond prices recover during the war, however, and appear to anticipate the overthrow of Hitler and the postwar settlement of foreign bondholders’ claims.

Suggested Citation

  • 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.
  • Handle: RePEc:clm:clmeco:1999-19
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    File URL: http://www.claremontmckenna.edu/rdschool/papers/1999-19.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. 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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    Cited by:

    1. John Landon-Lane & Kim Oosterlinck, 2005. "Hope springs eternal… French bondholders and the Soviet Repudiation (1915-1919)," Departmental Working Papers 200513, Rutgers University, Department of Economics.
    2. Oosterlinck, Kim, 2003. "The bond market and the legitimacy of Vichy France," Explorations in Economic History, Elsevier, vol. 40(3), pages 326-344, July.
    3. Kim Oosterlinck & John Landon-lane, 2006. "Hope Springs Eternal – French Bondholders and the Soviet Repudiation (1915–1919)," Review of Finance, European Finance Association, vol. 10(4), pages 507-535, December.
    4. Kim Oosterlinck, 2003. "Why do investors still hope? The Soviet repudiation puzzle (1918-1919)," Working Papers CEB 03-010.RS, ULB -- Universite Libre de Bruxelles.
    5. Kim Oosterlinck, 2004. "La bourse de Paris sous l'occupation 1940-1944," Working Papers CEB 04-002.RS, ULB -- Universite Libre de Bruxelles.
    6. Kim Oosterlinck, 2004. "Market microstructure and Nazi influence on the Paris stock exchange during WWII," Working Papers CEB 04-026.RS, ULB -- Universite Libre de Bruxelles.

    More about this item

    Keywords

    bonds; Germany; Hitler;

    JEL classification:

    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • N40 - Economic History - - Government, War, Law, International Relations, and Regulation - - - General, International, or Comparative

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