Turning Points in the U.S. Civil War: A British Perspective
This paper examines the Confederate cotton bonds floated in Europe in March 1863 and traded on the London market. Over our March 27, 1863 to June 17, 1865 sample we isolate two, non-reversed, "turning points" that follow news of Confederate defeat at Gettysburg and Vicksburg in July 1863 and the fall of Atlanta in September 1864. Our analysis suggests that the turning points important to Southern interests differ from those identified for the Northern side by Willard, Guinnane and Rosen (1996). It seems that war news did not always have symmetric effects on North and South.
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American Economic Review,
American Economic Association, vol. 86(4), pages 1001-18, September.
- Kristen L. Willard & Timothy W. Guinnane & Harvey S. Rosen, 1995. "Turning Points in the Civil War: Views from the Greenback Market," NBER Working Papers 5381, National Bureau of Economic Research, Inc.
- Grossman, Herschel I & Han, Taejoon, 1996. "War Debt, Moral Hazard, and the Financing of the Confederacy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(2), pages 200-215, May.
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