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The Bond Market and the Legitimacy of Vichy France

  • Kim Oosterlinck

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: https://dipot.ulb.ac.be/dspace/bitstream/2013/54284/1/RePEc_sol_wpaper_03-003.pdf
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Paper provided by ULB -- Universite Libre de Bruxelles in its series Working Papers CEB with number 03-003.RS.

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Length: 25 p.
Date of creation: 2003
Date of revision:
Publication status: Published by:
Handle: RePEc:sol:wpaper:03-003
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  1. 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.
  2. 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.
  3. Daniel Waldenström & Bruno S. Frey, . "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.
  4. 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.
  5. Davis, George K. & Pecquet, Gary M., 1990. "Interest Rates in the Civil War South," The Journal of Economic History, Cambridge University Press, vol. 50(01), pages 133-148, March.
  6. 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.
  7. Andrews, Donald W K, 1993. "Tests for Parameter Instability and Structural Change with Unknown Change Point," Econometrica, Econometric Society, vol. 61(4), pages 821-56, July.
  8. 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.
  9. Anindya Banerjee & Robin L. Lumsdaine & James H. Stock, 1990. "Recursive and Sequential Tests of the Unit Root and Trend Break Hypothesis: Theory and International Evidence," NBER Working Papers 3510, National Bureau of Economic Research, Inc.
  10. repec:cup:jechis:v:60:y:2000:i:02:p:468-496_00 is not listed on IDEAS
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