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Market microstructure and Nazi influence on the Paris stock exchange during WWII


  • Kim Oosterlinck


Although studies of the Paris stock exchange are quite numerous, its functioning during the Second World War has been overlooked. Based on archives from both the French brokers (Compagnie des Agents de Change) and from the occupying forces, this paper describes the market microstructure, the changes in market organization and the manipulations of the stock prices by the Nazis. Furthermore, the paper shows that, for economic reasons, some measures imposed by the Nazis were kept after the war. It suggests, moreover, that long-term analysis based on indices that include the war years could be misleading because most stocks could not be bought or sold, even though they were quoted at the time.

Suggested Citation

  • 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.
  • Handle: RePEc:sol:wpaper:04-026

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    References listed on IDEAS

    1. 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.
    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. 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.
    4. 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.
    5. Frey, Bruno S. & Waldenstr M, Daniel, 2004. "Markets work in war: World War II reflected in the Zurich and Stockholm bond markets," Financial History Review, Cambridge University Press, vol. 11(01), pages 51-67, April.
    6. 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.
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    More about this item


    microstructure; WWII; Paris Stock Exchange;

    JEL classification:

    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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