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History as Reflected in Capital Markets: The Case of World War II


Frey, Bruno S; Kucher, Marcel (1999). History as Reflected in Capital Markets: The Case of World War II. Working paper series / Institute for Empirical Research in Economics No. 2, University of Zurich.

Abstract

"Historical events are reflected in asset prices. Looking at government bond prices of five European countries traded on the Swiss stock exchange during WWII provides a useful way of interpreting the importance attributed to various war events. We direct our attention to value changes in government bonds of five different nations: On the side of the Axis, Germany and Austria; on the side of the Allies, France; and the two neutral countries Belgium and Switzerland. The econometric analysis reveals that some events that are generally considered crucial are clearly reflected in government bond prices of the countries considered. This holds, in particular, for the official outbreak of the war in July to September 1939 (which sent down the government bond values not only of Austria, Belgium and France but also of Germany) and for losses and gains of national sovereignty."

Abstract

"Historical events are reflected in asset prices. Looking at government bond prices of five European countries traded on the Swiss stock exchange during WWII provides a useful way of interpreting the importance attributed to various war events. We direct our attention to value changes in government bonds of five different nations: On the side of the Axis, Germany and Austria; on the side of the Allies, France; and the two neutral countries Belgium and Switzerland. The econometric analysis reveals that some events that are generally considered crucial are clearly reflected in government bond prices of the countries considered. This holds, in particular, for the official outbreak of the war in July to September 1939 (which sent down the government bond values not only of Austria, Belgium and France but also of Germany) and for losses and gains of national sovereignty."

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Additional indexing

Item Type:Working Paper
Communities & Collections:03 Faculty of Economics > Department of Economics
Working Paper Series > Institute for Empirical Research in Economics (former)
Dewey Decimal Classification:330 Economics
Language:English
Date:February 1999
Deposited On:29 Nov 2011 19:45
Last Modified:12 Aug 2017 12:44
Series Name:Working paper series / Institute for Empirical Research in Economics
ISSN:1424-0459
Official URL:http://www.econ.uzh.ch/wp.html

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