How government bond prices reflect wartime events : the case of the Stockholm market

Daniel Waldenström; Bruno S. Frey

How are political events reflected in financial asset prices? Break points in sovereign debt prices are analyzed for Denmark, Norway, Finland, Sweden, Germany and Belgium during 1930-1948, using unique data from the Stockholm Stock Exchange. Unlike in countries involved in WWII, this market was unregulated. The outbreak of World War II heavily depressed prices of government bonds. Countries which were occupied (Belgium, Denmark and Norway) or under attack (Finland) saw their debt depreciate substantially. The battle of Stalingrad turns out indeed to be a turning-point of the war. This approach represents a complementary quantitative method to analyze the impact of political events. -- Financial Markets ; Economic History ; WWII ; Europe ; Cliometrics

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Year of publication:	16 Jan. 2002 ; [Elektronische Ressource]
Other Persons:	Waldenström, Daniel (contributor) ; Frey, Bruno S. (contributor)
Institutions:	Ekonomiska forskningsinstitutet <Stockholm> (contributor)
Publisher:	Stockholm : Ekonomiska Forskningsinst.
Subject:	Öffentliche Anleihe \| Public bond \| Börsenkurs \| Share price \| Krieg \| War \| Zeitreihenanalyse \| Time series analysis \| Nordeuropa \| Northern Europe \| Deutschland (bis 1945) \| Germany (until 1945) \| Belgien \| Belgium \| Börse \| Bourse \| Schweden \| Sweden \| 1930-1948

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Extent:	Online-Ressource (PDF-Datei: 24 S., 95,01 KB) graph. Darst.
Series:	SSE EFI working paper series in economics and finance. - Stockholm : [Verlag nicht ermittelbar], ISSN 1402-9928, ZDB-ID 2544040-8. - Vol. 489
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	nBibliography Systemvoraussetzungen: Acrobat reader
Other identifiers:	hdl:10419/56070 [Handle]
Classification:	F34 - International Lending and Debt Problems ; G15 - International Financial Markets ; N24 - Europe: 1913- ; N44 - Europe: 1913-
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10001638243