Inflation, political instability and stockmarket volatility in interwar Germany

What determined the volatility of asset prices in Germany between the wars? This paper argues that the influence of political factors has been overstated. The majority of events increasing political uncertainty had little or no effect on the value of German assets and the volatility of returns on them. Instead, it was inflation (and the fear of it) that is largely responsible for most of the variability in asset returns.

MoreLess

Year of publication:	2001-03
Authors:	Voth, Hans Joachim
Institutions:	Department of Economics and Business, Universitat Pompeu Fabra
Subject:	Inflation \| stock returns \| volatility of asset returns \| political uncertainty \| Germany (interwar)

freely available

Full text |

More access options

Check Google Scholar

In German libraries (KVK)

I need help

More details

Extent:	application/pdf
Series:	Economics Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Classification:	G14 - Information and Market Efficiency; Event Studies ; G15 - International Financial Markets ; E44 - Financial Markets and the Macroeconomy ; E31 - Price Level; Inflation; Deflation ; N14 - Europe: 1913- ; N24 - Europe: 1913-
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005707943