This paper contributes to the literature on the weakness of modern pay-as-you-go social security systems in financing pensions by taking a business and economic historical perspective on the issue. It focuses on Prussian Knappschaften (plural of Knappschaft), which provided miners with...

This study uses prices for the German 3 percent imperial loan issued in several tranches since 1890 and still traded during World War I to measure capital market players’ real-time perceptions of the prospects for Germany as the war proceeded. Price data are gathered from the Amsterdam market...

This paper contributes to the literature on the weakness of modern pay-as-you-go social security systems in financing pensions by taking a business and economic historical perspective on the issue. It focuses on Prussian <italic>Knappschaften</italic> (plural of<italic>Knappschaft</italic>), which provided miners with compulsory...