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Suppressing asset price inflation : the confederate experience, 1861-1865

Burdekin, Richard C. K.; Weidenmier, Marc D. - 2000

Confederate Treasury notes were convertible into government bonds at par. This provided an imbedded option value for the currency. Confederate interest-rate policy encouraged, and ultimately coerced, holders of Treasury notes to exchange these notes for bonds by imposing deadlines on their...

Persistent link: https://www.econbiz.de/10011565296