Between 1914 and 1918 the success of the British war effort was heavily dependent on the horse. Warfare in the early twentieth century employed horses at least as intensively as did the economy in peacetime. As war became more capital-intensive, an increasing burden was placed on the military...

I estimate a single factor model of Swiss exchange rates during World War I for five of the primary belligerents: Britain, France, Italy, Germany, and Austria-Hungary. At the outbreak of the war these nations suspended convertibility of their currencies into gold with the promise that after the...

Recent studies on real exchange rates advocate the use of long samples in order to reveal the low frequency properties of the processes. The present paper contributes to this strand of the literature by exploiting recently released time series for the drachma/sterling rate for the period...