We exploit a rather neglected source of data, The Commercial and Financial Chronicle to shed light on the behaviour of daily and weekly exchange rates throughout several interwar hyperinflation episodes. The purpose of our analysis is three-fold: firstly, we investigate the consistency of...

We revisit the forward premium puzzle in the interwar period and find that, as the deviation from covered interest rate parity increases, the coefficient on the forward premium in the standard Fama regression tends towards zero.