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 war each would restore convertibility at the old par …. However, once convertibility was suspended, the value of each currency depended on the outcome of the war. I decompose …

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 war each would restore convertibility at the old par …. However, once convertibility was suspended, the value of each currency depended on the outcome of the war. I decompose …

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