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Title:How government bond prices reflect wartime events: The case of the Stockholm market PDF Logo
Authors:Waldenström, Daniel
Frey, Bruno S.
Issue Date:2002
Series/Report no.:SSE/EFI Working Paper Series in Economics and Finance 489
Abstract:How are political events reflected in financial asset prices? Break points in sovereign debt prices are analyzed for Denmark, Norway, Finland, Sweden, Germany and Belgium during 1930-1948, using unique data from the Stockholm Stock Exchange. Unlike in countries involved in WWII, this market was unregulated. The outbreak of World War II heavily depressed prices of government bonds. Countries which were occupied (Belgium, Denmark and Norway) or under attack (Finland) saw their debt depreciate substantially. The battle of Stalingrad turns out indeed to be a turning-point of the war. This approach represents a complementary quantitative method to analyze the impact of political events.
Subjects:Financial Markets
Economic History
WWII
Europe
Cliometrics
JEL:F34
G15
N24
N44
Document Type:Working Paper
Appears in Collections:SSE/EFI Working Paper Series in Economics and Finance, EFI - The Economic Research Institute, Stockholm School of Economics

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