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| Author: | Brown, W. O., Jr. Burdekin, R. C. K. |
| Title: | German debt traded in London during the Second World War: A British perspective on Hitler |
| Journal: | Economica
2002 : NOV, VOL 69:276, p. 655-669 |
| Index terms: | Bonds Stock exchanges Economic history United Kingdom Germany |
| Language: | eng |
| Abstract: | Two series of German bonds, issued in 1924 and 1930, traded on the London Stock Exchange throughout Hitler's 1933-45 regime in Germany. The authors isolate structural breaks and turning points in these bond series. Major turning points follow Hitler's reintroduction of conscription in 1935, the outbreak of war in 1939 and the D-Day invasion of June 1944. The German bonds' sustained downward trend after 1935 suggests that bondholders recognized the risks posed by Hitler's programme. Bond prices recovered during the war, however, appear to have anticipated the overthrow of Hitler and the postwar settlement of foreign bondholders' claims. |
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