| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w9261
|
| 来源ID | Working Paper 9261
|
| Exchange Rates and Casualties During the First World War |
| George J. Hall
|
| 发表日期 | 2002-10-10
|
| 出版年 | 2002
|
| 语种 | 英语
|
| 摘要 | I estimate two factor models of Swiss exchange rates during the FirstWorldWar. I have data 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 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 exchange rate movements into a common trend, a common factor, and country-specific factors. Movements in the common trend are consistent with the quantity theory of money. The common factor contains information on contemporaries' expectations about the war's resolution. Innovations to this common factor are correlated with time series on soldiers killed, wounded, and taken prisoner. |
| 主题 | History
; Macroeconomic History
; Macroeconomics
; Money and Interest Rates
|
| URL | https://www.nber.org/papers/w9261
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566874
|
推荐引用方式
GB/T 7714 |
George J. Hall. Exchange Rates and Casualties During the First World War. 2002.
|
|
文件名：
|
w9261.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
