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Inflation, political instability and stockmarket volatility in interwar Germany
Voth, Hans Joachim
Universitat Pompeu Fabra. Departament d'Economia i Empresa
What determined the volatility of asset prices in Germany between thewars? This paper argues that the influence of political factors has beenoverstated. The majority of events increasing political uncertainty hadlittle or no effect on the value of German assets and the volatility ofreturns on them. Instead, it was inflation (and the fear of it) that islargely responsible for most of the variability in asset returns.
2005-09-15
Economic and Business History
inflation
stock returns
volatility of asset returns
political uncertainty
germany (interwar)
L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
http://creativecommons.org/licenses/by-nc-nd/3.0/es/
Working Paper
         

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