Paper #535

Título:

Inflation, political instability and stockmarket volatility in interwar Germany

Autor:

Hans Joachim Voth

Data:

Marzo 2001

Resumen:

What determined the volatility of asset prices in Germany between the wars? This paper argues that the influence of political factors has been overstated. The majority of events increasing political uncertainty had little or no effect on the value of German assets and the volatility of returns on them. Instead, it was inflation (and the fear of it) that is largely responsible for most of the variability in asset returns.

Palabras clave:

Inflation, stock returns, volatility of asset returns, political uncertainty, Germany (interwar)

Códigos JEL:

G14, G15, E44, E31, N14, N24

Área de investigación:

História Económica y de la Empresa

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