Confederate Treasury notes were convertible into government bonds at par. This provided an imbedded option value for the currency. Confederate interest-rate policy encouraged, and ultimately coerced, holders of Treasury notes to exchange these notes for bonds by imposing deadlines on their...

Two series of German bonds, issued in 1924 and 1930, traded on the London Stock Exchange throughout Hitler's 1933-1945 regime in Germany. We isolate both structural breaks and turning points in these bond series. Major turning points follow Hitler's reintroduction of conscription in 1935, the...

Confederate Treasury notes were convertible into government bonds at par. This provided an imbedded option value for the currency. Confederate interest-rate policy encouraged, and ultimately coerced, holders of Treasury notes to exchange these notes for bonds by imposing deadlines on their...

Two series of German bonds, issued in 1924 and 1930, traded on the London Stock Exchange throughout Hitler’s 1933-1945 regime in Germany. We isolate both structural breaks and turning points in these bond series. Major turning points follow Hitler’s reintroduction of conscription in 1935,...