Interest Rates in the Civil War South

George Davis () and Gary M. Pecquet

The Journal of Economic History, 1990, vol. 50, issue 1, 133-148

Abstract: Interest rates in the Civil War South were quite stable and even declined a bit during the war. In this article we explain the mechanism that produced this puzzling result. The existence of a fixed-rate call certificate redeemable at par anchored interest rates expressed in terms of Confederate dollars. When expressed in terms of gold, they were volatile, high, and reflected war events.

Date: 1990
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