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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Persistent link: https://EconPapers.repec.org/RePEc:cup:jechis:v:50:y:1990:i:01:p:133-148_03
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