The bond market and the legitimacy of Vichy France

Kim Oosterlinck

Post-Print CEB, 2003, vol. 40, issue 3, 326-344

Abstract: During World War II, the spread between the 3 percent rentes and the Vichy government bonds reflected French investors' perception of the shifting fortunes of war and the willingness of future post-war government to repay the debt issued by the collaborationist regime. Structural breaks in this spread do not always match with the dates of major military events but are more closely related to the political ones, emphasizing the struggle for legitimacy by rival claimants to power. © 2003 Elsevier Science (USA). All rights reserved.

Date: 2003
Note: SCOPUS: ar.j
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Journal Article: The bond market and the legitimacy of Vichy France (2003)
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