Cigarette Money and Black Market Prices around the 1948 German Miracle

Vincent Bignon

Working Papers from HAL

Abstract: This paper is an empirical study of the distribution of black prices among 120 Bavarian locations at two dates, the beginning of July, 1947 and the end of June, 1948. It shows huge differences in the liquidity of those goods either when measured with the coefficient of variation or the number of locations in which those goods were traded. The main finding is that liquidity of cigarette was very high either when measured by the coefficient of variation and or the number of counties that traded them. This made them special, even when compared with a pure fiat object such as the US dollar. Consistently with the insights of the modern theory of money, the high liquidity of cigarettes is indicative of its use as money.

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Date: 2009
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Working Paper: Cigarette Money and Black Market Prices around the 1948 German Miracle (2009)
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