Exchange rates and casualties during the first world war (original) (raw)
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The economics of World War I: A comparative quantitative analysis
Journal of Economic History, 2006
We draw on the experience of the major combatant countries in World War I to analyse the role of economic factors in determining the outcome of the war and the effects of the war on subsequent economic performance. We demonstrate that the degree of mobilisation for war can be explained largely by differences in the level of development of each country, leaving little room for other factors that feature prominently in narrative accounts, such as national differences in war preparations, war leadership, military organisation and morale. We ...
2005
This unique volume offers a definitive new history of European economies at war from 1914 to 1918. It studies how European economies mobilized for war, existing economic institutions stood up under the strain, economic development influenced outcomes, and wartime experience influenced postwar economic growth.
The Economics of World War I: an Overview
2004
During the twentieth century the world experienced two deadly global wars followed by a “cold war” of unparalleled expense and danger. World War I opened this brutal epoch. To many who took part the experience was little less than apocalyptic; it seemed like an end, not a beginning. They saw it as putting a stop to history, progress, and civilisation. They called it the “Great War”. They did not know that it would be followed twenty years later by World War II and that the second war would be greater and more dreadful than the first.
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Tijdschrift voor sociale en economische geschiedenis, 2014
Most historians used to regard war as economically destructive. They focused on short-term damage to the economy, guided by archives that were dominated by documents related to reparation demands and offi cial statistics that did not take into account the black market and the rerouting of trade. Gradually, scholars began to acknowledge the positive role played by wartime stimuli with regard to state fi nances, innovative management and new industries. Wartime expenditure proved to have been an impetus for domestic production and demand. Wartime economic downturns often turned out to have been infl uenced by prewar economic trends. Over the last hundred years, the Eighty Years War, the Napoleonic Wars and the Second World War have all received new interpretations, as historians have gathered new data and shifted their focus to the effi ciency of governments and redistributive economic eff ects.
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2018
The Great War required war-making states to mobilize and sustain the financial resources for a global war on an unprecedented scale. What made war finance during the conflict so special is that this challenge had never been confronted in a world economy as large, deeply interconnected, and sophisticated as that which existed in 1914. This article outlines the monetary politics of the global “system” of war finance. It will incorporate perspectives on national economies, but integrates these to sketch the international and transnational aspects of financing the war. The article sets out the basic elements of the pre-war financial system and its global dynamics; examines the different modes of war finance adopted by the belligerents; considers the Central Powers and the Entente as financial alliances operating in the global monetary system; describes the interaction of public and private entities; and surveys the long-term consequences of war finance on the world economy.
War and exchange rate valuation
The Economics of Peace and Security Journal, 2009
This article investigates the extent to which the dominance of the United States dollar as an international currency has been contingent on American diplomacy rather than the prosecution of expensive wars. Four wars are examined, the Korean war (1950-1953), the Vietnam war (1964-1975), the Persian Gulf war (1990-1991), and the Iraq war (2003-present). The historical performance of the dollar is examined in times of war and peace, and the Box-Jenkins forecasting algorithm is employed to make a short-term projection of the dollar coinciding with the Iraq war. The price of gold is used as a measure of the value of the U.S. dollar and investor confidence in the dollar during times of war and peace. The empirical evidence shows a short-term depreciation of the U.S. dollar coinciding with the Iraq war, which is not atypical of the value of the U.S. dollar in a time of war. Problems with the value of the U.S. dollar in times of war lead to the exploration of alternative forms of money, whi...
508 EHA Abstracts The Long-Term Impact of the Thirty Years War : What Grain Price Data Reveal
2011
s of Papers Presented at the Annual Meeting SESSION 1A: BOOMS AND BUSTS IN THE LONG RUN The Collapse of the Continental Dollar: The Turning Point and Its Causes, An Alternative History of Financing the American Revolution, 1775 1781 An alternative history of the continental dollar is constructed from the original laws passed by Congress. The continental dollar was a zero-interest bearer bond, not a fiat currency. The public could redeem it at face value in specie from the National Treasury at fixed future dates. How, when, and where the public was informed of this is traced through available broadsides and newspapers. Being a zero-interest bearer bond, a continental dollar’s current value was the reduction off its face value discounted back from its future redemption date. Discounting must be separated from depreciation to determine when the continental dollar collapsed. There was no depreciation before 1779, only discounting. Congress’ ex post facto law of 14 January 1779 that alte...
Until it's over, over there: the US economy in World War I
The Economics of World War I, 2005
The process by which the US economy was mobilized during World War I was the subject of considerable criticism both at the time and since. Nevertheless, when viewed in the aggregate the degree of mobilization achieved during the short period of active US involvement was remarkable. The United States entered the war in 1917 having made only limited preparations. In 1918 the armed forces were expanded to include 2.9 million sailors, soldiers, and marines; 6 percent of the labor force in the 15 to 44 age bracket. Overall in 1918, one fifth or more of the nation's resources was devoted to the war effort. By the time the Armistice was signed in 1919 a profusion of new weapons was flowing from American factories. This essay describes how mobilization was achieved so quickly, including how it was financed, and some of the long-term consequences.
Exchange Rates, Prices and Money: Lessons from the 1920s
1980
The experience with flexible exchange rates during the 1920's has proven to be extremely important in shaping out current thinking about the operation of floating rates regime. This paper summarizes the results of a comparative empirical study of the~0peration of flexible exchange rates during the 1920's under both the hyperinflationary conditions (based on the experience of Germany) and under "normal".. conditions (based on the experience of Britain, the U.S., and France). The three issues that are discussed are (i) the efficiency of the foreign exchange market which is analyzed by examining the relationship between spot and forward exchange rates; (ii) the relationship between exchange rates and prices which is analyzed by examining aspects of the purchasing power parity doctrine; and (iii) the determinants of exchange rates which is analyz:ed by examining the relationship between exchange rates, money and expectations.