The Bond Market and the Legitimacy of Vichy France

Posted: 3 Sep 2003

See all articles by Kim Oosterlinck

Kim Oosterlinck

Université Libre de Bruxelles - SBS-EM, CEB

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.

Keywords: Legitimacy, bonds, cliometrics, sovereign debt, war

JEL Classification: F34, G1, N24

Suggested Citation

Oosterlinck, Kim, The Bond Market and the Legitimacy of Vichy France. Explorations in Economic History, Vol. 40, pp. 326-344, 2003. Available at SSRN: https://ssrn.com/abstract=430220

Kim Oosterlinck (Contact Author)

Université Libre de Bruxelles - SBS-EM, CEB ( email )

50 Avenue Roosevelt, CP114/03
Brussels 1050
Belgium

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