War News and Exchange Rates during World War I: the Eastern versus the Western Front∗

Abstract

Using a newly compiled dataset on prisoners of war and on soldiers killed and wounded on the Eastern and Western Fronts of World War I, this paper shows that changes in the exchange rate among the currencies of the belligerent countries were associated with good or bad news from the battlefield. Prospects of losing the war depreciated a country’s currency… (More)

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Cite this paper

@inproceedings{Duarte2015WarNA, title={War News and Exchange Rates during World War I: the Eastern versus the Western Front∗}, author={P. Gonzalez - Duarte and Marcel Freidinger and Andreas Hoffmann}, year={2015} }