The German buybacks, 1932 - 1939: a cure for overhang?:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Princeton, NJ
International Finance Section, Dep. of Economics, Princeton Univ.
1993
|
| Series: | Princeton studies in international finance
75 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | 70 S. graph. Darst. |
| ISBN: | 0881652474 |
Staff View
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| 245 | 1 | 0 | |a The German buybacks, 1932 - 1939: a cure for overhang? |c Adam Klug |
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Record in the Search Index
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| adam_text | CONTENTS
1 INTRODUCTION 1
The Existing Literature 1
Germany as a Test Case for Recent Theory 2
Outline of the Findings 3
2 GERMAN DEBT HISTORY IN THE 1930S 5
The Size and Nature of the Debt 5
Pressures on the Debtors 9
The Course of Default 10
German Debt-Reduction Methods 11
Open-Market Bond Buybacks 11
Enter Colonel Norris 16
Repurchases of Scrip and Blocked Marks 17
Proposals for Comprehensive Debt Reduction 18
How Much Was Bought Back? 19
3 WHO BENEFITED FROM THE BUYBACKS? 24
The Bulow-Rogoff Case against Buybacks 24
How the Market Value of the German Debt Changed 25
Testing the Bulow-Rogoff Model 29
Empirical Specification 30
Estimation Results 32
The Marginal Value of the Debt 34
The 1930s and the 1980s: Bank Debt Versus Bond Debt 36
Summary 37
4 WHY DID THE BUYBACKS TAKE PLACE? 39
Additional Exports or Debt Reduction? 40
Divergent Valuations between Debtor and Creditor 42 |
Differing Perceptions Concerning Default 42
Different Costs of Default 50
5 CONCLUSION 53
Implications for the Bulow-Rogoff Buyback Model 53
Implications for the Economic History of the Third Reich 54
Implications for Research on the International Debt Problem 54
APPENDIX A: SOURCES ON THE SIZE OF THE BUYBACKS 56
APPENDIX B: THE SIMPLEST MODEL OF BUYBACKS 58
APPENDIX C: DETAILS OF THE TIME-SERIES TESTS 59
REFERENCES 62
TABLES
1 U.S. Long-Term Foreign Investment, December 1930 5
2 Geographical Distribution of German Debt, May 1932 6
3 German Long-Term Foreign Indebtedness by Type of
Credit Granted, February 1932 7
4 Distribution by Sector of German Bonds Issued in the
United States, June 1932 8
5 German External Debt, Excluding Reparations 12
6 Repurchases of Bonds, Scrip, and Blocked Marks, 1932-1939 20
7 Changes in the Market Value of German Bonds in the
United States, 1932-1934 27
8 Debt Buybacks and Changes in Market Value 33
9 Debt-Valuation Equation 35
10 Relation between the New York and Berlin Prices of
6 Percent Bonds 41
11 Properties of the Forecasting Equation for German
Bond Prices 48
12 Forecasting Bond Prices from an Unconstrained VAR Using
the Full Sample, 1930:6 to 1935:10 49
FIGURES
1 Prices for 6 Percent Bonds in New York and Berlin 14
2 Average German Bond Prices in New York 28
3 Monthly Reichsbank Gold and Foreign-Exchange Reserves 46
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| series | Princeton studies in international finance |
| series2 | Princeton studies in international finance |
| spelling | Klug, Adam Verfasser aut The German buybacks, 1932 - 1939: a cure for overhang? Adam Klug Princeton, NJ International Finance Section, Dep. of Economics, Princeton Univ. 1993 70 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Princeton studies in international finance 75 Geschichte 1932-1939 gnd rswk-swf Dettes - Allègement - Allemagne ram Wiederkauf (DE-588)4189838-2 gnd rswk-swf Auslandsschulden (DE-588)4003783-6 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf Deutschland (DE-588)4011882-4 g Auslandsschulden (DE-588)4003783-6 s Geschichte 1932-1939 z DE-604 Wiederkauf (DE-588)4189838-2 s Princeton studies in international finance 75 (DE-604)BV043640400 75 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005868624&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Klug, Adam The German buybacks, 1932 - 1939: a cure for overhang? Princeton studies in international finance Dettes - Allègement - Allemagne ram Wiederkauf (DE-588)4189838-2 gnd Auslandsschulden (DE-588)4003783-6 gnd |
| subject_GND | (DE-588)4189838-2 (DE-588)4003783-6 (DE-588)4011882-4 |
| title | The German buybacks, 1932 - 1939: a cure for overhang? |
| title_auth | The German buybacks, 1932 - 1939: a cure for overhang? |
| title_exact_search | The German buybacks, 1932 - 1939: a cure for overhang? |
| title_full | The German buybacks, 1932 - 1939: a cure for overhang? Adam Klug |
| title_fullStr | The German buybacks, 1932 - 1939: a cure for overhang? Adam Klug |
| title_full_unstemmed | The German buybacks, 1932 - 1939: a cure for overhang? Adam Klug |
| title_short | The German buybacks, 1932 - 1939: a cure for overhang? |
| title_sort | the german buybacks 1932 1939 a cure for overhang |
| topic | Dettes - Allègement - Allemagne ram Wiederkauf (DE-588)4189838-2 gnd Auslandsschulden (DE-588)4003783-6 gnd |
| topic_facet | Dettes - Allègement - Allemagne Wiederkauf Auslandsschulden Deutschland |
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