War Finance in the Southern Confederacy, 1861-1865

Burdekin, Richard C. K.; Langdana, Farrokh K.

doi:10.1006/exeh.1993.1015

Cited by 19 publications

(5 citation statements)

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“…In fact, Weidenmier finds instances when after a battle, both currencies move in the same direction. Burdekin and Langdana (1993) find that the gold price of the Confederate dollar responded more to war events than financial policy shifts. The former, they argue, are more likely to affect redemption than the former.…”

Section: The Market Behavior Of the Two Classes Of United States mentioning

confidence: 84%

Seigniorage, Legal Tender, and the Demand Notes of 1861

Bomberger

Makinen

2010

Economic Inquiry

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"In the summer of 1861, the United States embarked on its first widespread use of paper money: the Demand Notes of 1861. Although their convertibility into gold ended at the end of that year, they remained acceptable for tariff payment at a par with gold coin while they were gradually replaced with paper money that did not share this provision, the Greenbacks. We present daily observations of exchange rates between the Notes, Greenbacks, and gold for the extended period during which they simultaneously circulated. These exchange rates substantiate our revisionist notion that the Notes were replaced because the tariff provision prevented them from generating sufficient seigniorage for wartime needs. "("JEL "E42, N12, N22) Copyright (c) 2009 Western Economic Association International.

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Section: The Market Behavior Of the Two Classes Of United States mentioning

confidence: 84%

Seigniorage, Legal Tender, and the Demand Notes of 1861

Bomberger

Makinen

2010

Economic Inquiry

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“…Such a relationship also seems evident in the fluctuations of Lerner's (1955) general price index for the Eastern Confederacy (see Burdekin and Langdana, 1993).…”

mentioning

confidence: 74%

Turning Points in the U.S. Civil War: A British Perspective

Brown¹,

Burdekin²

2000

J. Eco. History

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. AbstractThis paper examines the Confederate cotton bonds floated in

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“…The relation between the Confederate money supply and mflauon has been explored by Lerner (1955Lerner ( , 1956, Godfrey (1978), and Burdekin and Weidenmier (2001). The role of fiscal policy and currency reforn1s has been examined by Lerner (1954), Pecquet (1987, Burdekin and Langdana (1993), Grossman and Han (1996), and Burdekin and Weidenmier (2003). TI1e behavior of financial markets during the conflict has been studied by Roll (1972), Calomiris (1988), Davis and Pecquet (1990), Weidenmier (2000), and Brown and Burdekin (2000).…”

Section: The Establishment Of Confederate Currency As a Medium Of Exchangementioning

confidence: 99%

The Emancipation Proclamation, Confederate Expectations, and the Price of Southern Bank Notes

Pecquet

Davis²,

Kanago³

2004

Southern Economic Journal

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We examine the behavior of a semimonthly series of the Confederate dollar price of bank notes. These notes traded at par with Confederate dollars from October of 1861 until November 5, 1862. We use a model of the demand for two currencies to argue that this departure from par results from altered Southern expectations after the 1862 Congressional elections assured the enactment of the Emancipation Proclamation. Previously, Southerners believed a win or a negotiated settlement would allow a return to the Union intact. When these expectations changed, bank notes appreciated against Confederate dollars. In addition, our empirical work shows that notes appreciated following Northern victories.

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War Finance in the Southern Confederacy, 1861-1865

Cited by 19 publications

References 0 publications

Seigniorage, Legal Tender, and the Demand Notes of 1861

Seigniorage, Legal Tender, and the Demand Notes of 1861

Turning Points in the U.S. Civil War: A British Perspective

The Emancipation Proclamation, Confederate Expectations, and the Price of Southern Bank Notes

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