The purpose of this volume has grown, not withered, over the quarter century since it first appeared.
The author seeks to put the reader in the position of an investor during the global financial turmoil of the years 1914-31. What were the scenarios – geopolitical and monetary – that could be imagined and are they efficiently priced in markets?
The years 1914-31 are rich in trauma, including the outbreak of World War 1, the war itself, the break-up of the Austrian-Hungarian monetary and political union, German hyperinflation, and the global credit bubble-and-bust of 1925-31. The episodes into which the reader is drawn are rich in parallel with problems of the modern day – geo-political risk, monetary union breakdown, and monetary chaos.
The saying is that wisdom comes from age. This book has a different rationale. Financial wisdom stems from knowing that there is nothing totally new and that much can be learned from putting oneself in the shoes of pervious generations of investors, re-running the kaleidoscope of scenarios which they perceived at crisis points.
In his reconstruction work, Brendan Brown has undertaken extensive research into the financial press in the various European countries, seeing this as a prime clue to the mood in markets at the time. The findings will interest not just economists and financial specialists, but also readers keen to improve their understanding of the political and social events of the period.
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This book explores how economists operate effectively in financial markets. Using events as diverse as the Wall Street Crash of 1929 and Japanese earthquake damage the author traces the responses of the market to a variety of financial events. The subjects covered include: * The valuing process *...
Published December 5th 1996 by Routledge
A Contemporary History
First Published in 1988. Routledge is an imprint of Taylor & Francis, an informa company....
Published October 6th 1988 by Routledge