Stocks, Bonds, and War

Wars and financial markets have coexisted, and often been intertwined, for hundreds of years. Countries that have lost major wars have had their financial markets decimated, while global markets have been relatively resilient, even to major conflicts. Despite the relative resilience of global markets, crises and wars tend to reduce global market returns and increase their volatility.

Special Rational Reminder episode: https://rationalreminder.ca/podcast/special-episode-stock-bonds-and-war

Referenced in this video:
War, Peace and Stock Markets: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=885980
ICB Project: https://sites.duke.edu/icbdata/
WHY DOES STOCK MARKET VOLATILITY CHANGE OVER TIME?: https://www.nber.org/system/files/working_papers/w2798/w2798.pdf
Earning from History? Financial Markets and the Approach of World Wars: https://www.brookings.edu/wp-content/uploads/2008/03/2008a_bpea_ferguson.pdf
The General Theory of Employment: https://macroeconomiauca.files.wordpress.com/2012/05/keynes_general_theory_of_employment_qje_1937.pdf

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