: 推 kenndy : https://i.imgur.com/SkZByz6.jpg 11/21 03:46
: → kenndy : 希特勒打进法国，巴黎股市还是续创新高 11/21 03:46
稍微查了一下
根据DAVID LE BRIS的Wars, Inflation and Stock Market Returns in France,1870-1945
文中说明到二战时期的法国市场并非自由市场导致股价上涨
1.二战时期法国国内的资金只能购买国有资产和公债
World War I and World War II differ in the level of capital freedom.
The financial repression applied can explain the surprising rise of stock prices during the
second world conflict.
During World War II, the monetary creation is carried out in a context where frontiers are closed to the exportation of money
Money can only buy national assets and is oriented to buy public debt.
2.法国政府大量借贷印钞导致的通膨则透过专制手段强迫控制
The new money created without any new wealth generation within the French
economy should have arguably caused price adjustment (i.e. inflation), but
most of the prices were at that time controlled in an authoritarian manner.
All prices were legally frozen from 1939, with only a few exemptions.
3.承上，大众将资金从不会上涨的实体物大量转至会上涨的股市之中
At that time, people fled the Franc for real assets with prices free to
increase in nominal value.
It is a flight to quality, and a subsequent boom for stocks.
Stocks representing claims on real value (for instance real estate or retail stores with many real estate properties,
like Au Printemps) provided the best performances
https://imgur.com/4AlmRGF
所以拿法国股市战争时期会上涨来说战争时股市的反应不太能类比喔