Interest Rates in the Civil War South
研究发现美国内战期间南方邦联的利率以邦联美元计价时相当稳定甚至略有下降，而以黄金计价时则波动剧烈且高企，反映了战争事件的影响。
Interest rates in the Civil War South were quite stable and even declined a bit during the war. In this article we explain the mechanism that produced this puzzling result. The existence of a fixed-rate call certificate redeemable at par anchored interest rates expressed in terms of Confederate dollars. When expressed in terms of gold, they were volatile, high, and reflected war events.