NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Kirsten Wandschneider

Department of Economics
Occidental College
1600 Campus Rd
Los Angeles, CA 90041, U.S.A.

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NBER Working Papers and Publications

July 2014Lending to Lemons: Landschaft Credit in Eighteenth-Century Prussia
in Housing and Mortgage Markets in Historical Perspective, Eugene N. White, Kenneth Snowden, and Price Fishback, editors
This chapter describes the emergence of cooperative mortgage credit associations, called 'Landschaften' in 18th century Prussia, and thereby tells the history of mortgage-covered bonds. Landschaften facilitated the refinancing of loans for Prussian estates by issuing covered bonds (Pfandbriefe) that were jointly backed by their members. Landschaften were public institutions that did not have a profit motive and, except for reserve funds, did not hold their own capital. They relied on dual recourse, cooperative structure, joint liability, and local administration to overcome asymmetric information problems related to lending. Their emergence serves as an example of financial innovation in historical mortgage markets. Pfandbriefe exist to this day and are known for their security. Their long...
June 2014Capital Controls and Recovery from the Financial Crisis of the 1930s
with Kris James Mitchener: w20220
We examine the first widespread use of capital controls in response to a global or regional financial crisis. In particular, we analyze whether capital controls mitigated capital flight in the 1930s and assess their causal effects on macroeconomic recovery from the Great Depression. We find evidence that they stemmed gold outflows in the year following their imposition; however, time-shifted, difference-in- differences (DD) estimates of industrial production, prices, and exports suggest that exchange controls did not accelerate macroeconomic recovery relative to countries that went off gold and floated. Countries imposing capital controls also appear to perform similar to the gold bloc countries once the latter group of countries finally abandoned gold. Time series analysis suggests that c...

Published: Kris James Mitchener & Kirsten Wandschneider, 2015. "Capital controls and recovery from the financial crisis of the 1930s," Journal of International Economics, vol 95(2), pages 188-201. citation courtesy of

June 2013Lending to Lemons: Landschafts-Credit in 18th Century Prussia
w19159
The following paper describes the emergence of cooperative mortgage credit associations, called "Landschaften" in 18th century Prussia, and thereby tells the history of mortgage-covered bonds. Landschaften facilitated the refinancing of loans for Prussian estates by issuing covered bonds (Pfandbriefe) that were jointly backed by their members. They relied on dual recourse, cooperative structure, joint liability, and local administration to overcome asymmetric information problems related to lending. Their emergence serves as an example for financial innovation in historical mortgage markets. Pfandbriefe exist to this day and are known for their security. Their success goes back to some of the historical features.

Published: Lending to Lemons: Landschaft Credit in Eighteenth-Century Prussia, Kirsten Wandschneider. in Housing and Mortgage Markets in Historical Perspective, White, Snowden, and Fishback. 2014

 
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