With a bang, not a whimper: Pricking Germany's "stock market bubble" in 1927 and the slide into depression

In May 1927, the German central bank intervenedindirectly to reduce lending to equity investors.The crash that followed ended the only stockmarket boom during Germany s relative stabilization 1924-28. This paper examines thefactors that lead to the intervention as well asits consequences. We argue that genuine concernabout the exuberant level of the stock market,in addition to worries about an inflow offoreign funds, tipped the scales in favour ofintervention. The evidence strongly suggeststhat the German central bank under HjalmarSchacht was wrong to be concerned aboutstockprices-there was no bubble. Also, theReichsbank was mistaken in its belief thata fall in the market would reduce theimportance of short-term foreign borrowing,and help to ease conditions in the money market.The misguided intervention had important realeffects. Investment suffered, helping to tipGermany into depression.

Mathey [Dean] joueur de tennis [américain, jouant en double avec Watson Washburn, qualificatifs pour les Jeux interalliés à la Croix-Catelan, le 1er juin 1919] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 54160

Betting on Hitler: The value of political connections in Nazi Germany

This paper examines the value of connections between German industry andthe Nazi movement in early 1933. Drawing on previously unused contemporarysources about management and supervisory board composition and stock returns,we find that one out of seven firms, and a large proportion of the biggest companies,had substantive links with the National Socialist German Workers Party. Firmssupporting the Nazi movement experienced unusually high returns, outperformingunconnected ones by 5% to 8% between January and March 1933. These resultsare not driven by sectoral composition and are robust to alternative estimatorsand definitions of affiliation.

Inflationary expectations during Germany's great slump

Was the German slump inevitable? This paper argues that -despite thespeed and depth of Germany's deflation in the early 1930s - fear ofinflation is evident in the bond, foreign exchange, and commodity marketsat certain critical junctures of the Great Depression. Therefore, policyoptions were more limited than many subsequent critics of Brüning'spolicies have been prepared to admit. Using a rational expectationsframework, we find strong evidence from the bondmarket to suggest fearof inflation. Futures prices also reveal that market participants werebetting on price increases. These findings are discussed in the contextof reparations and related to the need for a regime shift to overcomethe crisis.

"Marxisme et philosophie du langage" (1929) de V. Volochinov et sa réception chez R. Chor : deux voies du développement de la science du langage «marxiste» dans les années 1920 en Russie

Malgré le succès de  « Marxisme et philosophie du langage » (par la suite MPL) de V. Volochinov, ce texte n'a suscité que trois comptes rendus. Le quatrième est ébauché par A. Romm. Resté à l'état de notes, ce compte rendu est bien étudié par les chercheurs contemporains. En revanche, le compte rendu écrit par R. Chor n'a jamais été analysé de façon détaillée. Notre article a pour but de combler cette lacune et porte sur le contenu de l'analyse critique de MPL faite par Chor. Son examen révèle que le compte rendu écrit par cette dernière et MPL de Volochinov représentent la formulation de principes de base diamétralement opposés de la science du langage «marxiste». Cela se manifeste dans la réception des idées de F. de Saussure. Si Chor considère la conception de ce dernier comme fondement de la linguistique «théorique» portant sur la langue en tant que système de signes (ou de «signifiances» dans les termes de Chor), Volochinov rejette la théorie de Saussure. Il la considère comme «abstraite», d'où le nom «objectivisme abstrait» qu'il donne au saussurisme. En élaborant la philosophie du langage «marxiste», il s'appuie sur la néo-philologie idéaliste (les idées de Vossler et de son Ecole) définie dans MPL comme «subjectivisme individualiste». Volochinov propose d'étudier la «langue» comme fait réel, accessible à l'observation immédiate et non pas comme objet d'étude «théorique». Ce fait constitue une cible de la critique adressée par Chor à Volochinov

Le regard d'un psychiatre sur les écrits de la folie : la carrière de Hans Steck à l'Asile psychiatrique de Cery (1920-1960)

Quelles représentations de la schizophrénie les psychiatres vont-ils construire à travers l'étude des écrits asilaires des patients et des scientifiques dans la première moitié du XXème siècle? Le psychiatre helvétique Hans Steck (1891-1980), qui a travaillé à l'Asile psychiatrique de Cery de 1920 à 1960 et qui s'est fait connaître du public grâce à l'oeuvre d'Aloïse Corbaz, reconnue comme auteure d'art brut par Jean Dubuffet en 1945, constitue le fil rouge de la thèse. Dans le contexte des mouvements tels que Γ "art psychopathologique" et Γ "art brut", Steck étudie les théories de "la mentalité primitive et les peintures magiques des schizophrènes". En 1927, il se tourne vers les théories évolutionnistes de la régression et les premières études de Lévy-Bruhl pour avancer l'idée qu'il existe un "parallélisme schizo-primitif'. Puis il développe des explications de la pensée délirante, à partir des théories exposées lors du Premier Congrès International de Psychiatrie en 1950. Enfin, adoptant la perspective phénoménologique, il explique que "la fonction de l'art et la fonction du délire visent à reconstituer un monde viable pour le malade". En ce sens, l'expression artistique, bien que n'entrant pas dans le champ de la psychothérapie, fournit des indicateurs de l'état psychique du malade en même temps qu'elle contribue à son bien-être. Sont abordés les problèmes concernant la reconnaissance de Γ "auteur" interné, dont les oeuvres appartiennent soit aux archives médicales, soit au musée. La pérennité des critères qui définissent les oeuvres d'"art psychopathologique" ou d'"art brut" est également mise en question. Enfin, le rôle essentiel de l'écriture à l'hôpital, tant pour les patients que pour les soignants, fait l'objet de nombreux développements. - What representations of schizophrenia have psychiatrists been constructing when studying writings by patients and scientists in mental asylums in the first half of the 20th century? The Swiss psychiatrist Hans Steck (1891-1980) is the protagonist of this dissertation. From 1920 to 1960, he has been working at the "Asile psychiatrique de Cery" near Lausanne. Steck is known thanks to the paintings of Aloïse Corbaz, an artist recognized by Jean Dubuffet as belonging to the "art brut" movement in 1945. In the context of movements like "art psychopathologique" and "art brut," Steck studies theories of "primitive character and magic paintings of schizophrenics." In 1927, Steck engages with theories of regression and Lévy-Bruhl's early studies in order to push the idea of a "parallelism schizo-primitif." On the occasion of the First International Congress of psychiatry held in Paris in 1950, Steck develops explanations for the "pensée délirante." Finally, turning to a phenomenological point of view, he explains, "the function of art and the function of the delusion help the patient to reconstruct a viable environment for the sick person." In this way, artistic expression is not thought of as a psychotherapeutical means, but provides insight into the state of mind of a mentally sick person at the same time as contributing to his well-being. The dissertation discusses whether the "author's" work belongs in medical archives or museums. The continuity of "psychopathological art" and "art brut" criteria will be discussed. Finally, the essential role that writing played in the hospital for the patients as well as for the medical staff is presented.

Isänmaan asialla vai petturin tiellä? : lakonmurtajat Suomessa 1920-luvun lopun lakoissa

Jussi Koivuniemi

Slovakia - a playground for nationalism and national identity : manifestations of the national identity of the Slovaks 1918-1920

Väitöskirja, Joensuun yliopisto

Finland and the United States, 1917-1919 : early years of mutual relations

Doctoral dissertation, University of Helsinki

Neuvosto-Karjalan taistelu itsehallinnosta : nationalismi ja suomalaiset punaiset Neuvostoliiton vallankäytössä vuosina 1920-1939

Väitöskirja, Joensuun yliopisto

Correlates of frailty, prediction of functional decline and preventative approaches - selected results from the lausanne cohort 65+ (lc65+) study (Switzerland) (Lausanne) and the longitudinal urban cohort ageing study (Lucas) (Germany)

Overall introduction.- Longitudinal studies have been designed to investigate prospectively, from their beginning, the pathway leading from health to frailty and to disability. Knowledge about determinants of healthy ageing and health behaviour (resources) as well as risks of functional decline is required to propose appropriate preventative interventions. The functional status in older people is important considering clinical outcome in general, healthcare need and mortality. Part I.- Results and interventions from lucas (longitudinal urban cohort ageing study). Authors.- J. Anders, U. Dapp, L. Neumann, F. Pröfener, C. Minder, S. Golgert, A. Daubmann, K. Wegscheider,. W. von Renteln-Kruse Methods.- The LUCAS core project is a longitudinal cohort of urban community-dwelling people 60 years and older, recruited in 2000/2001. Further LUCAS projects are cross-sectional comparative and interventional studies (RCT). Results.- The emphasis will be on geriatric medical care in a population-based approach, discussing different forms of access, too. (Dapp et al. BMC Geriatrics 2012, 12:35; http://www.biomedcentral.com/1471-2318/12/35): - longitudinal data from the LUCAS urban cohort (n = 3.326) will be presented covering 10 years of observation, including the prediction of functional decline, need of nursing care, and mortality by using a self-filling screening tool; - interventions to prevent functional decline do focus on first (pre-clinical) signs of pre-frailty before entering the frailty-cascade ("Active Health Promotion in Old Age", "geriatric mobility centre") or disability ("home visits"). Conclusions.- The LUCAS research consortium was established to study particular aspects of functional competence, its changes with ageing, to detect pre-clinical signs of functional decline, and to address questions on how to maintain functional competence and to prevent adverse outcome in different settings. The multidimensional data base allows the exploration of several further questions. Gait performance was exmined by GAITRite®-System. Supported by the Federal Ministry for Education and Research (BMBF Funding No. 01ET1002A). Part II.- Selected results from the lausanne cohort 65+ (Lc65 + ) Study (Switzerland). Authors.- Prof Santos-Eggimann Brigitte, Dr Seematter-Bagnoud Laurence, Prof Büla Christophe, Dr Rochat Stéphane. Methods.- The Lc65+ cohort was launched in 2004 with the random selection of 3054 eligible individuals aged 65 to 70 (birth year 1934-1938) in the non-institutionalized population of Lausanne (Switzerland). Results.- Information is collected about life course social and health-related events, socio-economics, medical and psychosocial dimensions, lifestyle habits, limitations in activities of daily living, mobility impairments, and falls. Gait performance are objectively measured using body-fixed sensors. Frailty is assessed using Fried's frailty phenotype. Follow-up consists in annual self-completed questionnaires, as well as physical examination and physical and mental performance tests every three years. - Lausanne cohort 65+ (Lc65 + ): design and longitudinal outcomes. The baseline data collection was completed among 1422 participants in 2004-2005 through self-completed questionnaires, face-to-face interviews, physical examination and tests of mental and physical performances. Information about institutionalization, self-reported health services utilization, and death is also assessed. An additional random sample (n = 1525) of 65-70 years old subjects was recruited in 2009 (birth year 1939-1943). - lecture no 4: alcohol intake and gait parameters: prevalent and longitudinal association in the Lc65+ study. The association between alcohol intake and gait performance was investigated.