The Mefo Operation. A Macro-Financial Analysis of Camouflaged Sovereign Borrowing through Off-Balance-Sheet Fiscal Agencies, 1933-1945 <br><p><span>In the summer of 1931, Germany faced the nadir of the Great Depression. After the <i>Machtergreifung </i>of the Nazis in 1933, Hjalmar Schacht was appopapers.ssrn.com
