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http://hdl.handle.net/10419/56174
  
Title:Financial revolution and economic modernization in Sweden PDF Logo
Authors:Ögren, Anders
Issue Date:2007
Series/Report no.:SSE/EFI Working Paper Series in Economics and Finance 650
Abstract:The development of a well adapted financial system was a main part of the successful Swedish economic modernization in the latter half of the nineteenth century. In this paper it is shown that this development followed the pattern of a financial revolution. Major institutional and organizational changes that took place roughly between the late 1850s and early 1870s led to a rapid increase in liquidity and financial services. This financial revolution preceded the acceleration in economic growth in general and in the modern, industrial sector in particular. Especially the monetization encouraged growth, both in the industrial sector and in GDP as a whole. The basis of the financial system, measured as commercial bank assets and equity capital, was on the other hand also a result of GDP growth.
Subjects:Financial Development
Growth
Institutions
Liquidity
Monetization
Nineteenth Century
Silver and Gold Standards
Structural Change
JEL:E44
N13
N23
O16
Document Type:Working Paper
Appears in Collections:SSE/EFI Working Paper Series in Economics and Finance, EFI - The Economic Research Institute, Stockholm School of Economics

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