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dc.contributor.authorÖgren, Andersen_US
dc.date.accessioned2012-03-28T13:07:08Z-
dc.date.available2012-03-28T13:07:08Z-
dc.date.issued2003en_US
dc.identifier.urihttp://hdl.handle.net/10419/56246-
dc.description.abstractThis paper studies the role of bank notes issued by the private Enskilda banks in the expansion of the Swedish monetary stock under the classic specie standard maintained during the period 1834-1913. The use of balance sheets has made possible the estimation of more accurate and continuous series of the Swedish money stock and bank reserves. The conclusion of the paper is that the Enskilda banks contributed to Swedish economic expansion and integration, through the provision both of credit and of generally accepted means of payment, beyond what would have been possible for the central bank, constrained as the latter was by specie convertibility requirements. But, the Enskilda banks did not operate according to free banking theory. The re-establishment of the silver standard guaranteed by the central bank was crucial for this process, since it allowed the Enskilda banks to hold central bank notes instead of specie as reserves. The notes issued by the Enskilda banks were accepted as deposits in the banking system but not as reserves. The fact that more Enskilda than Riksbank notes circulated among the public was a result of the law of adverse monetary selection: Gresham's Law.en_US
dc.language.isoengen_US
dc.publisherEkonomiska Forskningsinst. Stockholmen_US
dc.relation.ispartofseriesSSE/EFI Working Paper Series in Economics and Finance 541en_US
dc.subject.jelE42en_US
dc.subject.jelE51en_US
dc.subject.jelN13en_US
dc.subject.jelN23en_US
dc.subject.ddc330en_US
dc.subject.keywordClassical Silver and Gold Standardsen_US
dc.subject.keywordEndogenous Moneyen_US
dc.subject.keywordFractional Reservesen_US
dc.subject.keywordFree bankingen_US
dc.subject.keywordMoney Supplyen_US
dc.subject.stwGeldangeboten_US
dc.subject.stwFester Wechselkursen_US
dc.subject.stwGoldwährungen_US
dc.subject.stwSilberwährungen_US
dc.subject.stwFree Bankingen_US
dc.subject.stwSchwedenen_US
dc.titleExpansion of the money supply with a fixed exchange rate: free banking in Sweden under the silver and gold standards, 1834 - 1913en_US
dc.typeWorking Paperen_US
dc.identifier.ppn372799469en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
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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