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dc.contributor.authorÖgren, Andersen_US
dc.date.accessioned2012-03-28T13:08:04Z-
dc.date.available2012-03-28T13:08:04Z-
dc.date.issued2003en_US
dc.identifier.urihttp://hdl.handle.net/10419/56265-
dc.description.abstractThis paper explores how international capital movements affected the domestic money supply. This requires that the causality at work in the adjustment process be analyzed. For this purpose, series of central bank reserves, the monetary base, the money supply and the balance of payments were constructed. The methodological problems encountered in estimating such monetary measures in a transitional economy where much of the circulating money consists of private banks notes, and which is dependent on foreign loans, is discussed. The relationship between central bank (Riksbank) reserves and international capital flows is then studied. The overall growth of the money supply, while not accompanied by a growth in reserves, is found to correspond to such growth in other countries operating under a specie standard. This growth also was related to the growth of the real economy. Qualitative evidence aside, statistical results indicate a relationship among reserves, the money supply and prices that is consistent with the price specie flow mechanism. Changes in reserves were positively related to the money supply and changes in the money supply had a lagged positive effect on changes in the level of consumer prices.en_US
dc.language.isoengen_US
dc.publisherEkonomiska Forskningsinst. Stockholmen_US
dc.relation.ispartofseriesSSE/EFI Working Paper Series in Economics and Finance 544en_US
dc.subject.jelE31en_US
dc.subject.jelE51en_US
dc.subject.jelN13en_US
dc.subject.jelN23en_US
dc.subject.ddc330en_US
dc.subject.keywordBalance of Paymentsen_US
dc.subject.keywordCentral Bank Reservesen_US
dc.subject.keywordClassical Silver and Gold Standardsen_US
dc.subject.keywordMonetary Baseen_US
dc.subject.keywordMoney Supplyen_US
dc.subject.keywordPricesen_US
dc.subject.stwKapitalmobilitäten_US
dc.subject.stwGeldmengeen_US
dc.subject.stwSchwedenen_US
dc.titleReserves, money supply and prices: The international adjustment mechanism in Sweden under the silver and gold standards, 1834 - 1913en_US
dc.typeWorking Paperen_US
dc.identifier.ppn373261578en_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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