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Title:Multiple paper monies in Sweden, 1789 - 1903: Substitution or complementarity? PDF Logo
Authors:Engdahl, Torbjörn
Ögren, Anders
Issue Date:2007
Series/Report no.:SSE/EFI Working Paper Series in Economics and Finance 678
Abstract:Complementarity of money mean that two or more kinds of monies together fulfil the demand of the users better than they would without the existence of the other(-s). In this paper we study complementarity between paper monies in Sweden. We address four questions: 1) What was used as money on a macro level (money supply) and on a micro level (monetary remittances)? 2) What was the relative value of different monies in parallel circulation? 3) Was there seasonal variations in use and/or value? 4) Was there geographical variations in use and value? What we find is that the complementarity helped to solve the problem of providing sufficient liquidity domestically over time and space and thus and to keep a stable value of the currency.
Subjects:Complementarity
Liquidity
Money Supply
Money Remittances
Paper Money
Parallel Circulation of Money
Variations in Money Demand
JEL:E50
G21
N13
N23
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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