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dc.contributor.authorHortlund, Peren_US
dc.date.accessioned2012-03-28T13:09:59Z-
dc.date.available2012-03-28T13:09:59Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/56314-
dc.description.abstractThe effects of note monopolisation on the amplitude of money and credit cycles are studied. Swedish bank data for 1871-1915 reveal that money cycles became smaller, but credit cycles larger, after the Bank of Sweden gained a note monopoly in 1904. At the same time, the money multiplier decreased, while the credit multiplier increased. If the central bank's reserve ratio is larger than that of the commercial banks, and if the currency-deposit ratio is sufficiently large, the leakage effect could dominate the loss-of-clearing effect (base expansion), such that the money multiplier decreases. That the credit multiplier simultaneously increased is attributed mainly to an increasing time-demand deposit ratio, which increased the credit capacity of the banking system.en_US
dc.language.isoengen_US
dc.publisherEkonomiska Forskningsinst. Stockholmen_US
dc.relation.ispartofseriesSSE/EFI Working Paper Series in Economics and Finance 600en_US
dc.subject.jelE32en_US
dc.subject.jelE42en_US
dc.subject.jelE51en_US
dc.subject.ddc330en_US
dc.subject.keywordClearing mechanismen_US
dc.subject.keywordCredit expansionen_US
dc.subject.keywordCurrency-deposit ratioen_US
dc.subject.keywordFiduciary moneyen_US
dc.subject.keywordFree bankingen_US
dc.subject.keywordLeakageen_US
dc.subject.keywordMoney multiplieren_US
dc.subject.stwVerrechnungsverkehren_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwGeldschöpfungen_US
dc.subject.stwGeldangeboten_US
dc.subject.stwFree Bankingen_US
dc.subject.stwSchwedenen_US
dc.titleClearing vs. leakage: Does note monopoly increase money and credit cycles?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn490566049en_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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