Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/259708 
Year of Publication: 
2018
Citation: 
[Journal:] Swiss Journal of Economics and Statistics [ISSN:] 2235-6282 [Volume:] 154 [Issue:] 1 [Publisher:] Springer [Place:] Heidelberg [Year:] 2018 [Pages:] 2-8
Publisher: 
Springer, Heidelberg
Abstract: 
This paper studies money demand in Switzerland under free banking before the establishment of the Swiss National Bank. We find that, in addition to income, the banks' balance-sheet-to-GDP ratio and the number of banks were important determinants of long-run money demand. The former variable also played an important role in the monetary adjustment process. We also detect a strong positive long-run impact of real income on the bank's balance-sheet-total-to-GDP ratio and a strong long-run influence of real income and the interest rate spread on the number of banks.
Subjects: 
Free banking
Money demand
Monetary dynamics
Switzerland
JEL: 
E41
E42
N13
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

Files in This Item:
File
Size
579.03 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.