Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/56314 
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dc.contributor.authorHortlund, Peren
dc.date.accessioned2012-03-28T13:09:59Z-
dc.date.available2012-03-28T13:09:59Z-
dc.date.issued2005-
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
dc.language.isoengen
dc.publisher|aStockholm School of Economics, The Economic Research Institute (EFI) |cStockholmen
dc.relation.ispartofseries|aSSE/EFI Working Paper Series in Economics and Finance |x600en
dc.subject.jelE32en
dc.subject.jelE42en
dc.subject.jelE51en
dc.subject.ddc330en
dc.subject.keywordClearing mechanismen
dc.subject.keywordCredit expansionen
dc.subject.keywordCurrency-deposit ratioen
dc.subject.keywordFiduciary moneyen
dc.subject.keywordFree bankingen
dc.subject.keywordLeakageen
dc.subject.keywordMoney multiplieren
dc.subject.stwVerrechnungsverkehren
dc.subject.stwGeldpolitiken
dc.subject.stwGeldschöpfungen
dc.subject.stwGeldangeboten
dc.subject.stwFree Bankingen
dc.subject.stwSchwedenen
dc.titleClearing vs. leakage: Does note monopoly increase money and credit cycles?-
dc.typeWorking Paperen
dc.identifier.ppn490566049en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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