Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/56314 
Autor:innen: 
Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
SSE/EFI Working Paper Series in Economics and Finance No. 600
Verlag: 
Stockholm School of Economics, The Economic Research Institute (EFI), Stockholm
Zusammenfassung: 
The 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.
Schlagwörter: 
Clearing mechanism
Credit expansion
Currency-deposit ratio
Fiduciary money
Free banking
Leakage
Money multiplier
JEL: 
E32
E42
E51
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
228.2 kB





Publikationen in EconStor sind urheberrechtlich geschützt.