Currency Competition in Switzerland, 1826-1850
AbstractCurrency competition provided a stable monetary standard in those Swiss cantons that deregulated their financial systems after liberal revolutions in the 1830s and 1940s. The Swiss currency issuers' concern with purchasing power stability suggests that each of them faced a real demand for notes that was sensitive to expected changes in purchasing power. Given purchasing power stability, the circulation of a currency depended on the quality of the financial services of its issuer. Since keeping notes in circulation was costly, the share of notes in the balance sheets of their issuers was small except in periods when interest rates on other debt instruments were high. Copyright 1988 by WWZ and Helbing & Lichtenhahn Verlag AG
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Kyklos.
Volume (Year): 41 (1988)
Issue (Month): 3 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0023-5962
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"The Lender of Last Resort: Some Historical Insights,"
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- Michael D. Bordo, 1989. "The lender of last resort: some historical insights," Proceedings 234, Federal Reserve Bank of Chicago.
- Peter Kugler, 2010. "Grosse Währung eines kleinen Landes: Der Schweizer Franken 1850 bis ?," Working papers 2010/11, Faculty of Business and Economics - University of Basel.
- Michael D. Bordo, 1990. "The lender of last resort : alternative views and historical experience," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 18-29.
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