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Central Bank Cooperation and Lending of Last Resort in the Scandinavian Monetary Union

Author

Listed:
  • Ögren Anders

    (Uppsala Universitet, Ekonomisk-historiska institutionen, Box 513, 75120, Uppsala, Sweden)

  • Trautwein Hans-Michael

    (Carl von Ossietzky Universität Oldenburg, FK II – VWL, D-26111, Oldenburg, Germany)

Abstract

The functioning of multi-nation monetary unions with several central banks is conditioned by many factors and considerations, such as the capacity to deal with crises, the political will and operational skill to foster financial integration and to develop a mix of rules and discretion in the cooperation between the central banks. The Scandinavian monetary union (SMU) between 1873 and 1931 is a case in point for illustrating the importance of these factors and considerations. We examine the policies implemented in the Scandinavian countries to deal with asymmetries of payments flows and with financial crises at three levels: in an account of major crises that required lending of last resort, in a study of the clearing and settlement mechanism established in the union, and in a survey of contemporary economists’ views on lending of last resort and cooperation in the SMU.

Suggested Citation

  • Ögren Anders & Trautwein Hans-Michael, 2022. "Central Bank Cooperation and Lending of Last Resort in the Scandinavian Monetary Union," Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, De Gruyter, vol. 63(2), pages 433-494, November.
    • Handle: RePEc:bpj:jbwige:v:63:y:2022:i:2:p:433-494:n:9
    DOI: 10.1515/jbwg-2022-0016
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    Keywords

    monetary union; central bank cooperation; banking crises; lending of last resort; Scandinavia; Währungsunion; Zentralbankkooperation; Bankkrisen; Skandinavien;
    All these keywords.

    JEL classification:

    • B - Schools of Economic Thought and Methodology
    • E - Macroeconomics and Monetary Economics
    • F - International Economics
    • G - Financial Economics

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