Multiple paper monies in Sweden 1789–1903: substitution or complementarity?
AbstractComplementarity of money mean that two or more kinds of monies together fulfil the demand of the users better than they would without the existence of the other(-s). In this paper we study complementarity between paper monies in Sweden. We address four questions: 1) What was used as money on a macro level (money supply) and on a micro level (monetary remittances)? 2) What was the relative value of different monies in parallel circulation? 3) Was there seasonal variations in use and/or value? 4) Was there geographical variations in use and value? What we find is that the complementarity helped to solve the problem of providing sufficient liquidity domestically over time and space and thus and to keep a stable value of the currency.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal Financial History Review.
Volume (Year): 15 (2008)
Issue (Month): 01 (April)
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Other versions of this item:
- Engdahl, Torbjörn & Ögren, Anders, 2007. "Multiple paper monies in Sweden, 1789-1903: Substitution or complementarity?," Working Paper Series in Economics and Finance 678, Stockholm School of Economics.
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
- N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
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