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Sweden's Financial Sophistication in the Nineteenth Century: An Appraisal

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  • Fisher, Douglas
  • Thurman, Walter N.

Abstract

The article tests a variant of Lars G. Sandberg's “financial sophistication hypothesis.†Sandberg argues that Sweden had an unusually large stock of financial capital in 1850 which, along with a highly literate populace, was paramount in the subsequent economic explosion. Unable to test the hypothesis directly, we use a variant—that the financial sector was a leading sector in Swedish development—amenable to time-series tests of the Granger-causality form. These tests on data from 1861 to 1910 do not show causality from financial variables to real; indeed, the converse holds.

Suggested Citation

  • Fisher, Douglas & Thurman, Walter N., 1989. "Sweden's Financial Sophistication in the Nineteenth Century: An Appraisal," The Journal of Economic History, Cambridge University Press, vol. 49(3), pages 621-634, September.
    • Handle: RePEc:cup:jechis:v:49:y:1989:i:03:p:621-634_00
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    Cited by:

    1. Ogren, Anders, 2006. "Free or central banking? Liquidity and financial deepening in Sweden, 1834-1913," Explorations in Economic History, Elsevier, vol. 43(1), pages 64-93, January.
    2. K A El-Wassal, 2005. "Stock Market Growth: An analysis of cointegration and causality," Economic Issues Journal Articles, Economic Issues, vol. 10(1), pages 37-58, March.
    3. Anders Ögren, 2008. "The Rational of Private Bank Note Issuance The Enskilda Banks in the Economic and Financial Development of Nineteenth Century Sweden," Working Papers hal-04140759, HAL.

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