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Sweden’s Monetary Internationalization under the Silver and Gold Standards, 1834–1913

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  • Anders Ögren

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

The central bank's possibility to sustain the specie standard was largely affected by both the financial development and its internationalization. The increased foreign debt denominated in foreign currencies forced the central bank to engage in more disciplinary monetary policy. The developed banking system worked in two ways: 1) increased public wealth in the banking system allowed a more relaxed discipline but 2) the commercial banks' supply of liquidity through note issuance allowed the central bank to strengthen monetary discipline. The international economy developed as a credit economy and this international credit economy led to more flexible monetary policy. This affected the working of the adjustment mechanism where domestic prices simultaneously followed changes in the domestic money supply and in international prices. Thus the international integration made both prices and money supply grow in harmony over the borders.

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  • Anders Ögren, 2008. "Sweden’s Monetary Internationalization under the Silver and Gold Standards, 1834–1913," Working Papers hal-04140758, HAL.
    • Handle: RePEc:hal:wpaper:hal-04140758
    Note: View the original document on HAL open archive server: https://hal.science/hal-04140758
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    References listed on IDEAS

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    1. Marc Flandreau & Nathan Sussman, 2004. "Old sins. Exchange Clauses and European Foreign Lending in the 19th Century," Sciences Po publications n°4248, Sciences Po.
    2. Bordo, Michael D. & MacDonald, Ronald, 2005. "Interest rate interactions in the classical gold standard, 1880-1914: was there any monetary independence?," Journal of Monetary Economics, Elsevier, vol. 52(2), pages 307-327, March.
    3. Barry Eichengreen and Marc Flandreau., 1994. "The Geography of the Gold Standard," Center for International and Development Economics Research (CIDER) Working Papers C94-042, University of California at Berkeley.
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