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Off Gold and Back again. Finnish and Swedish Monetary Policies 1914-25

Author

Listed:
  • Haavisto, Tarmo

    (Department of Economics)

  • Jonung, Lars

    (Dept. of Economics, Stockholm School of Economics)

Abstract

This paper compares monetary and economic developments in Sweden and Finland during the period 1914-1939. Both countries experienced high monetary growth and high rates of inflation as a result of wartime events. At the return of peace, they were faced with a choice of either deflation or devaluation. Sweden chose deflation and Finland devaluation. This choice had a major impact on the path of the two economies in the 1920s and 1930s. Basically, Finland managed to avoid the depression that affected Sweden due to deflation in 1920-1923.

Suggested Citation

  • Haavisto, Tarmo & Jonung, Lars, 1994. "Off Gold and Back again. Finnish and Swedish Monetary Policies 1914-25," SSE/EFI Working Paper Series in Economics and Finance 11, Stockholm School of Economics.
    • Handle: RePEc:hhs:hastef:0011
    as

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    More about this item

    Keywords

    Gold standard; monetary economics; inflation; central banking; exchange rate determination;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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