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 InfoPaper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 678.
Length: 24 pages
Date of creation: 12 Nov 2007
Date of revision:
Publication status: Published in Financial History Review, 2008, pages 73-91.
Contact details of provider:
Postal: The Economic Research Institute, Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden
Phone: +46-(0)8-736 90 00
Fax: +46-(0)8-31 01 57
Web page: http://www.hhs.se/
More information through EDIRC
Complementarity; Liquidity; Money Supply; Money Remittances; Paper Money; Parallel Circulation of Money; Variations in Money Demand;
Other versions of this item:
- Engdahl, Torbjörn & Ögren, Anders, 2008. "Multiple paper monies in Sweden 1789–1903: substitution or complementarity?," Financial History Review, Cambridge University Press, Cambridge University Press, vol. 15(01), pages 73-91, April.
- 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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-11-24 (All new papers)
- NEP-CBA-2007-11-24 (Central Banking)
- NEP-HIS-2007-11-24 (Business, Economic & Financial History)
- NEP-MAC-2007-11-24 (Macroeconomics)
- NEP-MON-2007-11-24 (Monetary Economics)
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