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Currency Competition in Switzerland, 1826-1850

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  • Weber, Ernst Juerg

Abstract

Currency competition provided a stable monetary standard in those Swiss cantons that deregulated their financial systems after liberal revolutions in the 1830s and 1940s. The Swiss currency issuers' concern with purchasing power stability suggests that each of them faced a real demand for notes that was sensitive to expected changes in purchasing power. Given purchasing power stability, the circulation of a currency depended on the quality of the financial services of its issuer. Since keeping notes in circulation was costly, the share of notes in the balance sheets of their issuers was small except in periods when interest rates on other debt instruments were high. Copyright 1988 by WWZ and Helbing & Lichtenhahn Verlag AG

Suggested Citation

  • Weber, Ernst Juerg, 1988. "Currency Competition in Switzerland, 1826-1850," Kyklos, Wiley Blackwell, vol. 41(3), pages 459-478.
  • Handle: RePEc:bla:kyklos:v:41:y:1988:i:3:p:459-78
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    Cited by:

    1. Gerlach, Stefan & Kugler, Peter, 2015. "Money demand under free banking: Switzerland 1851-1906," CEPR Discussion Papers 11029, C.E.P.R. Discussion Papers.
    2. Michael D. Bordo, 1989. "The Lender of Last Resort: Some Historical Insights," NBER Working Papers 3011, National Bureau of Economic Research, Inc.
    3. Vallet, Guillaume, 2016. "The role of the swiss franc in Switzerland’s European stance," Research in International Business and Finance, Elsevier, vol. 38(C), pages 35-44.
    4. Vallet, Guillaume, 2015. "Le WIR en Suisse : la révolte du puissant ?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 18.
    5. E.J. Weber, 1990. "The Competitive Issue of Paper Money in Switzerland after the Liberal Revolutions in the 19th Century," Economics Discussion / Working Papers 90-19, The University of Western Australia, Department of Economics.
    6. repec:spr:sjecst:v:154:y:2018:i:1:d:10.1186_s41937-017-0013-8 is not listed on IDEAS
    7. Alexander Fink, 2014. "Free banking as an evolving system: The case of Switzerland reconsidered," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(1), pages 57-69, March.
    8. Michael D. Bordo, 1990. "The lender of last resort : alternative views and historical experience," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 18-29.

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