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Multiple paper monies in Sweden 1789–1903: substitution or complementarity?


  • Engdahl, Torbjörn
  • Ögren, Anders


Complementarity of money means that two or more kinds of monies together fulfil the demands of the users better than they would without the existence of the other(s). In this article we study complementarity between paper monies in Sweden. We address four questions: 1. What was used as money at a macro-level (money supply) and at a micro-level (monetary remittances)? 2. What was the relative value of different monies in parallel circulation? 3. Were there seasonal variations in use and/or value of these monies? 4. Were 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 contributed to the maintenance of a stable value of the currency.

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  • Engdahl, Torbjörn & Ögren, Anders, 2008. "Multiple paper monies in Sweden 1789–1903: substitution or complementarity?," Financial History Review, Cambridge University Press, vol. 15(01), pages 73-91, April.
  • Handle: RePEc:cup:fihrev:v:15:y:2008:i:01:p:73-91_00

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    JEL classification:

    • 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


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