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The Modernization Of Swedish Credit Markets, 1840–1905: Evidence From Probate Records

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  • Lindgren, HÃ¥kan

Abstract

This study estimates the size of the so-called “informal,†or unintermediated, credit market in one Swedish city through a period of economic transformation. In the early 1840s promissory notes accounted for more than half of the total credit market, and almost four times the value of credit channeled through the banking system. Even in the 1870s, the promissory-note market was twice the size of the loan volume of the banking system. By 1905 bank-based credit had finally surpassed the informal variety; but even then, outstanding promissory notes were almost three-fifths as great as total bank credits to noncorporate borrowers.

Suggested Citation

  • Lindgren, HÃ¥kan, 2002. "The Modernization Of Swedish Credit Markets, 1840–1905: Evidence From Probate Records," The Journal of Economic History, Cambridge University Press, vol. 62(3), pages 810-832, September.
    • Handle: RePEc:cup:jechis:v:62:y:2002:i:03:p:810-832_00
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    Cited by:

    1. Hoffman, Philip T. & Postel-Vinay, Gilles & Rosenthal, Jean-Laurent, 2015. "Entry, information, and financial development: A century of competition between French banks and notaries," Explorations in Economic History, Elsevier, vol. 55(C), pages 39-57.
    2. Daniel Waldenström, 2016. "The national wealth of Sweden, 1810--2014," Scandinavian Economic History Review, Taylor & Francis Journals, vol. 64(1), pages 36-54, March.
    3. Ogren, Anders, 2006. "Free or central banking? Liquidity and financial deepening in Sweden, 1834-1913," Explorations in Economic History, Elsevier, vol. 43(1), pages 64-93, January.
    4. Bengtsson, Erik & Svensson, Patrick, 2020. "The living standards of the labouring classes in Sweden, 1750–1900: Evidence from rural probate inventories," Lund Papers in Economic History 213, Lund University, Department of Economic History.
    5. Bengtsson, Erik & Svensson, Patrick, 2018. "The wealth of the Swedish peasant farmer class 1750–1900: Composition and distribution," Lund Papers in Economic History 177, Lund University, Department of Economic History.
    6. Y. Svetiev & E. Dermineur & U. Kolanisi, 2022. "Financialization and Sustainable Credit: Lessons from Non-Intermediated Transactions?," Journal of Consumer Policy, Springer, vol. 45(4), pages 673-698, December.
    7. Sebastian A.J. Keibek, 2016. "Correcting the probate inventory record for wealth bias," Working Papers 28, Department of Economic and Social History at the University of Cambridge, revised 21 Mar 2017.
    8. Bengtsson, Erik & Missiaia, Anna & Olsson, Mats & Svensson, Patrick, 2017. "The Wealth of the Richest: Inequality and the Nobility in Sweden, 1750–1900," Lund Papers in Economic History 161, Lund University, Department of Economic History.
    9. Richard S. Grossman, 2011. "The Economic History of Banking," Wesleyan Economics Working Papers 2011-004, Wesleyan University, Department of Economics.
    10. Blackwell, Timothy & Kohl, Sebastian, 2017. "Varieties of housing finance in historical perspective: The impact of mortgage finance systems on urban structures and homeownership," MPIfG Discussion Paper 17/2, Max Planck Institute for the Study of Societies.
    11. Erik Bengtsson & Anna Missiaia & Mats Olsson & Patrick Svensson, 2018. "Wealth inequality in Sweden, 1750–1900," Economic History Review, Economic History Society, vol. 71(3), pages 772-794, August.
    12. Sofia Murhem, 2016. "Credit for the poor: the decline of pawnbroking 1880–1930," European Review of Economic History, European Historical Economics Society, vol. 20(2), pages 198-214.
    13. Hotori, Eiji & Wendschlag, Mikael, 2018. "The formalization of banking supervision: A comparison between Japan and Sweden," eabh Papers 18-03, The European Association for Banking and Financial History (EABH).
    14. Erik, Bengtsson & Olsson, Mats & Svensson, Patrick, 2019. "Mercantilist Inequality: Wealth and Poverty in Stockholm 1650-1750," Lund Papers in Economic History 210, Lund University, Department of Economic History.
    15. Ohlsson, Henry, 2011. "The legacy of the Swedish gift and inheritance tax, 1884–2004," European Review of Economic History, Cambridge University Press, vol. 15(3), pages 539-569, December.

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