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Danmarks Nationalbank and the Four Criteria

In: The Origins and Nature of Scandinavian Central Banking

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  • Steffen Elkiær Andersen

Abstract

Between 1660 and 1848/49, Denmark (until 1814 the dual monarchy of Denmark–Norway) was governed by kings, who held absolute power. The background for the transition to absolute power was the recently lost wars against Sweden and the resulting financial stress on the government’s financial affairs. In 1660, the Danish nobility, who had so far ruled in co-operation with the king through the King’s Council (Rigsrådet), now had to accept the loss of power and their tax-exempt status. In that connection the kingdom was also made hereditary. Denmark–Norway became an “enlightened” hereditary kingdom with a king holding absolute power.

Suggested Citation

  • Steffen Elkiær Andersen, 2016. "Danmarks Nationalbank and the Four Criteria," Palgrave Macmillan Studies in Banking and Financial Institutions, in: The Origins and Nature of Scandinavian Central Banking, chapter 4, pages 53-68, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-319-39750-4_4
    DOI: 10.1007/978-3-319-39750-4_4
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