Financial crises and monetary expansion
On the basis of data from the Historical Monetary Statistics-project by Norges Bank, the present paper serves a threefold purpose. In the first place it gives an overview of financial crisis in Norway from her independence from Denmark in 1814 till present times. Secondly, historical business cycles are mapped and we conclude that the major financial crises were mirrored in significant slumps in the real economy. Thirdly, the paper investigates credit and monetary developments, and concludes that the major financial crises in Norway typically took place after substantial money and credit expansion causing overheating and bubbles to the economy.
|Date of creation:||10 Jan 2012|
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References listed on IDEAS
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- Romer, Christina D., 1988. "World War I and the postwar depression A reinterpretation based on alternative estimates of GNP," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 91-115, July.
- Karsten R. Gerdrup, 2003. "Three episodes of financial fragility in Norway since the 1890s," BIS Working Papers 142, Bank for International Settlements.
- Goldsmith, Raymond W., 1982. "The National Balance Sheet of the United States, 1953-1980," National Bureau of Economic Research Books, University of Chicago Press, edition 0, number 9780226301525.
- Raymond W. Goldsmith, 1982. "Introduction to "The National Balance Sheet of the United States, 1953-1980"," NBER Chapters,in: The National Balance Sheet of the United States, 1953–1980, pages 1-3 National Bureau of Economic Research, Inc.
- Raymond W. Goldsmith, 1982. "The National Balance Sheet of the United States, 1953–1980," NBER Books, National Bureau of Economic Research, Inc, number gold82-1, June.
- Musson, A. E., 1959. "The Great Depression in Britain, 1873–1896: a Reappraisal," The Journal of Economic History, Cambridge University Press, vol. 19(02), pages 199-228, June.
- Calomiris, Charles W. & Schweikart, Larry, 1991. "The Panic of 1857: Origins, Transmission, and Containment," The Journal of Economic History, Cambridge University Press, vol. 51(04), pages 807-834, December.
- Davis, Joseph H., 2006. "An Improved Annual Chronology of U.S. Business Cycles since the 1790s," The Journal of Economic History, Cambridge University Press, vol. 66(01), pages 103-121, March.
- Klovland, Jan T., 1998. "Monetary policy and business cycles in the interwar years: The Scandinavian experience," European Review of Economic History, Cambridge University Press, vol. 2(03), pages 309-344, December.
- Raymond W. Goldsmith, 1982. "The National Balance Sheet of the United States for 1975," NBER Chapters,in: The National Balance Sheet of the United States, 1953–1980, pages 41-56 National Bureau of Economic Research, Inc.
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