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Financial crises and monetary expansion

  • Ola Honningdal Grytten

    ()

    (Norwegian School of Economics and Business Administration and Norges Bank (Central Bank of Norway))

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    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.

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    File URL: http://www.norges-bank.no/en/Published/Papers/Working-Papers/2011/WP-201121/
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    Paper provided by Norges Bank in its series Working Paper with number 2011/21.

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    Length: 35 pages
    Date of creation: 10 Jan 2012
    Date of revision:
    Handle: RePEc:bno:worpap:2011_21
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    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. 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.
    7. Karsten R. Gerdrup, 2003. "Three episodes of financial fragility in Norway since the 1890s," BIS Working Papers 142, Bank for International Settlements.
    8. 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.
    9. 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.
    10. 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.
    11. N/A, 2006. "The World Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 196(1), pages 10-35, April.
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