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Foreign exchange rates in Sweden 1658-1803

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Abstract

This paper deals with foreign exchange rates in Sweden 1658-1803. Foreign currencies played a crucial role in Sweden. Most of the domestic currency units were, in fact, originally imported. In the 18th century, the exchange rates most quoted in Sweden were the ones on Amsterdam, Hamburg, London, Paris, Copenhagen, Gdansk and Swedish Pomerania. The primary data are bills of various durations. To estimate spot rates, an assumption must be made of an interest rate on these bills. In the period 1662-1669 the estimated median shadow interest rate on bills of exchange was as high as 12.5 percent, while it most likely decreased substantially in the 18th century.

Suggested Citation

  • Edvinsson, Rodney, 2009. "Foreign exchange rates in Sweden 1658-1803," Stockholm Papers in Economic History 8, Stockholm University, Department of Economic History.
  • Handle: RePEc:hhs:suekhi:0008
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    Cited by:

    1. Roberds, William & Velde, Francois R., 2014. "Early Public Banks," FRB Atlanta Working Paper 2014-9, Federal Reserve Bank of Atlanta.
    2. Edvinsson, Rodney, 2011. "New estimates of Swedish GDP by activity 1665-2010," Stockholm Papers in Economic History 12, Stockholm University, Department of Economic History.

    More about this item

    Keywords

    monetary history; foreign exchange; reichstaler; guilder; pound; taler; zloty; florin; Sweden;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • 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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