Arbeitspapier
An empirical assessment of the Swedish Bullionist Controversy
In the eighteenth century, a fierce political debate broke out in Sweden about the causes of an extraordinary depreciation of its currency. More specifically, the deteriorating value of the Swedish daler was discretionarily blamed on monetary causes, e.g. the overissuing of banknotes, or nonmonetary causes, such as balance of payments deficits. This paper provides a comprehensive empirical assessment of this so-called "Swedish Bullionist Controversy". The results of vector autoregressions suggest that increasing amounts of paper money did give rise to inflation and a depreciation of the exchange rate. Conversely, nonmonetary factors were probably less important for these developments.
- Language
-
Englisch
- Bibliographic citation
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Series: Working Paper ; No. 17.01
- Classification
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Wirtschaft
History of Economic Thought: Classical (includes Adam Smith)
History of Economic Thought through 1925: International Trade and Finance
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Foreign Exchange
Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: Pre-1913
- Subject
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bullionism
floating exchange rate
inconvertible banknotes
paper currency
Sweden
- Event
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Geistige Schöpfung
- (who)
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Herger, Nils
- Event
-
Veröffentlichung
- (who)
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Swiss National Bank, Study Center Gerzensee
- (where)
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Gerzensee
- (when)
-
2017
- Handle
- Last update
- 10.03.2025, 11:45 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Herger, Nils
- Swiss National Bank, Study Center Gerzensee
Time of origin
- 2017
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