Arbeitspapier
Is the law of reflux valid?
In the classical monetary debates, the Banking School held that notes would be equally demand-elastic whether supplied by many or a single issuer. The Free Banking School held that notes would be less demand-elastic if supplied by a single issuer. These assertions have rarely, if ever, been subject to more stringent statistical testing. In this paper I compare the elastic properties of the note stock of the Swedish note banking system in 1880-1895 with those of the regime in 1904-1913, when the Bank of Sweden held a note monopoly. Evidence suggests that notes did not become less elastic after monopolisation, thus lending support to the views of the Banking School.
- Sprache
-
Englisch
- Erschienen in
-
Series: SSE/EFI Working Paper Series in Economics and Finance ; No. 599
- Klassifikation
-
Wirtschaft
History of Economic Thought: Classical (includes Adam Smith)
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Money Supply; Credit; Money Multipliers
Central Banks and Their Policies
Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: Pre-1913
Economic History: Financial Markets and Institutions: Europe: Pre-1913
- Thema
-
Banking School
Free Banking School
Elastic currency
Clearing mechanism
Needs of trade
Law of Reflux
Real bills doctrine
Banking-Schule
Free Banking
Verrechnungsverkehr
Geldmenge
Zentralbank
Geldangebot
Monopol
Schweden
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hortlund, Per
- Ereignis
-
Veröffentlichung
- (wer)
-
Stockholm School of Economics, The Economic Research Institute (EFI)
- (wo)
-
Stockholm
- (wann)
-
2005
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Hortlund, Per
- Stockholm School of Economics, The Economic Research Institute (EFI)
Entstanden
- 2005
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