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- Winton, Patrik, 1974-
(författare)
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The political economy of strategic default : Sweden and the international capital markets, 1810-1830
- 2016
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Ingår i: European Review of Economic History. - : Oxford University Press (OUP). - 1361-4916 .- 1474-0044. ; 20:4, s. 410-428
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Tidskriftsartikel (refereegranskat)abstract
- This article examines the commitment mechanisms which guided sovereign borrowing during the Napoleonic Wars by analyzing Sweden’s default on its external debt in 1812. The default was driven by internal political bargaining concerning the division of resources, and the availability of subsidies provided by the major European powers. Thus, the Swedish government and the Diet made strategic choices when deciding which debts to pay. The reputational mechanisms and the creditors’ attempts to force the Swedish state to honor its commitments did not work when the government had access to foreign subsidies.
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| 3. |
- Ericsson, Peter, et al.
(författare)
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Liquidating government debt and creating a secondary asset market : Trading patterns, market behavior and prices on government liabilities in Sweden, c. 1719–1765
- 2023
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Ingår i: Financial History Review. - : Cambridge University Press. - 0968-5650 .- 1474-0052. ; 30:3, s. 355-379
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Tidskriftsartikel (refereegranskat)abstract
- This article studies a previously unknown asset market in eighteenth-century Sweden. It emerged as a result of a partial default in 1719, when large amounts of recently released fiat coins were converted into government liabilities. These could only be redeemed as a customs duty on international trade, the licent. As merchants had to acquire such assets to conduct their trade, tens of thousands of transactions were carried out on a secondary market over a period for over 45 years. Networks of local merchants bought assets from initial holders and sold them on to intermediaries or merchants, who deposited the liabilities with a newly established government agency, the Debt Office. Here, hundreds of account holders could transfer the value of their deposits between them. When a licent payment was due, the amount was deducted from the merchant's account. Prices on the liabilities were low and sometimes volatile, bu the long-term trend was rising. We have distinguished three types of market participants: a small group of very active users, most of them professional dealers or brokers; merchants who traded on a regular basis as they needed to pay the licent, or when a favorable opportunity appeared; and finally, those who traded sporadically. The emergence of this market was part of a financial expansion that occurred in many European countries at the same time, the closest equivalent being the segmented default in France after the abolition of John Law's system. This study aims to broaden our understanding of eighteenth-century developments, which have rarely been studied in a semi-peripheral European economy.
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| 7. |
- Pihl, Christopher, 1982-, et al.
(författare)
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Några reflektioner kring ett 350-årsjubileum
- 2018
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Ingår i: Ekonomisk Debatt. - : Nationalekonomiska Föreningen. - 0345-2646. ; 46:6, s. 57-61
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)
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| 8. |
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| 9. |
- Winton, Patrik, 1974-, et al.
(författare)
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A Crisis Misunderstood : The Political Economy of the Government Debt Market in Sweden, 1715-1720
- 2018
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- From 1715 to 1718 there was an unparalleled expansion of liquidity in Sweden. Behind the new financial system stood the absolute king Charles XII, who needed resources to continue Swedish participation in the Great Northern War (1700–21). Heading the administration of the system was Baron Georg Heinrich von Görtz from the Duchy of Holstein. The French experiments with paper money as well as John Law’s monetary ideas were clear inspirations for Görtz, and he actually met the Scot in Paris in 1716. The Swedish financial system entailed the issuing of bonds and salary notes, but above all token coins and bills. The great volume of coins reached all parts of the country and all social classes, and the coins largely retained their value. They were, however, fundamentally associated with Charles XII and with the death of the king in late 1718, confidence in the coins and bills were lost. The new parliamentary regime decided to dismantle the system and to commit a partial default. All holders of the token money had to exchange them for so-called insurance bills that circulated on a secondary market. This development has been unknown to international research and in Swedish historiography it has been interpreted as a last attempt of an autocratic regime, depleted of resources, to continue a futile war. This paper will explore the political economy of the market for government debt that emerged as a result of the process, and demonstrate that both the expansion and the retraction of liquidity were results of rational political decisions along the lines of the policies of the major European powers.
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