| 1. |
- Ögren, Anders, et al.
(författare)
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Currency Unions
- 2019
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Ingår i: Handbook of the History of Money and Currency. - Singapore : Springer. - 9789811006227
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Bokkapitel (refereegranskat)abstract
- A currency union is when several independent sovereign nations share a common currency. This has been a recurring phenomenon in monetary history. In this article I study the theoretical foundations of such unions, and discuss some important currency unions in history, most notably the case of the US. Finally I contrast the design of the EMU with economic theories and historical experiences of currency unions
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| 2. |
- Ögren, Anders, 1967-
(författare)
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The Financial Revolution in Sweden, 1650 – 1900
- 2013
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Ingår i: The Handbook of Key Global Financial Markets, Institutions, and Infrastructure. - : Elsevier. ; , s. 269-280
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Bokkapitel (refereegranskat)abstract
- This chapters looks at the Swedish financial revolution in a long-term perspective. It begins with the establishment of the first formal financial organization, the Stockholm Banco in 1656, and follows the financial development until the end of the nineteenth century. The development of each part of the financial system is described in relation to the financial, economic, and political development as a whole. Despite its long history, the important institutional fundamentals for the Swedish financial revolution were assembled relatively late in its history, during 20 years, 1850–70, and this led to a significant shift in financial services during the years 1868–72 and an accelerated growth of the financial system thereafter.
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| 3. |
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| 4. |
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Money Doctors Around the Globe A Historical Perspective
- 2024
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Samlingsverk (redaktörskap) (refereegranskat)abstract
- This book focuses on worldwide historical experiences of monetary reforms and the reformist minds behind them: the money doctors. The process of doctoring is the process of listening to many pieces of information and sorting them in order to correctly diagnose the causes of the problem and derive the appropriate cure, if it exists. A money doctor is “a person who, helped by theoretical and practical knowledge, advises and/or proposes to act on how to build a stable monetary and financial system or to repair ongoing monetary turbulences.” Economists and policy makers are money doctors when their involvement includes the observation and diagnostic of the monetary and financial troubles and the proposition for a cure. Each contribution highlights the theoretical underpinning of the doctors, and the key factors for the success or failures of the reform they have promoted. We collect cases from Americas, Asia, Europe, and Oceania from the 16th to the 20th century anddiscuss their aims, strategies, and consequences to draw implications for today.
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| 5. |
- Ögren, Anders, Professor, 1967-
(författare)
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Johan Palmstrüch, a Copper Money Doctor: Stockholm Banco and the Emergence of Banknotes in Seventeenth Century Sweden
- 2024. - 1
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Ingår i: <em>Money Doctors Around the Globe. A Historical Perspective</em>. - Singapore : Springer. - 9789819701339 - 9789819701360 - 9789819701346 ; , s. 33-53
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Bokkapitel (refereegranskat)abstract
- Palmstrüch’s vision was to establish a bank to facilitate payments and credits. He was granted the right to establish the Stockholm Banco in 1656. He presented a view of banking, money and payments that reflected the Real Bills Doctrine, mentioned banknotes and included the idea of allowing deposits to be used for lending. Faced with an outflow of deposits when the fixed exchange rate between copper and silver was changed in 1661, Palmstrüch replaced the cumbersome copper coins with bank notes, i.e. notes issued by the bank with printed and round denominations that could be transferred to third parties. These notes worked well and the bank's credit increased until 1663, when the fixed exchange rate between copper and silver again caused difficulties. Demands to redeem the notes had to be met with copper coins, so Palmstrüch bought copper at a loss and minted it to meet demand. Instead of supporting Palmstrüch the Crown in 1664 issued a decree that banned the banknotes. As a consequence the Bank failed and the money and credit market broke down. Palmstrüch was scapegoated and the bank was turned into what is today the Riksbank, the Swedish central bank, owned and run by the parliament.
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| 6. |
- Broberg, Oskar, et al.
(författare)
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Names, shares and mortgages : The formalisation of Swedish commercial bank lending, 1870-1938
- 2019
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Ingår i: Financial History Review. - 0968-5650 .- 1474-0052. ; 26:1, s. 81-108
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Tidskriftsartikel (refereegranskat)abstract
- This article explores the process of the formalisation of the Swedish financial market, through an analysis of commercial bank lending in the late nineteenth and early twentieth century. The analysis shows that the incorporation of Swedish business around the turn of the century led to a shift from lending primarily backed by name security to an increased use of mortgage and shares as collateral - after the severe stock market crash in 1920/1 mortgage lending surpassed lending against shares as collateral. We interpret this change as an important part of the formalisation process of the financial system, as it standardised the valuation process and allowed creditors to exit on a secondary market. Our statistical testing points to increased financial wealth and liquidity represented by the broad money supply, plus population growth and urbanisation, as important forces behind this formalisation.
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| 7. |
- Engdahl, Torbjörn, et al.
(författare)
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Multiple paper monies in Sweden, 1789-1903 : substitution or complementarity?
- 2008
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Ingår i: Financial History Review. - 0968-5650 .- 1474-0052. ; 15:1, s. 73-91
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Tidskriftsartikel (refereegranskat)abstract
- Complementarity of money means that two or more kinds of monies together fulfil the demands of the users better than they would without the existence of the other(s). In this article we study complementarity between paper monies in Sweden. We address four questions: 1. What was used as money at a macro-level (money supply) and at a micro-level (monetary remittances)? 2. What was the relative value of different monies in parallel circulation? 3. Were there seasonal variations in use and/or value of these monies? 4. Were there geographical variations in use and value? What we find is that the complementarity helped to solve the problem of providing sufficient liquidity domestically over time and space and thus contributed to the maintenance of a stable value of the currency.
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| 8. |
- Grodecka-Messi, Anna, et al.
(författare)
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Predictors of Bank Distress : The 1907 Crisis in Sweden
- 2021
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Ingår i: Explorations in Economic History. - : Elsevier BV. - 0014-4983 .- 1090-2457. ; 80
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Tidskriftsartikel (refereegranskat)abstract
- This paper studies the Swedish experience of the international crisis of 1907, which is often compared with the crisis of 2008. By constructing a new dataset from previously unanalyzed monthly bank-level data, we document high-frequency changes in bank outcomes throughout the 1907 crisis. While distressed banks suffered substantial withdrawals of foreign funds and liquid domestic liabilities, we show that banks’ asset structures, along with observable fundamentals and institutional characteristics, played a more significant role in their subsequent fate. Higher shares of non-performing assets and lending against equities were the most important balance sheet predictors of distress. These balance sheet fundamentals, as well as over-extended branch networks, significantly shortened the lifespan of Swedish banks in the aftermath of the 1907 crisis.
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| 9. |
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| 10. |
- Ögren, Anders
(författare)
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“A neglected contribution to monetary theory in the eighteenth century: Anders Wappengren on paper money, floating exchange rates, and purchasing power parity”
- 2016
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Ingår i: European Journal of the History of Economic Thought. - : Informa UK Limited. - 0967-2567 .- 1469-5936. ; 23:6, s. 870-896
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Tidskriftsartikel (refereegranskat)abstract
- Between 1789 and 1803 the National Debt Office issued unbacked interest bearing notes whereas the Bank of Sweden issued silver backed notes. The massive note issuance by the National Debt Office led to different exchange rates and two units of account. The situation gave rise to an early paper standard theory formulated by Anders Wappengren, a well-read merchant who was strongly influenced by Adam Smith and the French physiocrats. Wappengren had a firm understanding of monetary systems and the adjustment mechanism under floating exchange rates, including such concepts as purchasing power parity and price stickiness.
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