| 1. |
- Ahnland, Lars, 1974-
(författare)
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Monthly credit from and deposits in Swedish commercial banks, 1875-2020
- 2023
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Ingår i: Financial History Review. - : Cambridge University Press (CUP). - 0968-5650 .- 1474-0052. ; 30:1, s. 29-50
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Tidskriftsartikel (refereegranskat)abstract
- Since the global financial crisis in 2008, there has been an elevated interest in private debt and as a macroeconomic variable. In light of the lack of high-frequency data, this study presents a unique monthly time series dataset on credit from and deposits in Swedish commercial banks from 1875 to 2020, covering 1,752 monthly observations and most of Swedish commercial banking history. In a first application, the study examines to what extent money in Sweden has been exogenous, created independently of demand by the central bank, or endogenous, created in response to demand by commercial banks, during different institutional settings. The results, derived via cointegration and impulse-response functions, show that though the relationship between deposits and credit has changed over time, both theories often hold validity simultaneously. While changes in deposits often have had significant impact on credit, the opposite has also been true. There are, however, differences between different regulatory regimes, as well as for different groups of banks.
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| 2. |
- Andersson, Lars Fredrik, 1974-, et al.
(författare)
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Insurance models and climate risk assessments in a historical context
- 2016
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Ingår i: Financial History Review. - : Cambridge University Press. - 0968-5650 .- 1474-0052. ; 23:2, s. 219-243
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Tidskriftsartikel (refereegranskat)abstract
- Adaptation to the consequences of climate change has developed as a growing field of concern in the insurance business. However, climate related risks is not entirely a new field in insurance. Historically, a large number of insurance organizational choices and strategies have been used to mitigate the financial impacts of extreme events and uncertainties associated with climate change. Taking the case of forest in Sweden, this paper reviews the ways in which climate related risks such as storm/wind and fire risks have been assured. The study shows that climate related risks generally has increased over time and that major hazard events have been decisive for the strategy and organization choices. The 20th century development shows that corporate insurance coverage increased by higher anticipated risk, while self-insurance and public insurance was reduced. However, in more recent time the expansion of corporate insurance has stagnated. Raised premiums and tighten terms following historically extreme weather events has led government and forest owners to assume more climate risks.
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| 3. |
- Andersson, Lars Fredrik, Docent, 1974-, et al.
(författare)
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Pre-welfare state provision and adverse selection : enrolment in a Swedish nationwide health insurance society
- 2023
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Ingår i: Financial History Review. - : Cambridge University Press. - 0968-5650 .- 1474-0052. ; 30:1, s. 74-99
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Tidskriftsartikel (refereegranskat)abstract
- Mutual benefit societies evolved as the major provider for sickness, accident and life insurance in the late nineteenth and early twentieth centuries on both sides of the Atlantic. One of the major problems facing insurers was the risk of adverse selection, i.e. that unhealthy individuals had more incentives than healthy individuals to insure when priced for the average risk. By empirically examining whether longevity among insured individuals in a nationwide mutual health society was different from a matched sample of uninsured individuals, we seek to identify the presence of adverse selection. We find no compelling evidence showing that unhealthy individuals were more likely to insure, or reasons to believe that problems related to adverse selection would have been a major reason for government intervention in the health insurance market in Sweden.
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| 4. |
- Andersson, Lars-Fredrik, 1974-, et al.
(författare)
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The determinants of investment returns in the fire insurance industry : the case of Sweden, 1903-1939
- 2013
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Ingår i: Financial History Review. - Cambridge : Cambridge University Press. - 0968-5650 .- 1474-0052. ; 20:1, s. 73-89
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Tidskriftsartikel (refereegranskat)abstract
- Weemploy a panel data research design to examine the determinants of investmentreturns in the Swedish property fire insurance industry from 1903 to 1939 – aperiod of great economic and political uncertainty. Contrary to expectations,we find that mutual fire insurers generated systematically higher investmentreturns than stock fire insurers. Investment returns are inversely related toleverage but positively related to liquidity, showing that firms adopting amore precautionary investment strategy attain higher returns.
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| 5. |
- Broberg, Oskar, 1976, 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. - : Cambridge University Press (CUP). - 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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| 6. |
- Broberg, Oskar, et al.
(författare)
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Names, shares and mortgages : The formalisation of Swedish commercial bank lending, 1870-1938
- 2019
-
Ingår i: Financial History Review. - 0968-5650 .- 1474-0052. ; 26:1, s. 81-108
-
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. |
- Dermineur, Elise, 1982-
(författare)
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Peer-to-peer lending in pre-industrial France
- 2019
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Ingår i: Financial History Review. - : Cambridge University Press. - 0968-5650 .- 1474-0052. ; 26:3, s. 359-388
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Tidskriftsartikel (refereegranskat)abstract
- This article explores the world of informal financial transactions and informal networks in pre-industrial France. Often considered merely as simple daily transactions made to palliate a lack of cash in circulation and to smooth consumption, the examination of private transactions reveals not only that they served various purposes, including productive investments, but also that they proved to be dynamic. The debts they incurred helped to smooth consumption but also helped to make investments. Some lenders were more prominent than others, although no one really dominated the informal market. This article also compares informal transactions with formal ones through the study of probate inventories and notarial records respectively. It compares these two credit circuits, their similarities and different characteristics, and their various networks features. The debts incurred in the notarial credit market were more substantial but did not serve a different purpose than in the informal market. Here too, the biggest lenders did not monopolise the extension of capital. Perhaps the most striking result lies in the fact that the total volume of exchange between the informal credit market and the notarial credit market (after projection) was similar.
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| 8. |
- Edvinsson, Rodney, 1971-
(författare)
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Shadow interest rates in Stockholm and the integration of early financial markets, 1660-1685 : was Heckscher right?
- 2011
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Ingår i: Financial History Review. - : Cambridge university press. - 0968-5650 .- 1474-0052. ; 18:3, s. 309-329
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Tidskriftsartikel (refereegranskat)abstract
- The decline of interest rates during the early modern period is considered an important factor in the subsequent rise of capitalist society. This article uses unique empirical material based on bills of exchange in Stockholm between 1660 and 1685 to estimate underlying ‘shadow interest rates’. It shows that annual rates ‘according’ to Stockholm were very high, mostly above 10 per cent, an indication of underdeveloped financial integration between Stockholm and the main European centres. There are also indications of a decline in these rates during the period studied, reflecting improved efficiency in Swedish financial markets.
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| 9. |
- 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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| 10. |
- Ericsson, Peter, 1963-, 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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