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- 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. - 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 of more than 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, but 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 financial developments, which have rarely been studied in a semi-peripheral European economy.
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- Nilsson, Mikael, 1976-
(författare)
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Limiting Diplomatic Friction : Sweden, the United States and SKF's ball bearing exports to Eastern Europe, 1950-52
- 2009
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Ingår i: Scandinavian Economic History Review. - 0358-5522 .- 1750-2837. ; 57:3, s. 273-288
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Tidskriftsartikel (refereegranskat)abstract
- This article deals with the U.S. government’s efforts to curb the Swedish ball bearing producer SKF’s exports to the East early in the Cold War, 1950-1952, and interprets this process within the framework of hegemony theory. The period up to mid-1951 saw increasing U.S. pressure upon Sweden and SKF to consent to U.S. hegemony by abiding by the CoCom embargo. To achieve its objectives U.S. policymakers developed a flexible ‘’carrot and stick’’ approach, and the article adds considerable detail regarding the U.S. government’s handling of SKF. U.S. tolerance and flexibility was dependent upon Swedish consent to American hegemony in Western Europe, which was received through the signing of the Stockholm agreement in mid-June 1951, a hegemonic apparatus through which Sweden’s abidance by the embargo was handled. A small amount of exports was accepted by Washington as long as the main U.S. objective, to deny the Eastern Bloc strategic technology, was adhered to by SKF. The article also reveals the lack of policy coordination in the Swedish government, and the conflicts between the government and SKF regarding the responsibility for adhering to the embargo.
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