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- Kenny, Seán, et al.
(författare)
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Unlimiting Unlimited Liability : Legal Equality for Swedish Banks with Alternative Shareholder Liability Regimes, 1897-1903
- 2021
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Ingår i: Business history review. - 0007-6805 .- 2044-768X. ; 95:2, s. 193-218
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Tidskriftsartikel (refereegranskat)abstract
- This article examines the aftermath of the 1897 Riksbank Act in Swedish banking. The act placed banks with unlimited liability and those with limited liability on equal footing, removing the note-issuing privileges of the former. We consider whether changes in risk preferences occurred subsequent to the act, or whether extended liability was a sufficient deterrent. We conclude that when legal differences were removed, lower transaction costs for unlimited liability banks (ULBs) spurred aggressive competition, reflected in narrower interest spreads relative to limited liability banks (LLBs). ULBs also took on greater leverage and held less liquidity, which supports the Coasean interpretation that the shareholder liability regime mattered little. After 1897, ULB shareholders continued to receive higher dividends, enjoyed substantially superior returns on equity, and maintained an array of corporate governance controls to shield themselves against their additional risk.
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| 2. |
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| 3. |
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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-, et al.
(författare)
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Central Bank Cooperation and Lending of Last Resort in the Scandinavian Monetary Union
- 2022
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Ingår i: Jahrbuch für Wirtschaftsgeschichte. - : Walter de Gruyter. - 0075-2800 .- 2196-6842. ; 63:2, s. 433-494
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Tidskriftsartikel (refereegranskat)abstract
- The functioning of multi-nation monetary unions with several central banks is conditioned by many factors and considerations, such as the capacity to deal with crises, the political will and operational skill to foster financial integration and to develop a mix of rules and discretion in the cooperation between the central banks. The Scandinavian monetary union (SMU) between 1873 and 1931 is a case in point for illustrating the importance of these factors and considerations. We examine the policies implemented in the Scandinavian countries to deal with asymmetries of payments flows and with financial crises at three levels: in an account of major crises that required lending of last resort, in a study of the clearing and settlement mechanism established in the union, and in a survey of contemporary economists’ views on lending of last resort and cooperation in the SMU.
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| 8. |
- 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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| 9. |
- Ögren, Anders, Professor, 1967-, et al.
(författare)
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New institutional economics in Viking studies : Visualising immaterial culture
- 2022
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Ingår i: Archaeological Dialogues. - : Cambridge University Press. - 1380-2038 .- 1478-2294. ; 29:2, s. 172-187
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Tidskriftsartikel (refereegranskat)abstract
- In this paper, we argue that closer engagement with the field of new institutional economics (NIE) has the potential to provide researchers with a new theoretical toolbox that can be used to study economic and social practices that are not readily traceable in material culture. NIE assumes that individual actions are based on bounded rationality and that the existence of rules (institutions) and their enforcement – the institutional framework – influences agents’ actions by providing different incentives and probabilities for different choices. Within this theoretical framework, we identify a number of concepts, such as collective identity and mobile jurisdictions, that seem to fit what we know of Viking age economic systems. In applying these models to the available archaeological and textual data, we outline the ways in which further research could provide a new understanding of economic interaction within a rapidly evolving context of diaspora and change.
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