INFLATION AND SWITCHES BETWEEN SPECIE AND PAPER STANDARDS IN SWEDEN 1668 ‐ 1931: A PUBLIC FINANCE INTERPRETATION

Klas Fregert · Lars Jonung

31 citations0/0 files storedScottish Journal of Political Economy

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Monetary Policy and Economic Impact Historical Economic and Social Studies Fiscal Policies and Political Economy

Abstract

Abstract In this study, the recent literature on the integration of fiscal and monetary policy is used to examine the suspensions and resumptions of currency convertibility in Sweden during the period 1668–1931. We demonstrate that urgent demands for financing of war expenditures forced the Swedish Riksbank to abandon convertibility of its notes in all cases of suspensions prior to 1914. We argue that the suspension periods should be regarded as unexpected lapses into discretion from rule‐bound convertibility regimes rather than as part of an optimal ex ante public finance policy. All resumptions of convertibility, except for the resumption of 1924, implied an ex post formal devaluation. All suspensions were illegal, except in 1931 when a constitutional escape clause was invoked.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 31 citations exist upstream.

References

1924A Tract on Monetary Reform 1988Sovereign Debt: Is To Forgive To Forget?1992International Historical Statistics Europe 1750–1988 1995The Gold Standard As a Rule: An Essay in Exploration 1995Macroeconomic Features of the French Revolution 1987The optimal collection of seigniorage 1993Monetary Regimes in Transition 1993On the Flexibility of Monetary Policy: The Case of the Optimal Inflation Tax

Cited by

1999Inflation Contracts and Inflation Targets under Uncertainty: Why We Might Need Conservative Central Bankers 2020Do Enlarged Fiscal Deficits Cause Inflation: The Historical Record 2001A return to the convertibility principle? Monetary and fiscal regimes in historical perspective. The international evidence

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.