An empirical assessment of the Swedish Bullionist Controversy

Nils Herger ()
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Nils Herger: Study Center Gerzensee, http://www.szgerzensee.ch/

No 17.01, Working Papers from Swiss National Bank, Study Center Gerzensee

Abstract: In the eighteenth century, a fierce political debate broke out in Sweden about the causes of an extraordinary depreciation of its currency. More specifically, the dete- riorating value of the Swedish daler was discretionarily blamed on monetary causes, e.g. the overissuing of banknotes, or nonmonetary causes, such as balance of payments deficits. This paper provides a comprehensive empirical assessment of this so-called "Swedish Bullionist Controversy". The results of vector autoregressions suggest that increasing amounts of paper money did give rise to in ation and a depreciation of the exchange rate. Conversely, nonmonetary factors were probably less important for these developments.

Pages: 18 pages
Date: 2017-06
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac, nep-mon and nep-pay
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