Off Gold and Back again. Finnish and Swedish Monetary Policies 1914-25

Tarmo Haavisto and Lars Jonung ()
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Tarmo Haavisto: Department of Economics, Postal: Lund University, Box 7082, SE-220 07 LUND, SWEDEN

No 11, Working Paper Series in Economics and Finance from Stockholm School of Economics

Abstract: This paper compares monetary and economic developments in Sweden and Finland during the period 1914-1939. Both countries experienced high monetary growth and high rates of inflation as a result of wartime events. At the return of peace, they were faced with a choice of either deflation or devaluation. Sweden chose deflation and Finland devaluation. This choice had a major impact on the path of the two economies in the 1920s and 1930s. Basically, Finland managed to avoid the depression that affected Sweden due to deflation in 1920-1923.

Keywords: Gold standard; monetary economics; inflation; central banking; exchange rate determination (search for similar items in EconPapers)
JEL-codes: E52 E58 N24 (search for similar items in EconPapers)
Date: 1994-03

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Persistent link: http://EconPapers.repec.org/RePEc:hhs:hastef:0011

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