A Golden Combination: The Formation of Monetary Policy in Sweden after World War I

Martin Eriksson

Enterprise & Society, 2015, vol. 16, issue 3, 556-579

Abstract: From a European perspective, what sets apart the Swedish return to the gold standard at prewar parity in 1924 is not only that it occurred before that of every other nation, including the United Kingdom, but also that it could be made by politicians without interference from the central bank. Against this background, it is argued that this decision may be related to the combined impact of two political positions that affected policy making in a crucial way. In a domestic policy context in which minority governments needed support from other parties to realize their political ambitions, the Social Democrats and Conservatives both developed separate positions in favor of an early return of the gold standard during the first part of the 1920s. Because these parties together formed a majority in both chambers of Parliament, a stable political support for a return of the gold standard could thereby emerge.

Date: 2015
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