Sweden's Financial Sophistication in the Nineteenth Century: An Appraisal

Douglas Fisher and Walter Thurman

The Journal of Economic History, 1989, vol. 49, issue 3, 621-634

Abstract: The article tests a variant of Lars G. Sandberg's “financial sophistication hypothesis.” Sandberg argues that Sweden had an unusually large stock of financial capital in 1850 which, along with a highly literate populace, was paramount in the subsequent economic explosion. Unable to test the hypothesis directly, we use a variant—that the financial sector was a leading sector in Swedish development—amenable to time-series tests of the Granger-causality form. These tests on data from 1861 to 1910 do not show causality from financial variables to real; indeed, the converse holds.

Date: 1989
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