Multiple paper monies in Sweden, 1789-1903: Substitution or complementarity?

Torbjörn Engdahl () and Anders Ögren
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Torbjörn Engdahl: Department of Economic History Stockholm University

No 678, SSE/EFI Working Paper Series in Economics and Finance from Stockholm School of Economics

Abstract: Complementarity of money mean that two or more kinds of monies together fulfil the demand of the users better than they would without the existence of the other(-s). In this paper we study complementarity between paper monies in Sweden. We address four questions: 1) What was used as money on a macro level (money supply) and on a micro level (monetary remittances)? 2) What was the relative value of different monies in parallel circulation? 3) Was there seasonal variations in use and/or value? 4) Was there geographical variations in use and value? What we find is that the complementarity helped to solve the problem of providing sufficient liquidity domestically over time and space and thus and to keep a stable value of the currency.

Keywords: Complementarity; Liquidity; Money Supply; Money Remittances; Paper Money; Parallel Circulation of Money; Variations in Money Demand (search for similar items in EconPapers)
JEL-codes: E50 G21 N13 N23 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2007-11-12
New Economics Papers: this item is included in nep-cba, nep-his, nep-mac and nep-mon
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Published in Financial History Review, 2008, pages 73-91.

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Journal Article: Multiple paper monies in Sweden 1789–1903: substitution or complementarity? (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:hastef:0678

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