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The Economic Research Institute, Stockholm School of Economics SSE/EFI Working Paper Series in Economics and Finance

No 678:
Multiple paper monies in Sweden, 1789-1903: Substitution or complementarity?

Torbjörn Engdahl () and Anders Ögren ()

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; (follow links to similar papers)

JEL-Codes: E50; G21; N13; N23; (follow links to similar papers)

24 pages, November 12, 2007

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This paper is published as:
Engdahl, Torbjörn and Anders Ögren, (2008), 'Multiple paper monies in Sweden, 1789-1903: Substitution or complementarity?', Financial History Review, Vol. 15, April, No. 1, pages 73-91

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