Stockholm Papers in Economic History,
Stockholm University, Department of Economic History

Abstract: This paper deals with foreign exchange rates in Sweden 1658-1803. Foreign currencies played a crucial role in Sweden. Most of the domestic currency units were, in fact, originally imported. In the 18th century, the exchange rates most quoted in Sweden were the ones on Amsterdam, Hamburg, London, Paris, Copenhagen, Gdansk and Swedish Pomerania. The primary data are bills of various durations. To estimate spot rates, an assumption must be made of an interest rate on these bills. In the period 1662-1669 the estimated median shadow interest rate on bills of exchange was as high as 12.5 percent, while it most likely decreased substantially in the 18th century.

Keywords: monetary history; foreign exchange; reichstaler; guilder; pound; taler; zloty; florin; Sweden

JEL-codes: E42; N13; N23

46 pages, May 26, 2009

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