Scandinavian Working Papers in Economics

SSE/EFI Working Paper Series in Economics and Finance,
Stockholm School of Economics

No 606: Scandinavian Monetary Integration During the 19th Century: A Study of the Establishment of the Scandinavian Currency Union,1865-1875.

Krim Talia ()
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Krim Talia: Dept. of Economics, Stockholm School of Economics, Postal: Stockholm School of Economics, P.O. Box 6501, SE-113 83 Stockholm, Sweden

Abstract: During the years 1873-1875, Norway, Denmark and Sweden reformed their monetary systems. They adopted a common currency, the Scandinavian Krona, based on gold. The German conversion to the gold standard in 1871 had acted as a catalyst for monetary change, and it sparked intense activity in Scandinavia. This paper demonstrates that the role of Scandinavianism in this reform movement has been exaggerated in the literature. Rather, the establishment of the Scandinavian Currency Union was based on economic arguments and primarily motivated by a fear of silver depreciation. The SCU was a case where Scandinavianism was used as a political means to pursue the economic end of a monetary union.

Keywords: Scandinavian Currency Union; Monetary Integration; Integration; Financial History; Economic History

JEL-codes: F31; F33; F36; N23

55 pages, June 10, 2004

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