| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11029 |
| DP11029 Money demand under free banking: Switzerland 1851-1906 | |
| Stefan Gerlach; Peter Kugler | |
| 发表日期 | 2015-12-27 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper studies money demand in Switzerland under free banking before the establishment of the Swiss National Bank. We find that, in addition to income and the interest rate of savings deposits, the number of banks was an important determinant of long run money demand. It also played a role in the monetary adjustment process. We also detect a strong positive long run impact of real income and the interest rate spread on the number of banks. Moreover, positive deviation of the number of banks from long run equilibrium leads to a decrease in the money stock and leads to a fall in interest rates and an increase in real income. |
| 主题 | Economic History ; Monetary Economics and Fluctuations |
| 关键词 | Free banking Monetary dynamics Money demand Switzerland |
| URL | https://cepr.org/publications/dp11029 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539858 |
| 推荐引用方式 GB/T 7714 | Stefan Gerlach,Peter Kugler. DP11029 Money demand under free banking: Switzerland 1851-1906. 2015. |
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