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Financial revolution and economic modernisation in Sweden

Financial revolution and economic modernisation in Sweden AbstractThe development of a well-adapted financial system was a main part of the successful Swedish economic modernisation in the latter half of the nineteenth century. In this article it is shown that this development followed the pattern of a financial revolution. Major institutional and organisational changes that took place roughly between the late 1850s and early 1870s led to a rapid increase in liquidity and financial services. This financial revolution preceded the acceleration in economic growth in general and in the modern, industrial sector in particular. Monetisation especially encouraged growth, both in the industrial sector and in GDP as a whole. The basis of the financial system, measured as commercial bank assets and equity capital, affected overall GDP growth. The results also clearly promoted the importance of the development of the financial sector and monetisation as an interlinked and complementary process. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Financial History Review Cambridge University Press

Financial revolution and economic modernisation in Sweden

Financial History Review , Volume 16 (1): 25 – Nov 1, 3

Financial revolution and economic modernisation in Sweden

Financial History Review , Volume 16 (1): 25 – Nov 1, 3

Abstract

AbstractThe development of a well-adapted financial system was a main part of the successful Swedish economic modernisation in the latter half of the nineteenth century. In this article it is shown that this development followed the pattern of a financial revolution. Major institutional and organisational changes that took place roughly between the late 1850s and early 1870s led to a rapid increase in liquidity and financial services. This financial revolution preceded the acceleration in economic growth in general and in the modern, industrial sector in particular. Monetisation especially encouraged growth, both in the industrial sector and in GDP as a whole. The basis of the financial system, measured as commercial bank assets and equity capital, affected overall GDP growth. The results also clearly promoted the importance of the development of the financial sector and monetisation as an interlinked and complementary process.

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Publisher
Cambridge University Press
Copyright
Copyright © European Association for Banking and Financial History e.V. 2009
ISSN
1474-0052
eISSN
0968-5650
DOI
10.1017/S0968565009000043
Publisher site
See Article on Publisher Site

Abstract

AbstractThe development of a well-adapted financial system was a main part of the successful Swedish economic modernisation in the latter half of the nineteenth century. In this article it is shown that this development followed the pattern of a financial revolution. Major institutional and organisational changes that took place roughly between the late 1850s and early 1870s led to a rapid increase in liquidity and financial services. This financial revolution preceded the acceleration in economic growth in general and in the modern, industrial sector in particular. Monetisation especially encouraged growth, both in the industrial sector and in GDP as a whole. The basis of the financial system, measured as commercial bank assets and equity capital, affected overall GDP growth. The results also clearly promoted the importance of the development of the financial sector and monetisation as an interlinked and complementary process.

Journal

Financial History ReviewCambridge University Press

Published: Nov 1, 3

There are no references for this article.