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- Title
Money demand under free banking: Switzerland 1851–1906.
- Authors
Gerlach, Stefan; Kugler, Peter
- Abstract
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, the banks' balance-sheet-to-GDP ratio and the number of banks were important determinants of long-run money demand. The former variable also played an important role in the monetary adjustment process. We also detect a strong positive long-run impact of real income on the bank's balance-sheet-total-to-GDP ratio and a strong long-run influence of real income and the interest rate spread on the number of banks.
- Subjects
DEMAND for money; FREE banking; SCHWEIZERISCHE Nationalbank; GROSS domestic product; BANKING industry
- Publication
Swiss Journal of Economics & Statistics, 2018, Vol 154, Issue 1, pN.PAG
- ISSN
2235-6282
- Publication type
Article
- DOI
10.1186/s41937-017-0013-8