We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
SOURCES OF GROWTH IN THE SWEDISH MONEY STOCK, 1871-1971.
- Authors
Jonung, Lars
- Abstract
The sources of secular and cyclical changes in the Swedish money stock during a period of one hundred years are studied in this paper. The analysis is based on a framework where the fluctuations in the money stock are decomposed into the contributions of three monetary aggregates: the monetary base, the currency-money ratio and the reserve-deposit ratio. The contributions of these three proximate determinants of the money stock are quantified. Computations covering the long run indicate that the monetary base represents the major source of secular growth in the volume of money. The cyclical picture which emerges, however, is more complex. The two asset ratios as well as the monetary base contribute significantly to the cyclical movements in the Swedish money stock. No consistent pattern is found for all the subperiods studied. The results derived are compared with the patterns of other countries, particularly the USA. This study constitutes the first step in an analysis of the factors influencing the growth of the Swedish money stock.
- Subjects
SWEDEN; MONEY supply; MONEY; DEMAND for money; ECONOMIC indicators; MONEY market
- Publication
Scandinavian Journal of Economics, 1976, Vol 78, Issue 4, p611
- ISSN
0347-0520
- Publication type
Article
- DOI
10.2307/3439529