Gerlach, Stefan and Kugler, Peter. (2018) Money demand under free banking: Switzerland 1851-1906. Swiss Journal of Economics and Statistics / Schweizerische Zeitschrift für Volkswirtschaft und Statistik, 154 (18). pp. 1-8.
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Official URL: https://edoc.unibas.ch/68477/
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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.
| Faculties and Departments: | 06 Faculty of Business and Economics 06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften 06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Geld- und Währungsgeschichte (Kugler) |
|---|---|
| UniBasel Contributors: | Kugler, Peter |
| Item Type: | Article, refereed |
| Article Subtype: | Research Article |
| Publisher: | Swiss Society of Economics and Statistics (SSES) |
| ISSN: | 0303-9692 |
| e-ISSN: | 2235-6282 |
| Note: | Publication type according to Uni Basel Research Database: Journal article |
| Identification Number: | |
| Last Modified: | 21 May 2022 17:00 |
| Deposited On: | 17 Jan 2019 14:39 |
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