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Money demand under free banking: Switzerland 1851-1906

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:17 Jan 2019 14:39
Deposited On:17 Jan 2019 14:39

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