Money demand under free banking: Switzerland 1851–1906
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...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
SpringerOpen
2018-03-01
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| Series: | Swiss Journal of Economics and Statistics |
| Subjects: | |
| Online Access: | http://link.springer.com/article/10.1186/s41937-017-0013-8 |