The Origins and Nature of Scandinavian Central Banking

Authors: Steffen Elkiær Andersen



Covers the 3 Scandinavian central banks in Sweden, Denmark, and Norway

Explores the impact of World War I and World War II on the evolution of central banking in Scandinavia

Clarifies the role played by central banks and their role in financial markets

This book explores the formation and evolution of Scandinavian central banks. It begins by defining the nature of “central banking” in general, before moving on to investigate how and when it became meaningful to regard today’s Scandinavian central banks as such. It also explores how Scandinavian central banks have conformed to the defined ideals of “central banks” over the last 100 years, clarifying the distinctions between commercial banks and central banks, and between central banks and departments of governments. The author shows how the outbreak of the Great War was the catalyst which fundamentally transformed the originally purely commercial banks into “central banks”. The book also analyses how different the three Scandinavian central banks are, how these differences can be explained by the different political and economic circumstances surrounding their original formation, and the differences in the political environments in which they later developed.

Table of contents

Front Matter
Pages i-xvi

The Nature of Central Banking
Front Matter
Pages 1-1
Some General Remarks on “Central Banking”
Pages 3-10
Defining “Central Banks”: Four Criteria
Pages 11-22

Before the Deluge. The Very Different Origins of Scandinavia’s Central Banks, the Great War, and the Four Criteria
Front Matter
Pages 23-23
Sveriges Riksbank, and the Four Criteria
Pages 25-51
Danmarks Nationalbank and the Four Criteria
Pages 53-68
Norges Bank and the Four Criteria
Pages 69-79
The Scandinavian Currency Union (1873–1914)
Pages 81-93
How the Great War Formed Scandinavian Central Banking
Pages 95-117

The Interwar and Postwar Period
Front Matter
Pages 119-119
Sveriges Riksbank and the Four Criteria
Pages 121-148
Danmarks Nationalbank and the Four Criteria
Pages 149-180
Norges Bank and the Four Criteria
Pages 181-203
Summary and Conclusions
Pages 205-211

Back Matter
Pages 213-237

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