文章基本信息

标题：Money demand under free banking: Switzerland 1851–1906
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作者：Stefan Gerlach ; Peter Kugler
期刊名称：Swiss Journal of Economics and Statistics
出版年度：2018
卷号：154
期号：1
页码：1-8
DOI：10.1186/s41937-017-0013-8
摘要：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.
关键词：Free banking; Money demand; Monetary dynamics; Switzerland; E41; E42; N13