From an international perspective the Swedish economy has some unique features and therefore affords a most interesting model for researchers in economic history. The country has experimented with numerous economic strategies including pre-Keynesian policies in the 1930s, active labour market policies and an extensive welfare system. This book covers the most important aspects of the Swedish economy: two brief sections concerning historiography and offering a general background to the subject are followed by a selection of articles on demography, migration, the labour market, agriculture, industrialization, transport, trade, industrial organization, finance and economic policy. The volume brings together a unique and comprehensive collection of the most significant studies on the development of the Swedish economy since 1870. Several of the contributions appear for the first time in English.

The income velocity of money-an inverse measure of the demand for money balances-is the ratio of the money value of income to the average money stock that the public (excluding banks) holds in a given period. Why the magnitude of that ratio has changed over time is the subject of Michael D. Bordo and Lars Jonung's classic study, originally published as The Long-Run Behavior of the Velocity of Circulation. Supported by statistical data, econometric estimation techniques, and meticulous historical analysis, this work describes, in an international setting, how slow-moving economic, social, and political forces interact with the decisions households and firms make about how much money to hold. Annual time series of velocity for several countries from the late nineteenth century to the late twentieth century display a U-shaped pattern. Existing theories can explain each section of the velocity curve-the falling, flat, and rising parts-but the overall pattern is not consistent with any one theory. Here the authors put forth a comprehensive explanation for this behavior over time. Their theory is largely an extension of the approach of Knut Wicksell, the Swedish economist who stressed the role of substitution between monetary assets. This approach, which emphasizes institutional variables, is incorporated into the arguments for the traditional long-run money demand (velocity) function. Four types of empirical evidence strongly support the authors' theory: econometric studies of the long-run velocity function for several countries; a cross section study of approximately eighty countries in the postwar period; a case study of the Swedish monetization process in the fifty years before World War I; and an examination of the time series properties of velocity. Demand for Money suggests that institutional factors, as opposed to real income, play a greater role in velocity than previously thought. And these institutional factors have a major impact on monetary policy. This is a book that will prove of great value to economists, monetary strategists, and policymakers.

The impact of Swedish economists on the development of modern economic analysis has been profound. This volume contains twelve essays dealing with various aspects of the development of economics and economic thought from the mid 18th century to the middle of the 20th century. Most of the essays cover the golden age of Swedish economics, the early decades of the 20th century, and deal with such figures as Knut Wicksell, Gustav Cassel, Eli Heckscher, Bertil Ohlin, Erik Lindahl and Erik Lundberg.
The book includes a chapter on an unpublished manuscript of Knut Wicksell's which is reproduced in English for the first time

The income velocity of money-an inverse measure of the demand for money balances-is the ratio of the money value of income to the average money stock that the public (excluding banks) holds in a given period. Why the magnitude of that ratio has changed over time is the subject of Michael D. Bordo and Lars Jonung's classic study, originally published as The Long-Run Behavior of the Velocity of Circulation. Supported by statistical data, econometric estimation techniques, and meticulous historical analysis, this work describes, in an international setting, how slow-moving economic, social, and political forces interact with the decisions households and firms make about how much money to hold.

Annual time series of velocity for several countries from the late nineteenth century to the late twentieth century display a U-shaped pattern. Existing theories can explain each section of the velocity curve-the falling, flat, and rising parts-but the overall pattern is not consistent with any one theory. Here the authors put forth a comprehensive explanation for this behavior over time. Their theory is largely an extension of the approach of Knut Wicksell, the Swedish economist who stressed the role of substitution between monetary assets. This approach, which emphasizes institutional variables, is incorporated into the arguments for the traditional long-run money demand (velocity) function. Four types of empirical evidence strongly support the authors' theory: econometric studies of the long-run velocity function for several countries; a cross section study of approximately eighty countries in the postwar period; a case study of the Swedish monetization process in the fifty years before World War I; and an examination of the time series properties of velocity.

Demand for Money suggests that institutional factors, as opposed to real income, play a greater role in velocity than previously thought. And these institutional factors have a major impact on monetary policy. This is a book that will prove of great value to economists, monetary strategists, and policymakers.

As the new Russian state struggles with the transition to a market economy, the need for radical monetary reform becomes increasingly urgent. The choice of reform is crucial, for it will largely determine Russia's future economic performance. In order to break free of the lingering effects of Soviet central planning, the new Russian state needs a stable, convertible currency.
Steve H. Hanke, Lars Jonung and Kurt Schuler propose that Russia establishes a currency board which would issue a Russian currency fully convertible with international currency, backed 100 per cent by international bonds. The international community would aid in establishing the currency board by providing the initial reserves. Early supplies of this new Russian currency would be distributed free to Russian citizens. The authors give detailed explanations of how the currency board could be established and how it would work.

The impact of Swedish economists on the development of modern economic analysis has been profound. This volume contains 12 essays dealing with various aspects of the development of economics and economic thought from the mid-18th-century to the middle of the 20th century. Most of the essays cover the golden age of Swedish economics, the early decades of the 20th century, and deal with such figures as Knut Wicksell, Gustav Cassel, Eli Heckscher, Bertil Ohlin, Erik Lindahl and Erik Lundberg. It illustrates the constant involvement of Swedish economists in current affairs. Economists have taken an active part in practically every debate of importance in Sweden since the turn of the century. Those discussed here include the 8-hour workday, the New Economics of the 1930s and forestry economics. Brinley Thomas, in his account of the Stockholm School, emphasized the influence that professional economists appeared to have on public affairs. This book accounts for it in terms of the consistency of their attempts to make public contributions. The book includes a chapter on an unpublished manuscript by Knut Wicksell.

In this volume leading scholars look at the heritage and impact of the important work done by the Stockholm School from the 1920s to the present. The first part of The Stockholm School of Economics Revisited covers the early years, followed by an extensive review of the approaches to economics adopted by the school. A number of contributors investigate the relation and impact of the Stockholm School on their own work, the work of other economists, and the approaches pursued at other schools. A final roundtable discussion delves into the question of "What remains of the Stockholm School?." A readable collection for anyone interested in economic history, history of economic thought, or the many economic ideas lying behind the success of the Swedish economy.

Financial markets in Europe have become increasingly integrated in recent years, leading to a rise in foreign ownership of domestic equities and other assets. This volume brings together ten expert contributions to provide an authoritative analysis of the evolution and implications of foreign ownership in Europe today. In addition to providing new data on the extent of foreign ownership in Europe, the authors analyse some of the major challenges it brings for policy-makers at both the European and the national level. Part I looks at the legal framework for foreign ownership and for cross-border mergers and acquisitions. Part II explores important aspects of the economic impact of foreign ownership, including taxation and labour market outcomes, from a European perspective. The volume concludes with four in-depth country studies that focus on the process of internationalisation of assets in Finland, Italy, Sweden and the UK.

In this volume leading scholars look at the heritage and impact of the important work done by the Stockholm School from the 1920s to the present. The first part of The Stockholm School of Economics Revisited covers the early years, followed by an extensive review of the approaches to economics adopted by the school. A number of contributors investigate the relation and impact of the Stockholm School on their own work, the work of other economists, and the approaches pursued at other schools. A final roundtable discussion delves into the question of "What remains of the Stockholm School?." A readable collection for anyone interested in economic history, history of economic thought, or the many economic ideas lying behind the success of the Swedish economy.

With contributions from a range of leading experts in this rapidly changing field, the book will be of particular value to economists, national and international institutes, banks and other financial institutions and the academic world. For ease of reference, the text is supported with charts and table, and there is a complete index.