Handbook of Key Global Financial Markets, Institutions, and Infrastructure

Chapter 26

The Financial Revolution in Sweden, 1650–1900

A. Ögren

Uppsala University, Uppsala, Sweden

Outline

Introduction

The Swedish Financial Revolution

The State: Monetary Authority and Public Debt

Monetization, Clearing, and Market Integration

The Banking System

Secondary Markets, Mortgage Associations, and Insurance Companies

Conclusions

References

Introduction

Two important lessons can be drawn from the literature on finance and growth. First, when financial systems are reasonably stable and also manage to foster economic growth, it is because the institutional framework underlying financial development is sound. Second, a sound financial infrastructure requires different complementary parts. Financial systems and financial development, ...