Håkan Lobell

Swedish Historical National Accounts, 1800–2000: Principles and Implications of a New Generation

Abstract A new set of data and estimates of historical national accounts for Sweden is concluded with the project Structural Change in the Swedish Economy, 1800–1980: Construction and Analysis of National Product Series. This article provides a short overview of earlier efforts, beginning in the 1930s, to construct historical national accounts and an account of the present project. The new estimates resulted in partly new representations of economic growth and change. They are also compared with earlier data. Furthermore, effects of the deflation techniques ( i.e., double deflation) are analyzed by comparing the series with those resulting from single deflation. Finally, structural changes are analyzed using modern time series analysis.

Integration and Efficiency in the Foreign Exchange Market in Sweden 1834-1880

Abstract This paper explores the process of market integration and enhanced market efficiency of the Swedish foreign exchange market between 1843 and 1880. New high frequency data from two spatially separated markets are analysed with a ‘rolling regression’ technique. The results indicate that the markets were highly integrated in the 1840s. Nevertheless, the markets were further integrated in a steady pace between 1843 and 1880, Regression results also demonstrate that the markets at the Stockholm and Gothenburg exchanges were efficient during the whole period. A test of arbitrage efficiency is somewhat more ambiguous. The estimates indicate a switch to a presence of perfect arbitrage in 1867. However, nine years later the estimates indicate that the market regressed towards a level of less perfection.

Market Integration 1830–1890

This chapter deals with financial market integration. Integration influences a number of properties of the financial system which are parts of the definition of a financial revolution and often referred to as links between finance and growth. Financial market integration is thus related to the second and third characteristics of a successful financial revolution, namely stable currency and private commercial banks involved in international and domestic financial business.1 Financial integration affects, among other things, liquidity and hence the way markets are working since it brings a wider number of actors and assets into a larger and potentially more efficient whole. The aim of this chapter is to examine how a number of institutional, legal and structural changes in the financial system have contributed to integration over the period 1830 to 1890.

Gunnar Wetterberg: Pengarna & Makten. Riksbankens historia.

models, or at least the Nordic central organisations, and, on the other, what was unique and special to the Swedish Reso. In spite of my critique, however, Gråbacke presents an interesting journey into the history of Swedish leisure time and holidays as well as changes in consumption. With her dissertation she has reduced the shortage of works on Swedish labour and leisure history and, what is more, she has done this in an excellent manner.