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Multi-currency regime and markets in early nineteenth-century Finland
Financial History Review Pub Date : 2019-12-12 , DOI: 10.1017/s0968565019000210
Miikka Voutilainen , Riina Turunen , Jari Ojala

Pre-industrial money supply typically consisted of multiple, often foreign currencies. Standard economic theory implies that this entails welfare loss due to transaction costs imposed by currency exchange. Through a study of novel data on Finnish nineteenth-century parish-level currency conditions, we show that individual currencies had principal areas of circulation, with extensive co-circulation restricted to the boundary regions in between. We show that trade networks, defined here through the regional co-movement of grain prices, proved crucial in determining the currency used. Market institutions and standard price mechanisms had an apparent role in the spread of different currencies and in determining the dominant currency in a given region. Our findings provide a caveat for the widely held assumption that associates multi-currency systems with negative trade externalities.

中文翻译:

19 世纪初芬兰的多货币制度和市场

工业化前的货币供应通常由多种货币组成,通常是外币。标准经济理论暗示,由于货币兑换带来的交易成本,这会导致福利损失。通过对芬兰 19 世纪教区货币状况的新数据的研究,我们表明个别货币具有主要流通区域,广泛的共同流通仅限于其间的边界区域。我们表明,这里通过谷物价格的区域联动定义的贸易网络​​在确定所使用的货币方面证明是至关重要的。市场制度和标准价格机制在不同货币的传播和确定特定地区的主导货币方面发挥了明显的作用。
更新日期:2019-12-12
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