The Origins and Nature of Scandinavian Central Banking

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Origins and Nature of Scandinavian Central Banking

In the end, most loans were repaid, at a profit. And the oft-bruited specter of inflation never materialized. This is the news business, after all, not history, though relating a certain amount of history over the summer seemed desirable, the better to understand what was new.

I zeroed in on a collaboration that began the famous Federal Reserve Bank research conference in Jackson Hole, Wyoming, in between two very different economists. Their fundamental paper, Ignorance, Debt, and Financial Crises , with Tri Vi Dang , of Columbia University, is not yet even a working paper it has circulated since April in various seminar versions. The panic, they say, was an information event, originating in the repo market, triggered by recognition of the implications of the recession already in progress.


Panics happen when information-insensitive debt or banks turns into information-sensitive debt…. This can lead to reduced liquidity and rapid drops in prices. The idea that debt is fundamentally different from equity is not new. In comments pp. They are optimal precisely because they minimize informational requirements along the contracting chain.

The Origins and Nature of Scandinavian Central Banking |

All these are, or can be cast in terms of, information-based theories of debt. Why does it matter? Think back to what you think you know about the crisis: subprime lending, liar loans, the originate-and-distribute model of mortgage lending, securitization, leading to financial instruments so complex and opaque that not even those trading them understood how they were made. From the beginning of the design process to the final result, we have a dedicated team of professionals that partner with you to create the best cabinet designs to fit your budget and space requirements for any living space such as a kitchen, bathroom, library, office, home theater, walk in closet, laundry room organization, mud rooms, and much more!

Palgrave Macmillan Studies in Banking and Financial Institutions

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But what is the e-krona exactly? Let's begin at the beginning. Swedish legislation makes it possible for retailers, restaurants and other companies to refuse to accept cash, for instance by putting up a sign at the entrance or by the till. Together with banks that stop offering cash services, refusal of cash is an increasingly widespread phenomenon.

Furthermore, Swedes on average are happy to adapt to new technologies, so cards are widespread and the instant payment app Swish has been downloaded by more than half of the population.

Role of Central Banks in the Economy

By connecting a bank account in any bank with a mobile phone number, Swish has become a popular way to share a restaurant bill, distribute pocket money to children, collect money for a birthday gift at the office and to pay for goods at street markets. Within a few years, if the current trend in cash usage continues, Swedes could therefore find themselves in a situation where cash is no longer generally accepted as a means of payment. If cash stops working, it would leave all individuals to rely on the private sector alone to get access to money and payment methods.

What is the purpose of the central banks? (May 2013)

This would be a historical change without precedence. Norway is seeing a similar trend, and the two central banks are cooperating in this area. In the Eurozone, cash is still used to a high degree. For some time, the Swedish central bank has been analysing this gradual transition of emphasis in our economy — our most recent report can be found here. In the coming years, some hard choices will be required. One option is to do nothing, meaning we accept that the general public no longer has access to central bank money.

Such a future would imply a changed scope for the public sector. The payment market would have to be regulated and supervised in new ways to meet fulfil the objective to have a safe, efficient and inclusive payment market. A second alternative is to issue central bank money in a digital form, as a complement to cash and the money held in bank accounts. Central bank-issued digital currency is a new and relatively unexplored possibility, but it is attracting growing interest from a number of central banks.