Revising price history: consumer price index for Norway 1492–2018

Grytten, Ola Honningdal

doi:10.1080/03585522.2020.1714714

Cited by 7 publications

(5 citation statements)

References 9 publications

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“…Data are basically taken from a central bank project on creating historical monetary statistics. (Eitrheim, 2004(Eitrheim, , 2007Klovland, 2015;Grytten, 2020Grytten, , 2021.…”

Section: Methodsmentioning

confidence: 99%

Banking crises and financial instability: Empirical and historical lessons

Grytten

2021

Banks and Bank Systems

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The paper examines the importance of financial instability for the development of four Norwegian banking crises. The crises are the Post First World War Crisis during the early 1920s, the mid 1920s Monetary Crisis, the Great Depression in the 1930s, and the Scandinavian Banking Crisis of 1987–1993. The paper first offers a description of the financial instability hypothesis applied by Minsky and Kindleberger, and in a recent dynamic financial crisis model. Financial instability is defined as a lack of financial markets and institutions that provide capital and liquidity at a sustainable level under stress. Financial instability basically evolves during times of overheating, overspending and extended credit granting. This is most common during significant booms. The process has devastating effects after markets have turned into a state of negative development.The paper tests the validity of the financial instability hypothesis using a quantitative structural time series model. It reveals upheaval of 10 financial and macroeconomic indicators prior to all the four crises, resulting in a state of economic overheating and asset bubble creation. This is basically explained by huge growth in debts. The overheating caused the following banking crises. Finally, the paper discusses the four crises qualitatively. Again, the conclusion is that a significant increase in money supply and debt caused overheating, asset bubbles, and thereafter, financial and banking crises, which in turn spread to other markets and industries and caused huge slumps in the real economy.

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“…Data are basically taken from a central bank project on creating historical monetary statistics. (Eitrheim, 2004(Eitrheim, , 2007Klovland, 2015;Grytten, 2020Grytten, , 2021.…”

Section: Methodsmentioning

confidence: 99%

Banking crises and financial instability: Empirical and historical lessons

Grytten

2021

Banks and Bank Systems

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“…13 Consumer prices stepped up by 215%. 14 Despite high inflation, the government was subsidizing production and consumption. Additionally, they introduced maximum prices and maximum profits.…”

Section: Post-first World War Crisis Of the Early 1920smentioning

confidence: 99%

Financial Instability and Banking Crises in a Small Open Economy

Grytten

2021

SSRN Journal

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“…The cost of living inflation reached a stunning total of 13245 percent between 1791 and 1817. In 1813 alone it was higher than 234 percent (Grytten, 2020b). pace of social mobility, and contributed significantly to the modernization of the Norwegian economy and society (Dørum and Sødal, 2017).…”

Section: Institution Building 1814-1842mentioning

confidence: 99%

“…Cost of living index for Norway (1913=100) and annual inflation rates 1790-1850.SourceGrytten (2020b).…”

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confidence: 99%

The Wealth of a Nation: Norways Road to Prosperity

Grytten

2020

SSRN Journal

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The present paper discusses Norway's way to prosperity during the two last centuries. The main reason for its wealth seems to have been the ability to meet international demand by utilizing its rich natural resources, adopting efficient technology, and draw on a skilled labor force in order to gain high productivity and profitability. Historical national accounts reveal that Norway's wealth was close to the western European average in the early nineteenth century. From the 1840s to the mid 1870s, Norwegian growth rates were very high, due to significant growth in foreign trade. This period was followed by relative stagnation until the 1890s, from when the country saw rapid industrialization on the basis of hydroelectricity. After the two world wars Norway adopted a social democratic rule, with a high degree of economic planning, called the Nordic model. This has contributed to a large public sector and evenly distributed wealth and resources. The discovery of oil and gas on the Norwegian continental shelf marked a new era, when Norway experienced higher growth rates than most western economies. This has made it the country with the highest score in the United Nations Human Development Index (HDI) during the two first decades of the 21 st century.

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Revising price history: consumer price index for Norway 1492–2018

Cited by 7 publications

References 9 publications

Banking crises and financial instability: Empirical and historical lessons

Banking crises and financial instability: Empirical and historical lessons

Financial Instability and Banking Crises in a Small Open Economy

The Wealth of a Nation: Norways Road to Prosperity

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