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dc.contributor.authorVoutilainen, Miikka
dc.contributor.authorTurunen, Riina
dc.contributor.authorOjala, Jari
dc.date.accessioned2021-10-15T10:22:35Z
dc.date.available2021-10-15T10:22:35Z
dc.date.issued2020
dc.identifier.citationVoutilainen, M., Turunen, R., & Ojala, J. (2020). Multi-currency regime and markets in early nineteenth-century Finland. <i>Financial History Review</i>, <i>27</i>(1), 115-138. <a href="https://doi.org/10.1017/S0968565019000210" target="_blank">https://doi.org/10.1017/S0968565019000210</a>
dc.identifier.otherCONVID_34066140
dc.identifier.urihttps://jyx.jyu.fi/handle/123456789/78229
dc.description.abstractPre-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.en
dc.format.mimetypeapplication/pdf
dc.language.isoeng
dc.publisherCambridge University Press
dc.relation.ispartofseriesFinancial History Review
dc.rightsCC BY 4.0
dc.subject.other1800-luku
dc.subject.othermulti-currency regime
dc.subject.othermarket integration
dc.subject.otherFinland
dc.subject.othernineteenth century
dc.titleMulti-currency regime and markets in early nineteenth-century Finland
dc.typearticle
dc.identifier.urnURN:NBN:fi:jyu-202110155261
dc.contributor.laitosHistorian ja etnologian laitosfi
dc.contributor.laitosDepartment of History and Ethnologyen
dc.type.urihttp://purl.org/eprint/type/JournalArticle
dc.description.reviewstatuspeerReviewed
dc.format.pagerange115-138
dc.relation.issn0968-5650
dc.relation.numberinseries1
dc.relation.volume27
dc.type.versionpublishedVersion
dc.rights.copyright© The Author(s), 2019. Published by Cambridge University Press on behalf of the European Association for Banking and Financial History.
dc.rights.accesslevelopenAccessfi
dc.relation.grantnumber201600139, 20170130
dc.relation.grantnumber308975
dc.subject.ysovaluutat
dc.subject.ysovaluuttapolitiikka
dc.subject.ysoaluetalous
dc.subject.ysoesiteollinen yhteiskunta
dc.subject.ysokauppa
dc.subject.ysotaloushistoria
dc.format.contentfulltext
jyx.subject.urihttp://www.yso.fi/onto/yso/p3573
jyx.subject.urihttp://www.yso.fi/onto/yso/p18538
jyx.subject.urihttp://www.yso.fi/onto/yso/p6178
jyx.subject.urihttp://www.yso.fi/onto/yso/p15055
jyx.subject.urihttp://www.yso.fi/onto/yso/p4029
jyx.subject.urihttp://www.yso.fi/onto/yso/p17789
dc.rights.urlhttps://creativecommons.org/licenses/by/4.0/
dc.relation.doi10.1017/S0968565019000210
dc.relation.funderOP-Pohjola-ryhmän tutkimussäätiöfi
dc.relation.funderSuomen Akatemiafi
dc.relation.funderOP Group Research Foundationen
dc.relation.funderAcademy of Finlanden
jyx.fundingprogramSäätiöfi
jyx.fundingprogramAkatemiahanke, SAfi
jyx.fundingprogramFoundationen
jyx.fundingprogramAcademy Project, AoFen
jyx.fundinginformationMiikka Voutilainen acknowledges financial support from OP Group Research Foundation grants 20170130, 20180071 and 20190117, and he warmly thanks Professor Gregory Clark and the All-UC Group in Economic History for the research visit to UC Davis in 2018. The authors acknowledge financial support from the Academy of Finland grant 308975.


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