Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Private debt in Sweden in 1900–2013 and the risk of financial crisis
Stockholm University, Faculty of Social Sciences, Department of Economic History.
2015 (English)In: Scandinavian Economic History Review, ISSN 0358-5522, E-ISSN 1750-2837, Vol. 63, no 3, p. 302-323Article in journal (Refereed) Published
Abstract [en]

This study presents new time series data for private debt in Sweden in 1900–2013, including credit from banks, mortgage institutes and credit companies. The reconstruction of the data is a scientific task by itself, and is complicated by changed definitions, breaks in the series, and the need for occasional interpolation and cross-reference of sources. The obtained data reveal both qualitative and quantitative changes in the structure of private debt in Sweden during the period. One finding is a pattern where the era starting with the deregulation of the credit market in 1985 resembles the era preceding World War Two. Both periods experienced a high level of private debt-to-GDP ratio as well as severe financial crises. In a first application of the data, the hypothesis of rising private debt in the years before a financial crisis is explored through logit regression. The findings are in line with international research, and suggest that higher lending, especially from banks, might aggravate the risk of financial crisis.

Place, publisher, year, edition, pages
2015. Vol. 63, no 3, p. 302-323
Keywords [en]
private deb, bank credit, mortgage, financial crisis
National Category
Economic History
Research subject
Economic History
Identifiers
URN: urn:nbn:se:su:diva-125225DOI: 10.1080/03585522.2015.1084946OAI: oai:DiVA.org:su-125225DiVA, id: diva2:892135
Available from: 2016-01-08 Created: 2016-01-08 Last updated: 2017-11-07Bibliographically approved
In thesis
1. Financialization in Swedish Capitalism: Debt, inequality and crisis in Sweden, 1900-2013
Open this publication in new window or tab >>Financialization in Swedish Capitalism: Debt, inequality and crisis in Sweden, 1900-2013
2017 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

This dissertation adresses financialization – the increasing role of financial activities in the overall economy – in Sweden in 1900-2013. The focus is on the long run relationships between private debt, asset markets, inequality and financial crisis during this period. In line with established scholarship, the present study finds that changes in bank debt had a positive impact on the probability of financial crisis in Sweden. Functional income distribution between profits and wages was an underlying factor influencing the formation of bank debt levels through its impact on collateral in stock markets. Expenses related to the Swedish welfare state – the size of the public sector, government investment and housing construction – had a long run relationship with the wage share. The welfare state has been an effective counter-measure not just against a high profit share, but also against financialization. Moreover, the dissertation shows that the recent era of financialization in Swedish capitalism is not unique in kind. Rather, recent financialization is very similar to the macroeconomic situation during the early decades of the 20th Century. These findings are consistent with much of heterodox economic theory, in particular the Neo-Marxist approach. 

Place, publisher, year, edition, pages
Stockholm: Department of Economic History, Stockholm University, 2017
Series
Stockholm studies in economic history, ISSN 0346-8305 ; 67
Keywords
debt, inequality, financialization, financial crisis
National Category
Economic History
Research subject
Economic History
Identifiers
urn:nbn:se:su:diva-148711 (URN)978-91-7797-063-7 (ISBN)978-91-7797-064-4 (ISBN)
Public defence
2017-12-22, hörsal 2 hus A, Universitetsvägen 10 A, 114 18 Stockholm, 13:00 (Swedish)
Opponent
Supervisors
Note

At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 3: Manuscript. Paper 4: Manuscript.

Available from: 2017-11-29 Created: 2017-11-07 Last updated: 2017-11-29Bibliographically approved

Open Access in DiVA

No full text in DiVA

Other links

Publisher's full text

Search in DiVA

By author/editor
Ahnland, Lars
By organisation
Department of Economic History
In the same journal
Scandinavian Economic History Review
Economic History

Search outside of DiVA

GoogleGoogle Scholar

doi
urn-nbn

Altmetric score

doi
urn-nbn
Total: 506 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf