1 / 7

Writing a History of the Bank of Finland

Writing a History of the Bank of Finland. Juha Tarkka Bank of Finland. The Bank of Finland history project. The Bank of Finland history project was started in 2004 Immediate reason: Bank’s 200th anniversary in 2011 Team of two researchers (Antti Kuusterä, Juha Tarkka)

holland
Télécharger la présentation

Writing a History of the Bank of Finland

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Writing a History of the Bank of Finland Juha Tarkka Bank of Finland

  2. The Bank of Finland history project • The Bank of Finland history project was started in 2004 • Immediate reason: Bank’s 200th anniversary in 2011 • Team of two researchers (Antti Kuusterä, Juha Tarkka) • The aim: well-researched, objective monograph on the Bank’s development… • …in the context of economic policy and financial developments in Finland and abroad • Governance: an editorial committee, 50% external • Currently, we are writing about the World War II period • History will appear also in Swedish and English

  3. Some observations on the history of the BoF: • Established by the Russian Emperor in 1811, after Finland was separated from Sweden • The only bank in the country until the 1860’s • Own currency (markka) obtained in 1860, decoupled form the rouble in 1865 • Control of the Bank transferred to the Finnish parliament in 1867 (following the Swedish model) • On the gold standard in 1878-1914 • Classical central banking model adopted by the 1890’s • Finland independent in 1917, big inflation in 1917-1922 • On the gold standard since 1926, sterling block 1933-

  4. Some observations on the history, continued • War finance and inflation in 1939-1952 • Joining Bretton Woods 1952, convertibility in 1958 • Economic integration with the West predominant, taking into account the delicate relationship with the Soviets • But, extensive financial regulation of interest rates, the money market, and capital flows maintaned until the 1980’s • Deregulation in the 1980’s (about 1987) and crisis in 1991 • The Bank was the first line of defence in dealing with the crisis (taking over the third largest commercial bank) • Floating of the markka in 1992, inflation target 1993- • EU 1995, ERM 1996, EMU 1999

  5. Previous work on the Bank of Finland’s history • 100th anniversary history by Emil Schybergson (1914) • available in Finnish, Swedish, Russian, German • ”from modest beginnings to a grand institution” • 125th anniversary history by A.E. Tudeer (1939) • covers 1911-1936 • available in Finnish, Swedish, English, German • 150th anniversary history by Hugo Pipping (1961, 1969) • only covers 1811-1914, available in Finnish, Swedish • Vol. I titled ”From paper rouble to gold mark” • No comprehensive treatment of the post-war period available

  6. What can we add? • For the earlier period, new interpretation from today’s perspective is essential • The received views of the Bank of Finland emphasize ”national stories” • The bank as part of the development to independence • Economic rationality/orthodoxy vs. politics/democracy • The bank as bulwark of anti-keynesianism or a captive of of export interests (the debate on the devaluation cycle) • We want to look at the bank and the currency in an international context • For the later period, work on new archival material very important (e.g. parliamentary council transcripts) • Also new research available in general (political) history

  7. Remarks on the approach • Initially , the monetary history approach was tempting • A lot of historical time series were compiled in the 1990’s • We ended up choosing a narrative, eclectic approach • A unified text (monograph) as an aim • Dangers of the economist’s approach • Filtering: you ignore what your framework lacks • Anachronism: you impose today’s concepts on the past • History can enrich the economist’s framework only if • A genuinely historical approach is followed • People, changing motives and events are in the picture

More Related