Chapter

Norwegian Banking in the Inter‐War Period: A Scandinavian Perspective

Helge W. Nordvik

in Banking, Currency, and Finance in Europe Between the Wars

Published in print September 1995 | ISBN: 9780198288039
Published online November 2003 | e-ISBN: 9780191596230 | DOI: http://dx.doi.org/10.1093/0198288034.003.0018
 Norwegian Banking in the Inter‐War Period: A Scandinavian Perspective

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Begins with an account of the development of the Norwegian banking system before the First World War and then examines the long and severe banking crisis of 1923–28, and the policies adopted following the decision to leave the gold standard in 1931. In the 1920s, the deflationary policy pursued by the Bank of Norway in order to return to the gold standard at the old 1914 parity was responsible, together with the exceptional boom that the banking sector had experienced during the war years, for the severity of the banking crisis and for the slow real growth of the Norwegian economy. By contrast, the depreciation of the currency in 1931 contributed in important ways to the successful recovery and subsequent favourable growth record of the economy in the 1930s.

Keywords: banks; banking crises; boom currency; deflation; depreciation; First World War; gold standard; growth; Norway

Chapter.  9748 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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