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Featured Article: 'Money demand under free banking: Switzerland 1851–1906'

Stefan Gerlach and Peter Kugler

Money demand under free banking: Switzerland 1851–1906This paper studies money demand in Switzerland under free banking before the establishment of the Swiss National Bank. It finds that, in addition to income, the banks’ balance-sheet-to-GDP ratio and the number of banks were important determinants of long-run money demand. The former variable also played an important role in the monetary adjustment process. The research also detects a strong positive long-run impact of real income on the bank’s balance-sheet-total-to-GDP ratio and a strong long-run influence of real income and the interest rate spread on the number of banks.

Aims and scope

Founded in 1867, The Swiss Journal of Economics and Statistics (SJES) is a peer-reviewed journal which publishes theoretical and empirical contributions to any field of economics and reaches an international audience. Owned and financed by the Swiss Society of Economics and Statistics, SJES is committed to a high quality, efficient review process with a first round response time of typically less than two months. SJES particularly welcomes contributions from early-career researchers.

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Editor profiles

Editor-in-Chief: Rafael Lalive, University of Lausanne

Rafael LaliveRafael Lalive is Professor of Economics at the Faculty of Business and Economics of University of Lausanne. Rafael's work focuses on questions related to labor market policy, family policy, and social economics.


Co-Editor: Martin Brown, University of St. Gallen

Martin BrownMartin Brown is Full Professor of Banking at the University of St.Gallen. His research has focused on financial intermediation, household finance and organizational economics.



Co-Editor: Volker Grossmann, University of Fribourg

Volker GrossmannVolker Grossmann is Full Professor in the Department of Economics at the University of Fribourg. Volker's current research interests include: macroeconomics of housing; distribution of income and human capital formation. 


Co-Editor: Cédric Tille, Graduate Institute Geneva

Cédric TilleCédric Tille is Professor of Economics at the Graduate Institute Geneva. Cédric's current research focuses on international finance and macroeconomics.         

Swiss Journal of Economics and Statistics: Volumes 143 - 153

Articles published in Swiss Journal of Economics and Statistics between 2007 and 2017 are available to read online via Springer Link or by clicking on the "All volumes" option on the article page.

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Affiliated with

  •                Swiss Society of Economics and Statistics

    The Swiss Journal of Economics and Statistics is published in collaboration with the Swiss Society of Economics and Statistics. The journal is fully sponsored by the SSES so authors are not required to pay an article processing charge

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