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Fig. 3 | Swiss Journal of Economics and Statistics

Fig. 3

From: Regulated free banking in Switzerland (1881–1907)

Fig. 3

Empirical evidence on overissuing. Notes: The data have an annual frequency. The annual average of the exchange rate between the Swiss and the French franc of the top panel covers the 1851–1913 period and is taken from Table 21 of Jöhr (1915, p.509), who has compiled these data from various sources (see Jöhr, 1915, p.418). The consumer-price index of the top panel covers the 1826–1913 period and has been taken from Table H39 of the 2012 edition of the Historical Statistics of Switzerland (see www.hsso.ch). In the middle panel, the banknotes in circulation (e.g net of banknotes held as reserves by note-issuing banks) per capita have been compiled from Tables DB11 and DB15 of Flandreau and Zumer (2004). The price indices of the bottom panel have been taken from Table DB13 of Flandreau and Zumer (2004). To reflect the effect of regulated free banking, these indices have been re-based, such that 1881 = 100

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