Historical Monetary Statistics of Sweden 1668-2008
The Riksbank has started a project to construct historical monetary statistics of Sweden from 1668 (the founding year of the Riksbank) to the present. The aim is to publish an online database. Some of the time series will be stretched back to the Middle Ages. The project is partly inspired by a similar project initiated by the Norge bank, which has resulted in a book on historical monetary statistics for Norway 1819-2003 (see link below).
The construction of historical statistics is especially problematic, since definitions change over time. Various breaks in the time series occur. At the present, consistent officially produced time series on various monetary statistics often only exist for 1-2 decades back in time. The aim of the project is to construct time series that are consistent over time, adjusted to the definitions applied today. This will greatly facilitate long term analysis of, for example, house prices, the relation between money supply and inflation or the macroeconomic development.
The project involves economists and economic historians from Stockholm, Gothenburg and Lund.
The aim of the project is to construct time series in the following areas:
Price indices of cost of living, wages, private consumption, public consumption, investment, export and import. At the present price data exist back to the Middle Ages. One of the goals of the project is to present a consumer price index stretching back to the 13th century. Price indices based on copper, silver and gold will also be made available.
Real estate prices. At the present, official consistent data exist back to the 1970s.
Exchange rates between the currency of Sweden and foreign currencies. For earlier periods exchange rates between different means of payments in Sweden will also be estimated, for example, the exchange rate between riksdaler and daler kopparmynt. Daily data exist back to the 18th century.
Money supply, monetary base and the velocity of money from 1668 to the present.
Statistics on the banking and credit sector, for example, assets, liabilities, income and expenses of the private banks and the Riksbank, number of private banks, interest rates and state loans. Data on the Riksbank is available from 1668 onwards.
Bond markets and bond yields. Both annual and monthly data will be presented.
Stock prices from the early 1870s to the present.
The national wealth, divided between real assets and financial assets and liabilities.
The project may also include other areas.