The impact of the Scandinavian Monetary Union on financial market integration

摘要

This article highlights the importance of the SMU in fostering financial market integration in Scandinavia prior to World War I. Earlier studies have centred on trade integration and impact on present monetary integration, but have dismissed the notion that financial integration was of importance. Based on Norwegian data and qualitative sources the article demonstrates that financial transfers through the clearing mechanism of the union were substantial. Thus, the real significance of the monetary union was to facilitate the development of a more unified Scandinavian money market.