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Malmö diskont 1817: an institutional analysis of a banking crisis
KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
2013 (English)In: Financial History Review, ISSN 0968-5650, E-ISSN 1474-0052, Vol. 20, no 02, 163-182 p.Article in journal (Refereed) Published
Abstract [en]

Malmö diskont, a Swedish bank, was forced to close in 1817 after 14 years of operation because of a bank run. At the time, it was one of only three private commercial banks in Sweden. Eventually, all three banks succumbed to bank runs. The purpose of this article is to study the 1817 banking crisis from a new perspective by attempting to answer the following research question: why did Malmö diskont go under? Institutional theory is used here as a research tool. The assumption is that institutions set the limits for individuals' actions and sometimes direct them towards particular actions. The conclusions are derived from analysing the institutional framework at the time and how it interacted with Malmö diskont. The crisis evolved in two stages. The first stage occurred when the financial position of Malmö diskont severely deteriorated in the interaction between institutions and actors in 1817. The implementation of a bailout and a new institutional structure would have been necessary to save the bank. This conclusion complements earlier theories related to monetary or credit overexpansion as to why banking crises occur. The second stage occurred when the Swedish government allowed Malmö diskont to fall in October 1817.

Place, publisher, year, edition, pages
2013. Vol. 20, no 02, 163-182 p.
Keyword [en]
banking crisis, diskont banks, Swedish banking, institutional theory
National Category
Economic History
Identifiers
URN: urn:nbn:se:kth:diva-127274DOI: 10.1017/S0968565013000115Scopus ID: 2-s2.0-84880122716OAI: oai:DiVA.org:kth-127274DiVA: diva2:643839
Note

QC 20140228

Available from: 2013-08-28 Created: 2013-08-28 Last updated: 2017-12-06Bibliographically approved

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
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  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
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