Riksbanken och regimskiftet: ‘Ett oroande spring av utländska banker’

Kerstins Rum Session 1: Central banking – a science or an art? organized by Lars Fredrik Øksendal and Anders Ögren


Cecilia Kahn


The 1970’s was a time of regime change. Major changes occurred within the international exchange rate system, regulation of international capital flows, domestic economic policy goals, and financial regulations. In Sweden however, the regime of the post-war period lingered until the second half of the 1980’s. From 1985, the so-called ‘Riksbank regulations’ were dismantled. These had been an important ingredient of the post-war economic and regulatory regime. In this study, the implementation of the Riksbank regulations in the 1970’s is studied. The goal of the Riksbank was the balance of payments, rather than inflation or the current account balance. Due to the currency regulations, the Riksbank believed it could act with some independence visavi international economic pressures. The Riksbank hence acted with the purpose of upholding the economic and regulatory regime. However, these actions led to the unavoidable demise of the regime. Results are thus in line with Andersson (2021) who shows how economic policy towards the end of a regime starts to be implemented in a way that undermines the regime and thus leads to its collapse.


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