DOCSLIB.ORG

A Chronology of Denmark's Exchange-Rate Policy 1875-2003

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Abildgren, Kim Working Paper A chronology of Denmark's exchange-rate policy 1875-2003 Danmarks Nationalbank Working Papers, No. 12 Provided in Cooperation with: Danmarks Nationalbank, Copenhagen Suggested Citation: Abildgren, Kim (2004) : A chronology of Denmark's exchange-rate policy 1875-2003, Danmarks Nationalbank Working Papers, No. 12, Danmarks Nationalbank, Copenhagen This Version is available at: http://hdl.handle.net/10419/82375 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu DANMARKS NATIONALBANK WORKING PAPERS 2004 • 12 Kim Abildgren Danmarks Nationalbank A chronology of Denmark’s exchange-rate policy 1875-2003 April 2004 The Working Papers of Danmarks Nationalbank describe research and development, often still ongoing, as a contribution to the professional debate. The viewpoints and conclusions stated are the responsibility of the individual contributors, and do not necessarily reflect the views of Danmarks Nationalbank. As a general rule, Working Papers are not translated, but are available in the original language used by the contributor. Danmarks Nationalbank's Working Papers are published in PDF format at www.nationalbanken.dk. A free electronic subscription is also available at this Web site. The subscriber receives an e-mail notification whenever a new Working Paper is published. Please direct any enquiries to Danmarks Nationalbank, Information Desk, Havnegade 5, DK-1093 Copenhagen K Denmark Tel.: +45 33 63 70 00 (direct) or +45 33 63 63 63 Fax : +45 33 63 71 03 E-mail:[email protected] Text may be copied from this publication provided that Danmarks Nationalbank is specifically stated as the source. Changes to or misrepresentation of the content are not permitted. Nationalbankens Working Papers beskriver forsknings- og udviklingsarbejde, ofte af foreløbig karakter, med henblik på at bidrage til en faglig debat. Synspunkter og konklusioner står for forfatternes regning og er derfor ikke nødvendigvis udtryk for Nationalbankens holdninger. Working Papers vil som regel ikke blive oversat, men vil kun foreligge på det sprog, forfatterne har brugt. Danmarks Nationalbanks Working Papers er tilgængelige på Internettet www.nationalbanken.dk i pdf- format. På webstedet er det muligt at oprette et gratis elektronisk abonnement, der leverer en e-mail notifikation ved enhver udgivelse af et Working Paper. Henvendelser kan rettes til : Danmarks Nationalbank, Informationssektionen, Havnegade 5, 1093 København K. Telefon: 33 63 70 00 (direkte) eller 33 63 63 63 E-mail: [email protected] Det er tilladt at kopiere fra Nationalbankens Working Papers - såvel elektronisk som i papirform - forudsat, at Danmarks Nationalbank udtrykkeligt anføres som kilde. Det er ikke tilladt at ændre eller forvanske indholdet. ISSN (trykt/print) 1602-1185 ISSN (online) 1602-1193 A chronology of Denmark’s exchange-rate policy 1875-20031 Kim Abildgren Danmarks Nationalbank Havnegade 5 DK-1093 Copenhagen K Denmark Phone:+45 33 63 63 63 E-mail: [email protected] April 2004 1 The author wishes to thank colleagues from Danmarks Nationalbank for useful comments on preliminary versions of this paper. The author alone is responsible for any remaining errors. A chronology of Denmark’s exchange-rate policy 1875-2003 Abstract This paper offers a fact-oriented chronology of the Danish exchange-rate policy since the introduction of the krone as the Danish currency unit in 1875. Key words: Exchange-rate policy; Danish krone exchange rates; History of exchange rates; Gold Standard; Bretton Woods system; European exchange-rate co-operation. JEL Classification: E42; F31; F33; N23; N24. Resumé Papiret giver en faktuel oversigt over den danske valutapolitik siden indførelsen af kronen som dansk møntenhed i 1875. 4 Table of contents 1. Introduction ....................................................................................................................... 6 2. The Classical Gold Standard 1875-1913 ........................................................................... 7 3. World Wars and inter-war period 1914-1945.................................................................. 12 4. Bretton Woods 1946-1971............................................................................................... 18 5. European exchange-rate co-operation since 1972 ........................................................... 24 Tables ...................................................................................................................................... 31 5 1. Introduction2 Changes in exchange rates can have significant impact on inflation, interest rates, production and employment in a small, open economy like Denmark. Historically, maintaining the external value of the krone has therefore been in focus of the macroeconomic policy in Denmark. The purpose of this paper is to present a fact-oriented chronology of the Danish exchange- rate policy since the introduction of the krone as the Danish currency unit in 1875. The paper has been prepared in relation to studies of effective krone rates and purchasing-power parity for Denmark 1875-2002.3 The paper is organised as follows: Section 2 reviews the Classical Gold Standard period characterised by free capital movements and Denmark’s participation in the Scandinavian Currency Union together with Sweden and Norway. Section 3 covers World War I, the inter-war period and World War II. The main events were Denmark’s return to the Gold Standard at the pre-1914 parity in 1927, the breakdown of the international Gold Standard in 1931, introduction of a comprehensive exchange-control system in 1932, a major Danish devaluation in 1933 following the Kanslergade Agreement 2 For a short description of the Danish monetary and exchange-rate policy in each of the years since 1886/87, see the annual Report and Accounts from the Danish central bank (the Nationalbank). Since November 1970 a short description can be found on a quarterly basis in the Nationalbank’s Monetary Review. More comprehensive studies of the Danish monetary and exchange-rate policy in the period since 1875 have been published by the Nationalbank in connection with its 100th, 150th and 175th anniversaries, cf. Rubow, A., Nationalbankens historie 1818-1878, Copenhagen: Nationalbanken i Kjøbenhavn 1918; Rubow, A., Nationalbankens historie 1878-1908, Copenhagen: Nationalbanken i Kjøbenhavn 1920; Hansen, S. Aa. & Svendsen, K. E., Dansk pengehistorie 1700-1914, Copenhagen: Danmarks Nationalbank 1968; Hoffmeyer, E. & Olsen, E., Dansk pengehistorie 1914-1960, Copenhagen: Danmarks Nationalbank 1968; Mikkelsen, R., Dansk pengehistorie 1960-1990, Copenhagen: Danmarks Nationalbank 1993; and Hoffmeyer, E., Pengepolitiske problemstillinger 1965-1993, Copenhagen: Danmarks Nationalbank 1993. The most recent period since the beginning of the 1990s is covered in Christensen, A. M. & Topp, J., Monetary policy in Denmark since 1992, in: Monetary policy in the Nordic countries: Experiences since 1992, BIS Policy Papers, No. 2, Basel: BIS 1997, 5- 23; and Danmarks Nationalbank, Monetary Policy in Denmark, Copenhagen: Danmarks Nationalbank 2003. The literature on the international monetary system covering the periods after 1875 is substantial. For an overview, one may refer to e.g. Einzig, P., The History of Foreign Exchange, London: MacMillan 1962; McKinnon, R. I., The Rules of the Game: International Money in Historical Perspectives, Journal of Economic Literature, Vol. XXXI, 1993, 1-44; Bordo, M. D, The Gold Standard, Bretton Woods and Other Monetary Regimes. A Historical Appraisal, NBER Working Paper, No. 4310, April 1993; Bordo, M. D. & Schwartz, A. J., The Specie Standard as a Contingent Rule: Some Evidence for Core and Peripheral Countries 1880-1990, NBER Working Paper, No. 4860, September 1994; Eichengreen, B. & Flandreau, M., Blocks, zones and bands: International monetary history in light of recent theoretical developments, Scottish Journal of Political Economy, Vol. 43, 1996, 398-418; Bordo, M. D. & Jonung, L., A Return to the Convertibility Principle? Monetary and Fiscal Regimes in Historical Perspective: The International Evidence, chapter 8 in: Leijonhufvud, A. (ed.), Monetary Theory and Policy Experience, International Economic Association. Conference Volume No. 132, New York: Palgrave 2001, 225-283; and Bordo, M. D., Exchange Rate Regime Choice in Historical Perspective, IMF Working
Recommended publications
  • DANMARKS NATIONALBANK TERMS and CONDITIONS for ACCOUNTS 1 August 2016 DANMARKS NATIONALBANK TERMS and CONDITIONS for ACCOUNTS

    DANMARKS NATIONALBANK TERMS and CONDITIONS for ACCOUNTS 1 August 2016 DANMARKS NATIONALBANK TERMS and CONDITIONS for ACCOUNTS

    DANMARKS NATIONALBANK TERMS AND CONDITIONS FOR ACCOUNTS 1 August 2016 DANMARKS NATIONALBANK TERMS AND CONDITIONS FOR ACCOUNTS Documentation for monetary-policy instruments and settlement of payments in DKK, EUR, SEK, and ISK CONTENT 4 GENERAL 18 SETTLEMENT OF PAYMENTS IN DANISH KRONER AND MONETARY-POLICY INSTRUMENTS 96 SETTLEMENT OF PAYMENTS IN EURO 197 SETTLEMENT OF PAYMENTS IN SWEDISH KRONER 205 SETTLEMENT OF PAYMENTS IN ICELANDIC KRONER 213 TELEFAX FORMATS FOR EMERGENCY PROCEDURES CONCERNING DANISH KRONER GENERAL 1. General Terms and Conditions for Monetary-Policy Instruments and Settlement of Payments in Danish Kroner, Swedish Kronor and Icelandic Kroner 2. Banking Days 3. Fees and Prices 4. Request for Connection to Kronos and the DN Inquiry and Transfer System GENERAL TERMS AND CONDITIONS FOR MONETARY-POLICY INSTRUMENTS AND SETTLEMENT OF PAYMENTS IN DANISH KRONER, SWEDISH KRONOR AND ICELANDIC KRONER AT DANMARKS NATIONALBANK These "General Terms and Conditions for Monetary-Policy Instruments and Settlement of Payments in Danish Kroner, Swedish Kronor and Icelandic Kroner at Danmarks Nationalbank" apply to any matters concerning the below-mentioned types of account holders and accounts in connection with monetary-policy instruments and settlement of payments in Danish kroner, Swedish Kronor and Icelandic Kroner at Danmarks Nationalbank. 1. Definitions • By "current account" is meant a current account denominated in Danish kroner. • By "settlement accounts" is meant accounts that are established and related to the settlement of payments in payment systems or securities settlement systems with Danmarks Nationalbank. • By "account holders" is meant credit institutions and branches thereof, as well as others that have established a current account at Danmarks Nationalbank, and banks, mortgage-credit institutes and branches thereof which Danmarks Nationalbank furthermore has given access to the monetary-policy instruments, cf.
  • The UN and the Bretton Woods Institutions

    The UN and the Bretton Woods Institutions

    The UN and the Bretton Woods Institutions New Challenges for the Twenty-First Century Edited by Mahbub ul Haq Special Adviser to UNDP Administrator New York Richard Jolly Deputy Executive Director UNICEF Paul Streeten Emeritus Professor Boston University and Khadija Haq Executive Director North South Roundtable New York Contents Preface List of Abbreviations Conference Participants and Contributors Part 1 Overview Part II The Bretton Woods System I An Historical Perspective H. W Singer 2 The Vision and the Reality Mahhub ul Hag 3 A Changing Institution in a Changing World Alexander Shakoes 4 The Keynesian Vision and the Developing Countries La! Jayawardena 5 An African Perspective on Bretton Woods Adebayo Adedeji A West European Perspective on Bretton Woods Andrea Boltho Part III Reforms in the UN and the BreROn Woods Institutions 7 A Comparative Assessment Catherine Gwin 8 A Blueprint for Reform Paul Streeten A New International Monetary System for the Futu Carlos Massad 10 On the Modalities of Macroeconomic Policy Coordination John Williamson Part IV Priorities for the Twenty-first Century I I Gender Priorities for the Twenty-first Century Khadija Haq 12 Biases in Global Markets: Can the Forces of Inequity and Marginalization be Modified? Frances Stewart 13 Poverty Eradication and Human Development: Issues for the Twenty-first Century Richard folly 14 Role of the Multilateral Agencies after the Earth Summit Maurice Williams 15 New Challenges for Regulation of Global Financial Markets Stephany Griffith-Jones 16 A New Framework for Development Cooperation Mahbub ul Hay Preface With the end of the cold war, the United Nations is experiencing a new lease on life.
  • The Federal Reserve Act of 1913

    The Federal Reserve Act of 1913

    THE FEDERAL RESERVE ACT OF 1913 HISTORY AND DIGEST by V. GILMORE IDEN PUBLISHED BY THE NATIONAL BANK NEWS PHILADELPHIA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Copyright, 1914 by Ccrtttiois Bator Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis History of Federal Reserve Act History N MONDAY, October 21, 1907, the Na­ O tional Bank of Commerce of New York City announced its refusal to clear for the Knickerbocker Trust Company of the same city. The trust company had deposits amounting to $62,000,000. The next day, following a run of three hours, the Knickerbocker Trust Company paid out $8,000,000 and then suspended. One immediate result was that banks, acting independently, held on tight to the cash they had in their vaults, and money went to a premium. Ac­ cording to the experts who investigated the situation, this panic was purely a bankers’ panic and due entirely to our system of banking, which bases the protection of the financial solidity of the country upon the individual reserves of banks. In the case of a stress, such as in 1907, the banks fail to act as a whole, their first consideration being the protec­ tion of their own reserves. PAGE 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis History of Federal Reserve Act The conditions surrounding previous panics were entirely different.
  • Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775

    Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775

    NBER WORKING PAPER SERIES IS PAPER MONEY JUST PAPER MONEY? EXPERIMENTATION AND VARIATION IN THE PAPER MONIES ISSUED BY THE AMERICAN COLONIES FROM 1690 TO 1775 Farley Grubb Working Paper 17997 http://www.nber.org/papers/w17997 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 April 2012 Previously circulated as 'Is Paper Money Just Paper Money? Experimentation and Local Variation in the Fiat Paper Monies Issued by the Colonial Governments of British North America, 1690-1775: Part I." A preliminary version of this paper was presented at the Conference on "De-Teleologising History of Money and Its Theory," Japan Society for the Promotion of Science Research–Project 22330102, University of Tokyo, 14-16 February 2012. The author thanks the participants of this conference and Akinobu Kuroda for helpful comments. Tracy McQueen provided editorial assistance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2012 by Farley Grubb. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775 Farley Grubb NBER Working Paper No. 17997 April 2012, Revised April 2015 JEL No.
  • Report on the Legal Protection of Banknotes in the European Union Member States

    Report on the Legal Protection of Banknotes in the European Union Member States

    ECB EZB EKT BCE EKP REPORT ON THE LEGAL PROTECTION OF BANKNOTES IN THE EUROPEAN UNION MEMBER STATES November 1999 REPORT ON THE LEGAL PROTECTION OF BANKNOTES IN THE EUROPEAN UNION MEMBER STATES November 1999 © European Central Bank, 1999 Address Kaiserstrasse 29 D-60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 D-60066 Frankfurt am Main Germany Telephone +49 69 1344 0 Internet http://www.ecb.int Fax +49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. The views expressed in this paper are those of the author and do not necessarily reflect those of the European Central Bank. ISBN 92-9181-051-7 2 ECB Report on the legal protection of banknotes • November 1999 Contents EXECUTIVE SUMMARY 5 I. LEGAL PROTECTION OF EURO BANKNOTES 7 A. THE CRIMINAL APPROACH: COUNTERFEITING 7 1. The legal situation in the Member States 7 2. The desired legal situation 9 3. The risk of increased counterfeit activity 11 4. The possibilities of prevention – co-operation and co-ordination 12 5. The harmonisation of sanctions 18 6. The detention of counterfeit banknotes 18 B. THE CIVIL APPROACH: COPYRIGHT PROTECTION (COMPLEMENTARY TOOLS AND SETTING CRITERIA FOR LEGAL REPRODUCTIONS) 20 1. Copyright protection for euro banknotes 20 2. The use of the © sign on euro banknotes 22 3. The enforcement of copyright 23 4. The reproduction of euro banknotes 24 C. THE MATERIAL APPROACH: ANTI-COPYING DEVICES FOR REPRODUCTION EQUIPMENT 26 II. LEGAL ASPECTS OF FIDUCIARY CIRCULATION 28 A.
  • Relevant Market/ Region Commercial Transaction Rates

    Relevant Market/ Region Commercial Transaction Rates

    Last Updated: 31, May 2021 You can find details about changes to our rates and fees and when they will apply on our Policy Updates Page. You can also view these changes by clicking ‘Legal’ at the bottom of any web-page and then selecting ‘Policy Updates’. Domestic: A transaction occurring when both the sender and receiver are registered with or identified by PayPal as residents of the same market. International: A transaction occurring when the sender and receiver are registered with or identified by PayPal as residents of different markets. Certain markets are grouped together when calculating international transaction rates. For a listing of our groupings, please access our Market/Region Grouping Table. Market Code Table: We may refer to two-letter market codes throughout our fee pages. For a complete listing of PayPal market codes, please access our Market Code Table. Relevant Market/ Region Rates published below apply to PayPal accounts of residents of the following market/region: Market/Region list Taiwan (TW) Commercial Transaction Rates When you buy or sell goods or services, make any other commercial type of transaction, send or receive a charity donation or receive a payment when you “request money” using PayPal, we call that a “commercial transaction”. Receiving international transactions Where sender’s market/region is Rate Outside of Taiwan (TW) Commercial Transactions 4.40% + fixed fee Fixed fee for commercial transactions (based on currency received) Currency Fee Australian dollar 0.30 AUD Brazilian real 0.60 BRL Canadian
  • Sweden's Convergence Programme 2014

    Sweden's Convergence Programme 2014

    Sweden’s convergence programme 2014 Sweden’s Convergence Programme 2014 Introduction ...................................................................................................... 5 1 Economic policy framework and targets ........................................................ 7 1.1 The fiscal policy framework .............................................................................. 7 1.2 The objective of monetary policy ................................................................... 14 1.3 The Government’s economic policy ............................................................... 16 1.4 Monetary policy ............................................................................................... 29 2 The macroeconomic trend ......................................................................... 31 2.1 International and financial economy .............................................................. 31 2.2 The Swedish economy ..................................................................................... 32 2.3 Potential macroeconomic imbalances ............................................................. 33 3 General government finances .................................................................... 37 3.1 Accounting principles ...................................................................................... 37 3.2 The development of the general government finances .................................. 37 3.3 Net financial wealth and consolidated gross debt .........................................
  • Connectedness Between Exchange Rates: How Machine Learning Opens up Fresh Insights Timo Bettendorf and Reinhold Heinlein

    Connectedness Between Exchange Rates: How Machine Learning Opens up Fresh Insights Timo Bettendorf and Reinhold Heinlein

    Research Brief 28th edition – September 2019 Connectedness between exchange rates: how machine learning opens up fresh insights Timo Bettendorf and Reinhold Heinlein Are the exchange rates between certain currencies more What our study shows is that the results of such an estimation closely connected than those of other currencies? Answers depend, in some cases considerably, on how the contempo- to this question can be provided by econometric methods. A raneous relationships between the time series are incorporated. new study shows how machine learning can deliver useful Contemporaneous causal structures, especially, had not been insights into this issue. fully taken on board in earlier studies, which is why in our study previously used procedures led to at times considerably Exchange rates are of major importance for macroeconomic biased results. We solve this problem by using an algorithm developments and are often a topic of political debate. In a for machine learning (see Spirtes et al., 2001). This algorithm recent study (Bettendorf and Heinlein, 2019), we study how uses statistical methods to search for contemporaneous causal bilateral exchange rates between various currencies are con- structures between the variables. These causal structures are nected. We show that the US dollar and, surprisingly, the thus obtained from the data and not, as in other studies, Norwegian krone exert a relatively strong influence on other defined by the user. This means that our study generally models currencies. Such a causal relationship between two currencies contemporaneous causal effects better than previously ap- exists if the pattern of one currency’s exchange rate can be plied procedures.
  • OIG-10-024 Audit of the Office of Comptroller of The

    OIG-10-024 Audit of the Office of Comptroller of The

    Audit Report OIG-10-024 Audit of the Office of the Comptroller of the Currency’s Fiscal Years 2009 and 2008 Financial Statements December 22, 2009 Office of Inspector General Department of the Treasury DEPARTMENT OF THE TREASURY WASHINGTON, D.C. 20220 OFFICE OF INSPECTOR GENERAL December 22, 2009 MEMORANDUM FOR JOHN C. DUGAN COMPTROLLER OF THE CURRENCY FROM: Michael Fitzgerald Director, Financial Audits SUBJECT: Audit of the Office of the Comptroller of the Currency’s Fiscal Years 2009 and 2008 Financial Statements I am pleased to transmit the attached audited Office of the Comptroller of the Currency (OCC) financial statements for fiscal years 2009 and 2008. Under a contract monitored by the Office of Inspector General, GKA, P.C. (GKA), an independent certified public accounting firm, performed an audit of the financial statements of OCC as of September 30, 2009 and 2008 and for the years then ended. The contract required that the audit be performed in accordance with generally accepted government auditing standards; applicable provisions of Office of Management and Budget Bulletin No. 07-04, Audit Requirements for Federal Financial Statements, as amended; and the GAO/PCIE Financial Audit Manual. The following reports, prepared by GKA, are incorporated in the attachment: • Independent Auditor’s Report on Financial Statements; • Independent Auditor’s Report on Internal Control over Financial Reporting; and • Independent Auditor’s Report on Compliance with Laws and Regulations In its audit of OCC’s financial statements, GKA found: • that the financial statements were fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America, • no matters involving internal control and its operations that are considered material weaknesses, and • no instances of reportable noncompliance with laws and regulations tested.
  • Danish Banking Before and After the Napoleonic Wars

    Danish Banking Before and After the Napoleonic Wars

    DANISH BANKING BEFORE AND AFTER THE NAPOLEONIC WARS Michael Märcher MICHAEL MÄRCHER 127 DANISH BANKING BEFORE AND A F T E R T H E N A P O L E O N I C W A R S : A SURVEY OF DANISH BANKING, 1736–1857 Expensive armament during ‘The Seven Years’ War (1756-1763) led to excessive note-issuing from the only bank, Kurantbanken, in Denmark. One of the con- sequences was that the notes were declared inconvertible in 1757. This difficult situation for the monetary system and banking in Denmark generally lasted from 1757, through the bankruptcy of the state in 1813 and the founding of the Danish central bank, Danmarks Nationalbank, in 1818, until the reintroduction of the silver standard in 1845. The first two commercial banks in Denmark, Centralkassen i Kjøbenhavn and Fyens Discontokasse, were founded in 1829 and 1846 respectively, and the latter became quite important. The first large, modern, and significant -com 1 mercial bank was however the Privatbanken i Kjøbenhavn founded in 1857. This article presents main features in Danish banking before 1857 and consists of two main chapters: the first covers the period before the Napo- 2 leonic Wars, the second deals with the period after. Figure 1 illustrates the 1. On the first commercial banks in Denmark see e.g. Julius Schovelin (1921): Fyens Diskontokasse 1846-1921, Odense; Einar Cohn (1957): Privatbanken i Kjøbenhavn gennem hundrede Aar: 1857– 1957, I–II, Copenhagen; Svend Aage Hansen (1960): Pengevæsen og kredit 1813–1860, Odense; Ole Lange (2006): Stormogulen: C.F. Tietgen – en finansmand, hans imperium og hans tid 1829–1901, Copenhagen.
  • Ibor Transition Clifford Chance | 3

    Ibor Transition Clifford Chance | 3

    IIFM AWARENESS SEMINAR ON ISLAMIC FINANCE GLOBAL BENCHMARK REFORM HABIB MOTANI CLIFFORD CHANCE SEPTEMBER 2019 1 THE BACKGROUND TO IBOR REFORM AND RECENT DEVELOPMENTS 2 1 ALTERNATIVES TO LIBOR Alternative Publication Overnight Rate Term Rate Currency Administrator Working Group Secured? Description Reference Rate time Available? Available? GBP Unsecured overnight rate Reformed based on the rate at which Working Group on SONIA (Sterling Bank of 09:00 GMT, interest is paid on sterling Sterling Risk-Free Overnight Index England T+1 short-term wholesale funds P Reference Rates Planned Q1 2020 Average) where credit, liquidity and other risks are minimal USD SOFR (Secured Federal Alternative Secured rate based on Overnight Reserve Bank Reference Rates P 08:00 ET, T+1 transactions in the US P Financing Rate) of New York Committee (ARRC) Treasury repo market Planned H2 2021 JPY Unsecured rate based on TONAR (Tokyo Study Group on 10:00 JST, uncollateralised overnight Overnight Bank of Japan Risk-Free T+1 call rate market P Average Rate) Reference Rates Under consideration transactions CHF National Working SARON (Sales 12:00, 16:00 Group on Swiss Secured rate based on data A robust Average Rate SIX Exchange and 18:00 CET Franc Reference P from the Swiss repo market P derivatives-based Overnight) same day Rates term rate is unlikely to be feasible €STR Euro Unsecured rate to reflect (European Working Group on wholesale euro unsecured Short-Term Euro European Risk-Free 09:00 CET, overnight borrowing Rate) – Central Bank Reference Rates for
  • Swiss 20 Franc Gold Coin (Helvetia Or Vreneli) Minted 1897 - 1935

    Swiss 20 Franc Gold Coin (Helvetia Or Vreneli) Minted 1897 - 1935

    Swiss 20 Franc Swiss 20 Franc gold coin (Helvetia or Vreneli) Minted 1897 - 1935 Helvetia is now known as a western region in Switzerland, but it once referred to the entire country. Julius Caesar conquered the Helvetii for the Roman Empire in 58 B.C. The name sustained its pace through the beginning of the 19th Century, and the country was named the Helvetian Republic in 1798 during Napoleon's rule over the region. Once Napoleon was defeated, the Congress of Vienna recognized Switzerland's sovereign nature. From this point on, Switzerland has remained neutral since its creation by the Congress of Vienna in 1815, and has long been backing its currency with large quantities of gold. The Swiss 20 franc gold coin 'Helvetia' is one of the most popular pre-1933 European gold coins, often referred to as the "Vreneli" derived from "Verena" which is Switzerland's equivalent to the United States Lady Liberty. Modeled by Francoise Engli, this female portrait appears on the obverse of the gold coin. With braided hair, she wears a garland of flowers and appears against the background of the Swiss Alps, with the word "Helvetia" written above her head. On the reverse the coin features the Swiss Cross surrounded by a shield, over a background of an oak branch tied with ribbons. The denomination 20 FR and the date also appear on this side. Swiss Confederatio 20 Franc gold coin Minted 1883 - 1896 In 1865, Switzerland, France, Belgium, Italy, Spain and Finland set up the Latin Monetary Union, to establish a uniform decimal weight system for all coinage, modeled after the 20 Franc in use at the time in France, as to foster free trade.