Gerlach, Stefan; Kugler, Peter - In: Swiss Journal of Economics and Statistics 154 (2018) 1, pp. 2-8
This paper studies money demand in Switzerland under free banking before the establishment of the Swiss National Bank. We find that, in addition to income, the banks' balance-sheet-to-GDP ratio and the number of banks were important determinants of long-run money demand. The former variable also...
