Money and Debt : Empirical Studies in Northern Europe 1840-2015

Abstract: This dissertation firstly produces new financial series on money and bankassets which are consistent with current definitions for the UK for the crisisrich period 1840-80 and new monetary aggregates for Ireland from prefamine to independence (1840-1921). By employing the new data, cyclicaland seasonal analysis are conducted to shed light on the business cyclesand financial crises of the period. Secondly, the dissertation explores theevolution of public debt in Ireland (1950-2015) by constructing a consistentlydefined fiscal series, analysing the debt ratio dynamics and reductions of thepast and offering policy lessons for the present. The thesis finally contributesto the post crisis financial regulation debate by testing the use of privatesector debt in macroprudential regulation (as outlined in Basel III) throughconducting a regional analysis (Finland, Ireland, Sweden and the UK)covering the period 1986-2013.