Economic fluctuations in Sweden in 1919–1921

Abstract

In August and September 1918 the military successes of the Western Powers had a marked effect on the foreign exchange market in Stockholm and conditions subsequently remained unstable, reflecting the fluctuations in the political outlook. Even the Reichsmark rate showed some improvement at first, though this was shortlived and rapidly changed to a steady decline. The dollar and pound rates on the other hand experienced a rise of a more extensive and lasting character. In August the average rate for the dollar was 2.82 and by November it had reached 3.57. The dollar rate averaged 3.96 in 1919, 4.92 in 1920 and 4.46 in 1921. The average figures for: the pound were 13.40 in August 1918 and 16.90 in November, 17.45 for the year 1919, 17.93 for 1920 and 17.12 for 1921.²