Riksgälden
The Swedish National Debt Office ( or shortly ''Riksgälden'') was founded by Gustav III at the Riksdag of the Estates in 1789, through the Act of union and security. It is a Swedish Government agencies in Sweden, Government agency. The first task of the Debt Office was to finance the ongoing Gustav III's Russian War, war against Russia. The method of raising funds was to issue promissory notes called ''Riksgälds'' denominated in Riksdaler which was the Swedish currency at the time. The reason why the funds could not be raised through the Sveriges Riksbank, Riksbank was that its notes had to be backed by silver (commodity money) to two thirds, whereas no such restrictions applied for the promissory notes (credit money) issued by the Debt office. This produced a heavy seigniorage-induced inflation, where the exchange rate for the promissory notes against silver was 1 to 4 in 1834. In 1989, after two hundred years as one of the few state agencies that reported directly to the Riksda ...
[...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]