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Marmefelt, Thomas, docentORCID iD iconorcid.org/0000-0001-6577-2915
Publications (10 of 26) Show all publications
Marmefelt, T. (2018). On the Pathology of Money and Credit: Policy Responses to the Large-Scale Crises of 1929 and of 2008. In: : . Paper presented at 4th Witten Conference on Institutional Change, 1-2 February.
Open this publication in new window or tab >>On the Pathology of Money and Credit: Policy Responses to the Large-Scale Crises of 1929 and of 2008
2018 (English)Conference paper, Oral presentation only (Other academic)
National Category
Economics Economic History
Identifiers
urn:nbn:se:sh:diva-36153 (URN)
Conference
4th Witten Conference on Institutional Change, 1-2 February
Available from: 2018-08-27 Created: 2018-08-27 Last updated: 2018-08-29Bibliographically approved
Marmefelt, T. (2018). The History of Money and Monetary Arrangements: Insights from the Baltic and North Seas Region. London & New York: Routledge
Open this publication in new window or tab >>The History of Money and Monetary Arrangements: Insights from the Baltic and North Seas Region
2018 (English)Book (Refereed)
Place, publisher, year, edition, pages
London & New York: Routledge, 2018. p. 204
National Category
Economics Economic History
Research subject
Politics, Economy and the Organization of Society; Baltic and East European studies
Identifiers
urn:nbn:se:sh:diva-36152 (URN)2-s2.0-85059647635 (Scopus ID)9780415820486 (ISBN)9780203631430 (ISBN)
Note

Table of Contents

List of figures, List of tables, Preface, Table of abbreviations. 1. Evolution of monetary arrangements 2. New monetary economics and commodity bundles: a critique of the Black-Fama-Hall system. 3. A measure of value independent of commodities: developing new monetary economics using the monetary theory of Schumpeter, Mises, and Wicksell. 4. Mind and monetary arrangements: a method to assess monetary heuristics in historical time. 5. Hanseatic monetary arrangements and the functional separation of money. 6. Seventeenth century banking: Amsterdamsche Wisselbank, Stockholms Banco, and their consequences for monetary evolution. 7. The emergence of the gold standard and the unification of the monetary functions: what happened to the functioning of the cashless payments system using bills of exchange? 8. Interwar monetary fragmentation and the gold standard restored: the crisis of 1929 compared with the crisis of 2008. 9. Heuristics in the evolution of units of account and media of exchange. 10. Monetary arrangements and the capital structure: some lessons from the lens of Lachmann and Lundberg. 11. Concluding remarks: how to avoid pathologies of money and credit. Index

Available from: 2018-08-27 Created: 2018-08-27 Last updated: 2019-01-18Bibliographically approved
Marmefelt, T. (2017). A Sequence Analysis of Money, Savings, and Investments under Negative Interest Rates. In: : . Paper presented at World Interdisciplinary Network for Institutional Research, Utrecht, September 14-17, 2017..
Open this publication in new window or tab >>A Sequence Analysis of Money, Savings, and Investments under Negative Interest Rates
2017 (English)Conference paper, Oral presentation with published abstract (Other academic)
National Category
Economics
Research subject
Politics, Economy and the Organization of Society
Identifiers
urn:nbn:se:sh:diva-33935 (URN)
Conference
World Interdisciplinary Network for Institutional Research, Utrecht, September 14-17, 2017.
Available from: 2017-12-18 Created: 2017-12-18 Last updated: 2017-12-19Bibliographically approved
Marmefelt, T. (2017). Money and Capital. In: : . Paper presented at World Interdisciplinary Network for Institutional Research Symposium, Johannesburg, Arpil 11-13, 2017..
Open this publication in new window or tab >>Money and Capital
2017 (English)Conference paper, Oral presentation with published abstract (Other academic)
National Category
Economics
Research subject
Politics, Economy and the Organization of Society
Identifiers
urn:nbn:se:sh:diva-33933 (URN)
Conference
World Interdisciplinary Network for Institutional Research Symposium, Johannesburg, Arpil 11-13, 2017.
Available from: 2017-12-18 Created: 2017-12-18 Last updated: 2017-12-19Bibliographically approved
Marmefelt, T. (2016). Heuristics in the Evolution of Units of Account and Media of Exchange. In: : . Paper presented at World Interdisciplinary Network for Institutional Research, Boston, September 2-5, 2016..
Open this publication in new window or tab >>Heuristics in the Evolution of Units of Account and Media of Exchange
2016 (English)Conference paper, Oral presentation with published abstract (Other academic)
National Category
Economics
Research subject
Politics, Economy and the Organization of Society
Identifiers
urn:nbn:se:sh:diva-33932 (URN)
Conference
World Interdisciplinary Network for Institutional Research, Boston, September 2-5, 2016.
Available from: 2017-12-18 Created: 2017-12-18 Last updated: 2017-12-19Bibliographically approved
Marmefelt, T. (2015). Emergence of the Gold Standard and the Unification of Monetary Functions: What Happened to the Functioning of the Cashless Payments Systems Using Bills of Exchange?. In: EAEPE 2015 Online proceedings: . Paper presented at 27th EAEPE Annual Conference 2015: A New Role for the Financial System, Genoa, September 17-19, 2015..
Open this publication in new window or tab >>Emergence of the Gold Standard and the Unification of Monetary Functions: What Happened to the Functioning of the Cashless Payments Systems Using Bills of Exchange?
2015 (English)In: EAEPE 2015 Online proceedings, 2015Conference paper, Published paper (Other academic)
National Category
Economics
Research subject
Politics, Economy and the Organization of Society
Identifiers
urn:nbn:se:sh:diva-28248 (URN)
Conference
27th EAEPE Annual Conference 2015: A New Role for the Financial System, Genoa, September 17-19, 2015.
Available from: 2015-09-14 Created: 2015-09-14 Last updated: 2015-09-17Bibliographically approved
Marmefelt, T. (2015). Interwar Monetary Fragmentation and the Gold Standard Restored: The Crisis of 1929 Compared with the Crisis of 2008. In: : . Paper presented at International Conference "Large-Scale Crises: 1929 vs. 2008".
Open this publication in new window or tab >>Interwar Monetary Fragmentation and the Gold Standard Restored: The Crisis of 1929 Compared with the Crisis of 2008
2015 (English)Conference paper, Oral presentation only (Other academic)
National Category
Economics
Research subject
Politics, Economy and the Organization of Society
Identifiers
urn:nbn:se:sh:diva-29701 (URN)
Conference
International Conference "Large-Scale Crises: 1929 vs. 2008"
Available from: 2016-03-08 Created: 2016-03-08 Last updated: 2016-03-09Bibliographically approved
Marmefelt, T. (2015). Seventeenth Century Banking: Amsterdamsche Wisselbank, Stockholms Banco, and Their Consequences for Monetary Evolution. In: On conference website: . Paper presented at SASE 27th Annual Conference: Inequality in the 21st Century, London, July 2-4, 2015..
Open this publication in new window or tab >>Seventeenth Century Banking: Amsterdamsche Wisselbank, Stockholms Banco, and Their Consequences for Monetary Evolution
2015 (English)In: On conference website, 2015Conference paper, Oral presentation with published abstract (Other academic)
National Category
Economics
Identifiers
urn:nbn:se:sh:diva-28249 (URN)
Conference
SASE 27th Annual Conference: Inequality in the 21st Century, London, July 2-4, 2015.
Note

Uppsats utvald för publicering som artikel.

Available from: 2015-09-14 Created: 2015-09-14 Last updated: 2015-09-17Bibliographically approved
Marmefelt, T. (2013). Hanseatic Monetary Arrangements and the Functional Separation of Money. In: The 25th EAEPE annual Conference Website [online]: . Paper presented at EAEPE Conference, Paris, November 7-9, 2013..
Open this publication in new window or tab >>Hanseatic Monetary Arrangements and the Functional Separation of Money
2013 (English)In: The 25th EAEPE annual Conference Website [online], 2013, p. -27Conference paper, Published paper (Other academic)
Abstract [en]

In order to theoretically analyze, from the perspective of new monetary economics andsociallearning,theevolution of monetary arrangementswith functional separation of money,thispaperanalyzes the history of Hanseatic monetary arrangements and the functional separationof money in the Baltic and North Seas region, that is, the evolution of units of account andmedia of exchangealong the East-West trade routes of the Hanseatic League. Focusing on thecognitive aspect of money as social institution, the evolution of units of account and media ofexchange are studied as adaptive responses by human minds. The emphasis will be on theheuristics of long-distance traders in the Baltic and North Seas region, considering theexchange of commodities and of monies.Going beyond the emergence of money as mediumof exchange, this paper studies the emergence of unitsof account and of media of exchange,that is, the emergence of monetary arrangements as co-evolution of units of account, in theMiddle Ages called monies of account, and media of exchange, in which the value of moneyis given by its purchasing power, be it money of account or money as medium of exchange.This paper views institutions as having both a cognitive and a behavioral component. Associal institution, money has a cognitive dimension, which represents the way traders thinkabout money as unit of account and medium of exchange, respectively, in the form ofmonetary heuristics, translating the unit of account to a particular worth, using a social scriptto which market agents attribute a specific worth.When the value of the underlyingcommodity bundle changes from the original worth, market agents observe a script deviationof that bundle, attributing that to changes in the commodity space, and adjust the bundleaccordingly. As social institution, money also has a behavioral dimension, which is expressedin the purchasing power of money; what commodity bundle could be bought for a certainamount of one currency, a medium of account with its associated media of exchange, foranother currency, thus establishing exchange rates. Exchange rates between currencies wereestablished according to relative perceived purchasing power, some kind of classifier system.Along the cognitive dimension, long-distance tradersformed beliefs about the relativepurchasing power of their currencycompared with the foreign one; along the behavioral onethey exchanged money at the rates so specified.The Hanseatictrade was organized along theline Novgorod-Reval-Lübeck-Hamburg-Bruges-London, whereBruges is of particularinterest as meeting place between Italian and Hanseaticmerchants, an interface ofMediterranean and Baltic commerce.In Bruges,Italianmerchant-bankers operated, usingbillsof exchange to meet the requirements of trade by correspondence, while Hanseatic traderelied on the exchange contract adopted to traveling trade. Hanseatic merchants openedtransitory accounts with Flemish money-changers to be used as means of settlement.Amonetary market orderevolved through the exchange of money and of commodities.

Keywords
long - distance trade, monetary arrangement s, value of money, social learning, monetary history, Hanseatic League, Baltic and North Seas region
National Category
Economics
Research subject
Politics, Economy and the Organization of Society; Baltic and East European studies
Identifiers
urn:nbn:se:sh:diva-25249 (URN)
Conference
EAEPE Conference, Paris, November 7-9, 2013.
Available from: 2014-11-18 Created: 2014-11-18 Last updated: 2014-11-20Bibliographically approved
Marmefelt, T. (2013). Social Dynamics, Evolution, and the Unity of Social Sciences: Kenneth Boulding in the Light of Friedrich von Hayek and John Searle. In: Wilfred Dolfsma & Stefan Kesting (Ed.), Interdisciplinary Economics: Kenneth E. Boulding's Engagement in the Sciences (pp. 88-109). London & New York: Routledge
Open this publication in new window or tab >>Social Dynamics, Evolution, and the Unity of Social Sciences: Kenneth Boulding in the Light of Friedrich von Hayek and John Searle
2013 (English)In: Interdisciplinary Economics: Kenneth E. Boulding's Engagement in the Sciences / [ed] Wilfred Dolfsma & Stefan Kesting, London & New York: Routledge, 2013, p. 88-109Chapter in book (Other academic)
Place, publisher, year, edition, pages
London & New York: Routledge, 2013
Series
Routledge Studies in the History of Economics ; 155
National Category
Economics
Research subject
Politics, Economy and the Organization of Society
Identifiers
urn:nbn:se:sh:diva-19819 (URN)978-0-415-48347-6 (ISBN)
Available from: 2013-09-24 Created: 2013-09-24 Last updated: 2014-12-05Bibliographically approved
Organisations
Identifiers
ORCID iD: ORCID iD iconorcid.org/0000-0001-6577-2915

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