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Winton, Patrik
Publications (10 of 30) Show all publications
Winton, P. & Ericsson, P. (2018). Politics of Credit: The Market for Government Debt in Sweden, 1715-60. In: : . Paper presented at Economic History Society Annual Conference, Keele University, April 6-8, 2018..
Open this publication in new window or tab >>Politics of Credit: The Market for Government Debt in Sweden, 1715-60
2018 (English)Conference paper, Published paper (Other academic)
National Category
History
Research subject
History
Identifiers
urn:nbn:se:uu:diva-348032 (URN)
Conference
Economic History Society Annual Conference, Keele University, April 6-8, 2018.
Available from: 2018-04-10 Created: 2018-04-10 Last updated: 2018-04-10Bibliographically approved
Winton, P. (2017). Den globaliserande svenska staten: Lån, kursoperationer och internationella handelsnätverk runt 1770. Scandia, 83(2), 65-99
Open this publication in new window or tab >>Den globaliserande svenska staten: Lån, kursoperationer och internationella handelsnätverk runt 1770
2017 (Swedish)In: Scandia, ISSN 0036-5483, Vol. 83, no 2, p. 65-99Article in journal (Refereed) Published
Keywords
Global history, external borrowing, merchant networks, state formation, Swedish state
National Category
History
Research subject
History
Identifiers
urn:nbn:se:uu:diva-338735 (URN)
Available from: 2018-01-12 Created: 2018-01-12 Last updated: 2018-02-02Bibliographically approved
Winton, P. (2017). The Globalizing Swedish State: Loans, Exchange Rates and International Merchant Networks Around 1770. Scandia, 83(2), 65-99
Open this publication in new window or tab >>The Globalizing Swedish State: Loans, Exchange Rates and International Merchant Networks Around 1770
2017 (English)In: Scandia, ISSN 0036-5483, Vol. 83, no 2, p. 65-99Article in journal (Refereed) Published
Abstract [en]

This article analyzes the external borrowing of the Swedish state in Amsterdam, Copenhagen and Genoa during the 1760s and early 1770s. By using a global history perspective, with a focus on links between actors and how these links influence these actors rather than comparing developments within or between states, it is possible to get a new understanding of how the relationships between the Swedish state and the leading international capital markets were established. Additionally, the consequences of receiving the borrowed funds with regard to the Swedish state are also analyzed. The analysis shows that the financial problems following Sweden's participation in the Seven Years' War created incentives for members of the Swedish political elite to find new ways of funding existing deficits and debts, as well as stabilizing the currency. External borrowing was seen by many as a key fiscal tool for addressing these financial challenges. At the same time, there were investors in the Dutch Republic and Genoa interested in finding new investment opportunities that could give a higher return. Through intermediaries, such as Swedish diplomats, negotiations were initiated between bankers in Amsterdam/Genoa and representatives of the Swedish state concerning borrowing funds. One of the key issues during these negotiations concerned how the Swedish state should portray itself as a reliable debtor. Several actors were interested in providing credits to the Swedish state. One such actor was the merchant Henning Frederik Bargum in Copenhagen, who was the director of the Danish Guinean Company-a company involved in the slave trade. By expanding his business to the Swedish state, Bargum hoped to create new opportunities, as well as to strengthen his position among leading merchants in Copenhagen. The analysis shows that the negotiated loans were primarily used to liquidate debts accrued in Swedish Pomerania during the war and to stabilize the Swedish currency in the international capital markets. The success of the loan negotiations created a new fiscal practice for the Swedish state. This practice of external borrowing had consequences for the formation of the Swedish state, since it required the state to clarify its resources and create organizations able to handle the daily interactions with the international credit markets. These practices also meant that the Swedish state participated in the process of financial globalization during the eighteenth century.

Place, publisher, year, edition, pages
SCANDIA, 2017
Keywords
Global history, external borrowing, merchant networks, state formation, swedish state
National Category
History
Identifiers
urn:nbn:se:uu:diva-342109 (URN)000423009300004 ()
Available from: 2018-02-19 Created: 2018-02-19 Last updated: 2018-02-19Bibliographically approved
Winton, P. (2016). Servants of Credit: the Clerical Staff at the National Debt Office in Sweden, 1790–1820. In: : . Paper presented at European Social Science and History Conference.
Open this publication in new window or tab >>Servants of Credit: the Clerical Staff at the National Debt Office in Sweden, 1790–1820
2016 (English)Conference paper, Oral presentation with published abstract (Other academic)
Abstract [en]

In 1789 the National Debt Office was established in Sweden. Its main role was to administer the government’s debt by selling long-term bonds on the domestic credit market, by issuing promissory notes in the Swedish realm and by negotiating external loans on the leading financial markets in Europe. The Debt Office was governed by a number of directors, who were appointed by the Swedish Diet. In order for the directors to implement the debt policies that were decided by the Diet, the directors were dependent on a staff of accountants, book keepers and secretaries that handled the daily transactions. Previous research on the Debt Office has primarily focused on the debates in the Diet regarding the Swedish government’s debt policies and the decisions taken by the directors. Scholars have also examined the financial standing of the Debt Office. However, very little attention has been given to the clerical staff that carried out the policies. In my paper I will concentrate on the activities of the accountants and the book keepers. I will examine their background and their position in the Debt Office and on the local credit market. Additionally, I will analyze how conflicts concerning salaries and promotions were handled within the organization. By examining these issues we will not only gain a better understanding of the operations of the Debt Office and the credit market in Stockholm, but also how clerical work was organized in a European state at the end of the eighteenth century.

National Category
History
Research subject
History
Identifiers
urn:nbn:se:uu:diva-282163 (URN)
Conference
European Social Science and History Conference
Available from: 2016-04-04 Created: 2016-04-04 Last updated: 2016-04-04
Winton, P. (2016). The political economy of strategic default: Sweden and the international capital markets, 1810-1830. European Review of Economic History, 20(4), 410-428
Open this publication in new window or tab >>The political economy of strategic default: Sweden and the international capital markets, 1810-1830
2016 (English)In: European Review of Economic History, ISSN 1361-4916, E-ISSN 1474-0044, Vol. 20, no 4, p. 410-428Article in journal (Refereed) Published
Abstract [en]

This article examines the commitment mechanisms which guided sovereign borrowing during the Napoleonic Wars by analyzing Sweden’s default on its external debt in 1812. The default was driven by internal political bargaining concerning the division of resources, and the availability of subsidies provided by the major European powers. Thus, the Swedish government and the Diet made strategic choices when deciding which debts to pay. The reputational mechanisms and the creditors’ attempts to force the Swedish state to honor its commitments did not work when the government had access to foreign subsidies.

National Category
History Economic History
Research subject
History
Identifiers
urn:nbn:se:uu:diva-307471 (URN)10.1093/ereh/hew009 (DOI)000393065600002 ()
Funder
Riksbankens Jubileumsfond, P2010:60:1
Available from: 2016-11-16 Created: 2016-11-16 Last updated: 2017-11-29Bibliographically approved
Winton, P. (2016). The politics of credit: Government borrowing, political regimes and state formation in Sweden, 1760-1830. In: : . Paper presented at A world of debts: the global politics of public debts from the late eighteenth century.
Open this publication in new window or tab >>The politics of credit: Government borrowing, political regimes and state formation in Sweden, 1760-1830
2016 (English)Conference paper, Published paper (Other academic)
National Category
History
Research subject
History
Identifiers
urn:nbn:se:uu:diva-296165 (URN)
Conference
A world of debts: the global politics of public debts from the late eighteenth century
Funder
The Jan Wallander and Tom Hedelius Foundation
Available from: 2016-06-14 Created: 2016-06-14 Last updated: 2016-06-14
Winton, P. (2015). Parliamentary Control, Public Discussions and Royal Autonomy: Sweden, 1750-1780. Histoire & Mesure, 30(2), 51-78
Open this publication in new window or tab >>Parliamentary Control, Public Discussions and Royal Autonomy: Sweden, 1750-1780
2015 (English)In: Histoire & Mesure, ISSN 0982-1783, Vol. 30, no 2, p. 51-78Article in journal (Refereed) Published
Abstract [en]

Thisarticle explores developments of secrecy and transparency in relation to fiscalaffairs in Sweden from around 1750 to 1780. During the 1750s the governmentmostly relied on subsidies and loans from the Bank of Sweden to financedeficits and major projects. This system supported the ruling oligarchy and thesecrecy that surrounded its financial operations. The system was changedfollowing the Seven Years’ War when the subsidies stopped arriving and thefalling value of the Swedish currency forced limitations on the issuance ofbank liquidity. Instead external borrowing in Amsterdam and Genoa and internalborrowing through the use of lotteries and bonds expanded. This change wenthand in hand with increasing openness concerning fiscal affairs and morecritical public discussions about the use of resources and how the economicproblems should be tackled. However, no permanent resolutions to the existingdeficits could be presented. This inability to find compromises led to theroyal coup in 1772, which in turn resulted in a strengthening of royal powerand a stop to the open discussions about key fiscal affairs. The period endedwith a return to greater economic stability, but it also entailed a return tothe secrecy of the 1740s and 1750s.

Keywords
Subsidies, External Borrowing, Banking, Secrecy, Openness
National Category
History
Research subject
History
Identifiers
urn:nbn:se:uu:diva-274757 (URN)
Funder
Riksbankens Jubileumsfond
Available from: 2016-01-25 Created: 2016-01-25 Last updated: 2016-03-15
Winton, P. (2015). Sweden in the eighteenth-century world: Provincial cosmopolitans [Review]. Economic history review, 68(1), 378-380
Open this publication in new window or tab >>Sweden in the eighteenth-century world: Provincial cosmopolitans
2015 (English)In: Economic history review, ISSN 0013-0117, E-ISSN 1468-0289, Vol. 68, no 1, p. 378-380Article, book review (Other academic) Published
National Category
History
Research subject
History
Identifiers
urn:nbn:se:uu:diva-242596 (URN)10.1111/ehr.12108_20 (DOI)000347708300033 ()
Available from: 2015-01-28 Created: 2015-01-28 Last updated: 2017-12-05Bibliographically approved
Winton, P. (2015). War, debt and welfare in Sweden, 1800--1810. Historisk Tidskrift (S), 135(1), 5-34
Open this publication in new window or tab >>War, debt and welfare in Sweden, 1800--1810
2015 (English)In: Historisk Tidskrift (S), ISSN 0345-469X, Vol. 135, no 1, p. 5-34Article in journal (Refereed) Published
Abstract [en]

During the eighteenth and early nineteenth centuries thousands of charitable foundations existed in Sweden which focused on helping the poor, the sick and the elderly. Although they were often administered by public officials such as clergymen, the foundations were frequently based on donations from wealthy individuals. The donated money had to be invested in order to create dividends that could be handed to the needy. Many of the foundations chose to purchase government bonds. Consequently, financial ties were created between the foundations and the National debt office which issued the bonds and administered the realm's government debt. These ties are analyzed in the article. What economic and social meaning did they have for the foundations and for the debt office? The period i800-1810 is chosen because of the pressures that the political regime had to contend with: the Napoleonic Wars required the mobilization of more resources at the same time as the role of the monarchy was questioned by an increasingly dissatisfied elite. The analysis shows that many foundations in and around Stockholm as well as along the coast of the Baltic Sea purchased government bonds. The bonds played a significant role in the investment portfolios of the foundations and thus the received interest payments were used to pay support for poor, sick and elderly individuals. The officials who administered the foundations argued that government bonds were the most trustworthy assets that were available on the credit market. Although the foundations constituted a relatively small group of creditors in the perspective of the debt office, they provided stability since they tended to hold on to their bonds. The foundations also provided valuable specie assets at a time when the debt office had to contend with the negative effects of the promissory notes that the debt office issued. In 1804, the debt office stopped further sales of bonds in order to cope with an increase in liquidity. This decision resulted in a weakening of the ties between the foundations and the debt office. Many foundations were forced to find other ways to invest their resources and they did not return when the bond sales restarted in 1808. The reduction in the size of the bond market had long-term consequences for the state's ability to mobilize resources within the country.

Keywords
Sweden, Napoleonic wars, National debt office, government debt, poor relief, hospitals
National Category
History
Identifiers
urn:nbn:se:uu:diva-252051 (URN)000351888900002 ()
Available from: 2015-04-29 Created: 2015-04-28 Last updated: 2017-12-04Bibliographically approved
Winton, P. (2014). Det kapitalrika rummet: Sverige och de tyska kreditmarknaderna 1799-1832. In: Mats Hallenberg & Magnus Linnarsson (Ed.), Politiska rum: Kontroll, konflikt och rörelse i det förmoderna Sverige 1300-1850 (pp. 79-97). Lund: Nordic Academic Press
Open this publication in new window or tab >>Det kapitalrika rummet: Sverige och de tyska kreditmarknaderna 1799-1832
2014 (Swedish)In: Politiska rum: Kontroll, konflikt och rörelse i det förmoderna Sverige 1300-1850 / [ed] Mats Hallenberg & Magnus Linnarsson, Lund: Nordic Academic Press, 2014, p. 79-97Chapter in book (Other academic)
Place, publisher, year, edition, pages
Lund: Nordic Academic Press, 2014
National Category
History
Research subject
History
Identifiers
urn:nbn:se:uu:diva-239136 (URN)978-91-87675-09-6 (ISBN)
Available from: 2014-12-18 Created: 2014-12-18 Last updated: 2016-03-15
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