Sweden's Financial Sophistication in the Nineteenth Century: An Appraisal
检验了桑德伯格的金融成熟度假说，利用1861-1910年数据做格兰杰因果检验，发现金融变量并非瑞典经济增长的领先因素，反而是实体经济带动金融发展。
The article tests a variant of Lars G. Sandberg's “financial sophistication hypothesis.” Sandberg argues that Sweden had an unusually large stock of financial capital in 1850 which, along with a highly literate populace, was paramount in the subsequent economic explosion. Unable to test the hypothesis directly, we use a variant—that the financial sector was a leading sector in Swedish development—amenable to time-series tests of the Granger-causality form. These tests on data from 1861 to 1910 do not show causality from financial variables to real; indeed, the converse holds.