The North European depression of the 1920s

Abstract

While the rest of the world enjoyed relative prosperity during the 1920s, Northern Europe remained depressed. In particular, Britain and Scandinavia suffered relatively high rates of unemployment. In this paper, we investigate the links between the North European Depression and currency overvaluation. The role of currency overvaluation has received much attention in the British case, but has been relatively neglected in the economic history of Scandinavia (in the English language, at least).