Liang Zhao

Liang Zhao

Doctoral Student

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Personal profile


I am doing research on banking history and financial cycle. The project I am engaging in is "Banking on the local level: Growth, income and market integration. A complete Swedish Bank-level Database,1813-2020.(anslagsnummer P2017-0157:1)" My supervisor is Anders Ögren, and co-supervisor Sean Kenny.

Right now there are two ongoing papers that I am working on. The first one is about the role of micro-level banking behaviour on the 1920s Swedish financial crisis. We tested how the pre-crisis behaviour of banks (liquidity management, investment expanding, maturity transformation, etc.) linked to the later distress of them. 

The second one is about the international adjustment mechanism of Sweden during the silver and the gold standard period. We analyze how the interaction among monetary supplies, central bank reserves and domestic prices were coping with the classical theories of the international adjustment mechanism.


UKÄ subject classification

  • Economic History


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