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The depression of the 1990s in Finland : an analytic view

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Author Info

  • Seppo Honkapohja

    (Department of Economics, University of Helsinki, Finland)

  • Erkki Koskela

    (Department of Economics, University of Helsinki, Finland)

  • Jouko Paunio

    (Department of Economics, University of Helsinki, Finland)

Abstract

This paper deals with some aspects of the Finnish economic crisis in the 1990s by starting with a quick description of the main macroeconomic features of the crisis together with some empirical evidence on price and wage as well as interest rate determination. With these as a background a theoretical analysis of fiscal and monetary policies is presented by putting a special attention on the macroeconomic implications of high foreign debt and the banking system for the effects of monetary and fiscal policies. The paper ends up by interpreting the role of economic policy during the depression and considering problems of the external balance of the Finnish economy in the near future.

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Bibliographic Info

Article provided by Finnish Economic Association in its journal Finnish Economic Papers.

Volume (Year): 9 (1996)
Issue (Month): 1 (Spring)
Pages: 37-54

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Handle: RePEc:fep:journl:v:9:y:1996:i:1:p:37-54

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Web page: http://www.taloustieteellinenyhdistys.fi
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  1. Nordhaus, William D, 1975. "The Political Business Cycle," Review of Economic Studies, Wiley Blackwell, vol. 42(2), pages 169-90, April.
  2. Alberto Alesina & Roberto Perotti, 1994. "The Political Economy of Budget Deficits," NBER Working Papers 4637, National Bureau of Economic Research, Inc.
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Cited by:
  1. Mika Kuismanen & Seppo Laakso & Heikki A. Loikkanen, 1999. "Demographic Factors and the Demand for Housing in the Helsinki Metropolitan Area," Discussion Papers 191, Government Institute for Economic Research Finland (VATT).
  2. Jaakko Kiander & Jaakko Pehkonen, 1999. "Finnish unemployment: observations and conjectures," Finnish Economic Papers, Finnish Economic Association, vol. 12(2), pages 94-108, Autumn.
  3. Honkapohja, Seppo & Koskela, Erkki, 2002. "The Economic Crisis of the 1990s in Finland," Discussion Papers 683, The Research Institute of the Finnish Economy.
  4. Yuriy Gorodnichenko & Enrique G. Mendoza & Linda L. Tesar, 2009. "The Finnish Great Depression: From Russia with Love," NBER Working Papers 14874, National Bureau of Economic Research, Inc.
  5. Lars Jonung & Jaakko Kiander & Pentti Vartia, 2008. "The great financial crisis in Finland and Sweden - The dynamics of boom, bust and recovery, 1985-2000," European Economy - Economic Papers 350, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.

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