The great depression of the 1990s in Finland
AbstractThe beginning of the 1990s witnessed the collapse ofthe Eastern European economies and a severe recession in some Western European countries. In most countries the economic difficulties have been milder than those experienced during the Great Depression of the 1930s. Finland is an exception to this rule. In Finland the current recession - if measured by output losses - has been clearly worse than the previous one 60 years ago. In this paper we discuss the relative role of foreign and domestic shocks. Was the economic policy conducted during the recession the right one? Was the crisis unavoidable after the liberalization of international capital movements? We also further review the actual developments and the economic policy discussion during the recent depression.
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Bibliographic InfoArticle provided by Finnish Economic Association in its journal Finnish Economic Papers.
Volume (Year): 9 (1996)
Issue (Month): 1 (Spring)
Find related papers by JEL classification:
- E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
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- 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.
- Jaakko Kiander, 2004. "Growth and Employment in Nordic Welfare States in the 1990s: a Tale of Crisis and Revival," Discussion Papers 336, Government Institute for Economic Research Finland (VATT).
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