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The great depression of the 1990s in Finland

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  • Jaakko Kiander

    (Labour Institute for Economic Research, Finland)

  • Pentti Vartia

    (The Research Institute of tile Finnish Economy, Finland)

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    Abstract

    The 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 Info

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

    Volume (Year): 9 (1996)
    Issue (Month): 1 (Spring)
    Pages: 72-88

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    Handle: RePEc:fep:journl:v:9:y:1996:i:1:p:72-88

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    Web page: http://www.taloustieteellinenyhdistys.fi
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    Cited by:
    1. 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).
    2. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 1-136.
    3. Panu Kalmi, 2013. "Catching a wave: the formation of co-operatives in Finnish regions," Small Business Economics, Springer, vol. 41(1), pages 295-313, June.
    4. 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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