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Lessons from Financial Liberalisation in Scandinavia

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  • Lars Jonung

    (European Commission, DG ECFIN, Office BU-1 05/190, Brussels 1049, Belgium)

Abstract

The causes and consequences of the financial crises in the Nordic countries in the early 1990s are examined and lessons from this episode are extracted. The focus is on the boom–bust episode in Finland, Norway and Sweden as these three economies went into a deep recession. The lessons from the Scandinavian experience are organised under three headings: (i) how to liberalise without causing a boom–bust cycle, (ii) how to deal with a financial crisis, and (iii) the long-run effects of financial integration on stabilisation policies, growth and the distribution of income and wealth. Comparative Economic Studies (2008) 50, 564–598. doi:10.1057/ces.2008.34

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Comparative Economic Studies.

Volume (Year): 50 (2008)
Issue (Month): 4 (December)
Pages: 564-598

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Handle: RePEc:pal:compes:v:50:y:2008:i:4:p:564-598

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Cited by:
  1. 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.
  2. Jonung, Lars, 2009. "Financial Crisis and Crisis Management in Sweden. Lessons for Today," ADBI Working Papers 165, Asian Development Bank Institute.
  3. Pomfret, Richard, 2010. "The financial sector and the future of capitalism," Economic Systems, Elsevier, vol. 34(1), pages 22-37, March.
  4. Kenneth Patrick Vincent O'Sullivan & Stephen Kinsella, 2011. "Financial and Regulatory Failure: The Case of Ireland," Working Papers 201136, Geary Institute, University College Dublin.
  5. Hongyi Chen & Lars Jonung & Olaf Unteroberdoerster, 2009. "Lessons for China from financial liberalization in Scandinavia," European Economy - Economic Papers 383, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  6. Ph.D Luminita Horhota, & Ph.D Cristina Nicoleta Matei, 2009. "Impact Of Financial Crisis On Developing Countries," Revista Tinerilor Economisti (The Young Economists Journal), University of Craiova, Faculty of Economics and Business Administration, vol. 1(13S), pages 7-14, November.
  7. Naude, Wim, 2009. "The Financial Crisis of 2008 and the Developing Countries," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).

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