Economic Prosperity Recaptured: The Finnish Path from Crisis to Rapid Growth
AbstractMany countries have experienced major economic changes since the mid-1980s as a result of the deregulation and liberalization of national financial systems—two key aspects of globalization—with some experiencing boom and bust in rapid succession. The small Northern European country of Finland has been hailed as a success story for achieving renewed economic growth and prosperity after a financial crisis and deep depression in the early 1990s. Economic Prosperity Recaptured offers a detailed analysis of the rapid swings in Finland's recent economic development, from initial overheating in the late 1980s through deep crisis in the early 1990s to recovery and growth since the mid-1990s. Finland's complex road to recovery offers excellent examples of both unsuccessful and successful policy responses to changing circumstances. The authors examine the three relatively distinct periods of Finland's recent experience, analyzing the adequacy of the macroeconomic policy response in each case. They assess the real economic effects of financial constraints and look for evidence of the "credit channel" of the monetary system. Finland's rapid economic growth since the mid-1990s is largely the result of its structural transformation into a high-tech economy; Nokia is the most famous example of this information and communication technology success. Elaborating on Finland's ICT revolution, the authors demonstrate that well-designed economic policies contributed to Finland's economic turnaround. CESifo Book series
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoThis book is provided by The MIT Press in its series MIT Press Books with number 0262012693 and published in 2009.
Contact details of provider:
Web page: http://mitpress.mit.edu
globalization; Finland; financial crisis; growth; policy;
Find related papers by JEL classification:
- G01 - Financial Economics - - General - - - Financial Crises
- N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Lars Calmfors & Giancarlo Corsetti & Seppo Honkapohja & John Kay & Gilles Saint-Paul & Hans-Werner Sinn & Jan-Egbert Sturm & Xavier Vives, 2006. "Chapter 3: Economic Growth in the European Union," EEAG Report on the European Economy, CESifo Group Munich, vol. 0, pages 68-88, 03.
- Kosuke Aoki & Gianluca Benigno & Nobuhiro Kiyotaki, 2009.
"Capital Flows and Asset Prices,"
in: NBER International Seminar on Macroeconomics 2007, pages 175-216
National Bureau of Economic Research, Inc.
- Consoli, Davide & Vona, Francesco & Saarivirta, Toni, 2010.
"An analysis of the Graduate Labour Market in Finland: the impact of Spatial Agglomeration and Skill-Job Mismatches,"
21072, University Library of Munich, Germany.
- Consoli, Davide & Vona, Francesco & Saarivirta, Toni, 2010. "An analysis of the Graduate Labour Market in Finland: the impact of Spatial Agglomeration and Skill-Job Mismatches," INGENIO (CSIC-UPV) Working Paper Series 201002, INGENIO (CSIC-UPV), revised 08 Sep 2011.
- Jaakko Pehkonen & Hector Sala & Pablo F. Salvador, 2011. "The Nordic experience revisited: labour market booms and slumps since the 1990s in Finland and Sweden," Journal of Economic Studies, Emerald Group Publishing, vol. 38(1), pages 52-65, January.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jake Furbush).
If references are entirely missing, you can add them using this form.