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Financial Crisis and Crisis Management in Sweden. Lessons for Today

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  • Lars Jonung

Abstract

This paper gives an account of the Swedish financial crisis covering the period 1985–2000, dealing with financial deregulation and the boom in the late 1980s, the bust and the financial crisis in the early 1990s, the recovery from the crisis and the bank resolution policy adopted during the crisis. The paper focuses on three issues: the causes and consequences of the financial crisis, the policy response concerning bank resolution, and the applicability of the Swedish model of bank crisis management for countries currently facing financial problems.

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Bibliographic Info

Paper provided by eSocialSciences in its series Working Papers with number id:3067.

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Date of creation: Oct 2010
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Handle: RePEc:ess:wpaper:id:3067

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Keywords: financial; bank; resolution; policy;

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References

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  1. Englund, Peter, 1999. "The Swedish Banking Crisis: Roots and Consequences," Oxford Review of Economic Policy, Oxford University Press, vol. 15(3), pages 80-97, Autumn.
  2. Burkhard Drees & Ceyla Pazarbasioglu, 1995. "The Nordic Banking Crises: Pitfalls in Financial Liberalization?," IMF Working Papers 95/61, International Monetary Fund.
  3. Jacob Frenkel & Chairman, 1997. "Maintaining financial stability in a global economy; general discussion, overview panel," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 345-358.
  4. 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.
  5. Henrekson, Magnus & Jonung, Lars & Stymne, Joakim, 1994. "Economic Growth and the Swedish Model," CEPR Discussion Papers 901, C.E.P.R. Discussion Papers.
  6. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises: A New Database," IMF Working Papers 08/224, International Monetary Fund.
  7. Lars Jonung, 2008. "Lessons from Financial Liberalisation in Scandinavia," Comparative Economic Studies, Palgrave Macmillan, vol. 50(4), pages 564-598, December.
  8. Charles Morris & Klara Parrish, 1997. "Maintaining financial stability in a global economy : a summary of the Bank's 1997 Symposium," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 23-35.
  9. Edward A.J. George, 1997. "Maintaining financial stability in a global economy; overview," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 331-335.
  10. Calomiris, Charles W & Klingebiel, Daniela & Laeven, Luc, 2004. "A taxonomy of financial crisis resolution mechanisms : cross-country experience," Policy Research Working Paper Series 3379, The World Bank.
  11. Jean-Claude Trichet, 1997. "Maintaining financial stability in a global economy; overview," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 337-343.
  12. Jennergren, L. Peter, 2001. "The Swedish Finance Company Crisis -- Could It Have Been Anticipated?," Working Paper Series in Business Administration 2001:6, Stockholm School of Economics, revised 12 Dec 2001.
  13. Martin Feldstein, 1997. "Maintaining financial stability in a global economy; overview," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 319-329.
  14. Jonung, Lars & Fregert, Klas, 2008. "Inflation Targeting Is a Success, So Far: 100 Years of Evidence from Swedish Wage Contracts," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 2(31), pages 1-25.
  15. Alan Greenspan, 1997. "Opening remarks : maintaining financial stability in a global economy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 1-6.
  16. Kindleberger,, 2008. "Financial Crises," Cambridge Books, Cambridge University Press, number 9780521068710, November.
  17. 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.
  18. anonymous, 1997. "Maintaining financial stability in a global economy : a symposium, Jackson Hole, Wyoming, August 28-30, 1997," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City.
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Cited by:
  1. Jaromir Baxa & Roman Horvath & Borek Vasicek, 2011. "Time-Varying Monetary-Policy Rules and Financial Stress: Does Financial Instability Matter for Monetary Policy?," Working Papers 2011/03, Czech National Bank, Research Department.

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