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The Swedish Finance Company Crisis -- Could It Have Been Anticipated?

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Author Info

  • Jennergren, L. Peter

    ()
    (Dept. of Business Administration, Stockholm School of Economics)

Abstract

The Swedish finance company crisis was a kind of "run" that happened in September, 1990. It marked the beginning of the Swedish banking crisis of the early 1990's. The crisis was initially focused on the finance company Nyckeln. The specific negative information about Nyckeln is identified, as well as how it spread only very late, or not at all, to the supervisory authority and to the banks that were involved in lending to the finance companies. The paper then inquires whether there were warning signs of the forthcoming crisis in capital market information and other public information, by means of the usual event study methodology. The data that are used include indices for the banking industry and the real estate and construction industry, and share prices and trading volume for finance companies. The conclusion is that the crisis really came as a surprise, with very little advance warning.

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Bibliographic Info

Paper provided by Stockholm School of Economics in its series Working Paper Series in Business Administration with number 2001:6.

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Length: 32 pages
Date of creation: 03 May 2001
Date of revision: 12 Dec 2001
Publication status: Published in Scandinavian Economic History Review, 2002, pages 7-30.
Handle: RePEc:hhb:hastba:2001_006

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Postal: The Economic Research Institute, Stockholm School of Economics, P.O. Box 6501, SE 113 83 Stockholm, Sweden
Phone: +46-(0)8-736 90 00
Fax: +46-(0)8-31 01 57
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Web page: http://www.hhs.se/
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Related research

Keywords: Finance companies; banking crisis; event study;

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Cited by:
  1. Jaromír Baxa & Roman Horváth & Borek Vasícek, 2011. "Monetary Policy Rules and Financial Stress: Does Financial Instability Matter for Monetary," Working Papers wpdea1101, Department of Applied Economics at Universitat Autonoma of Barcelona.
  2. 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.
  3. Jonung, Lars, 2009. "Financial Crisis and Crisis Management in Sweden. Lessons for Today," ADBI Working Papers 165, Asian Development Bank Institute.

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