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The 1990’s financial crises in Nordic countries

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Abstract

The current financial crisis, which has lasted almost one and a half years, is the 19th such crisis in the post-war period in advanced economies. Recent literature classifies the Nordic crises in Norway, Sweden and Finland in late 1980's and early 1990’s among the Big Five crises that have happened before the current crisis, which is now of a global nature. This paper outlines the developments of the Nordic crises, reasons behind them and crisis management by the authorities. Relatively more emphasis is placed on the Finnish crisis, as it was the deepest one. The paper concludes by considering the lessons that can be drawn from the Nordic crises.

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File URL: http://www.suomenpankki.fi/en/julkaisut/tutkimukset/keskustelualoitteet/Documents/0905netti.pdf
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Bibliographic Info

Paper provided by Bank of Finland in its series Research Discussion Papers with number 5/2009.

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Length: 29 pages
Date of creation: 21 Jan 2009
Date of revision:
Handle: RePEc:hhs:bofrdp:2009_005

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Postal: Bank of Finland, P.O. Box 160, FI-00101 Helsinki, Finland
Web page: http://www.suomenpankki.fi/en/
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Keywords: financial deregulation; bank lending; overheating; financial crisis;

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References

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  1. Aaron Tornell & Frank Westermann (ed.), 2005. "Boom-Bust Cycles and Financial Liberalization," MIT Press Books, The MIT Press, edition 1, volume 1, number 9780262201599, December.
  2. Burkhard Drees & Ceyla Pazarbasioglu, 1995. "The Nordic Banking Crises," IMF Working Papers 95/61, International Monetary Fund.
  3. Malcolm Edey & Ketil Hviding, 1995. "An Assessment of Financial Reform in OECD Countries," OECD Economics Department Working Papers 154, OECD Publishing.
  4. Nyberg, Peter & Vihriälä, Vesa, 1994. "The Finnish Banking Crisis and Its Handling (an update of developments through 1993)," Research Discussion Papers, Bank of Finland 7/1994, Bank of Finland.
  5. Englund, Peter, 1999. "The Swedish Banking Crisis: Roots and Consequences," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 15(3), pages 80-97, Autumn.
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Cited by:
  1. James Bullard, 2008. "Three funerals and a wedding," Speech, Federal Reserve Bank of St. Louis 138, Federal Reserve Bank of St. Louis.
  2. Herrala, Risto, 2009. "Credit crunch? An empirical test of cyclical credit policy," Research Discussion Papers, Bank of Finland 10/2009, Bank of Finland.
  3. Xavier Vives, 2011. "Competition and Stability in Banking," Central Banking, Analysis, and Economic Policies Book Series, in: Luis Felipe Céspedes & Roberto Chang & Diego Saravia (ed.), Monetary Policy under Financial Turbulence, edition 1, volume 16, chapter 12, pages 455-502 Central Bank of Chile.
  4. Jan-Egbert Sturm & Jakob de Haan & Eelco Zandberg, 2009. "Auswirkungen von Finanz- und Wirtschaftskrisen auf die wirtschaftliche Entscheidungsfreiheit," KOF Analysen, KOF Swiss Economic Institute, ETH Zurich, KOF Swiss Economic Institute, ETH Zurich, vol. 3(4), pages 51-64, December.
  5. Richard G. Anderson, 2009. "Resolving a banking crisis, the Nordic way," Economic Synopses, Federal Reserve Bank of St. Louis.
  6. Honkapohja, Seppo, 2012. "The 1980s financial liberalization in the Nordic countries," Research Discussion Papers, Bank of Finland 36/2012, Bank of Finland.
  7. Thorvaldur Gylfason, 2014. "Iceland: How Could This Happen?," CESifo Working Paper Series 4605, CESifo Group Munich.

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