The 1990’s financial crises in Nordic countries
AbstractThe 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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Bibliographic InfoPaper provided by Bank of Finland in its series Research Discussion Papers with number 5/2009.
Length: 29 pages
Date of creation: 21 Jan 2009
Date of revision:
financial deregulation; bank lending; overheating; financial crisis;
Find related papers by JEL classification:
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- G01 - Financial Economics - - General - - - Financial Crises
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-02-14 (All new papers)
- NEP-CBA-2009-02-14 (Central Banking)
- NEP-EEC-2009-02-14 (European Economics)
- NEP-HIS-2009-02-14 (Business, Economic & Financial History)
- NEP-IFN-2009-02-14 (International Finance)
- NEP-MAC-2009-02-14 (Macroeconomics)
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