The 1980s financial liberalization in the Nordic countries
AbstractThe financial liberalization in the four Nordic countries (Denmark, Finland, Norway, and Sweden) that took place mostly in the 1980s led to a major financial crisis in three of those countries. The crises in Finland, Norway, and Sweden are among the deepest financial crises in advanced market economies since World War II. Denmark experienced some banking problems but managed to avoid a systemic crisis. This paper reviews the process of liberalization and discusses the reasons why Finland, Norway, and Sweden drifted into financial and economic crises.
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Bibliographic InfoPaper provided by Bank of Finland in its series Research Discussion Papers with number 36/2012.
Length: 25 pages
Date of creation: 14 Dec 2012
Date of revision:
financial repression; credit rationing; capital account controls; financial deregulation;
Find related papers by JEL classification:
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-01-07 (All new papers)
- NEP-BAN-2013-01-07 (Banking)
- NEP-HIS-2013-01-07 (Business, Economic & Financial History)
- NEP-MAC-2013-01-07 (Macroeconomics)
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