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The State as Last Resort in two Scandinavian Banking Crises: A comparative case study of Denmark and Sweden

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Abstract

This article treats the role of the state in bailouts, i.e. government objectives and measures during financial crises. The purpose is to unveil to what extent the acting of the state differed in the latest crises in Denmark and Sweden, and critically analyse which objectives justified setting up organisations for financial stability. We compare intrinsic principles and perceptions for government intervention, with a focus on bailouts and state-owned banks. We argue that reasons for observed differences in the implementation of measures in Sweden and Denmark date back to the early phases of capitalism in the 19th century, i.e. is part of an historical institutional pattern. The similarities shown are limited to the bailouts schemes, and indicate that there is a common international standard for a public-private arrangement concerning financial stability. Our results relate to the discussion of launching effective and legitimate state policies after a severe financial crisis.

Suggested Citation

  • Sjögren, Hans & Jes-Iversen, Martin, 2013. "The State as Last Resort in two Scandinavian Banking Crises: A comparative case study of Denmark and Sweden," SSE Working Paper Series in Economic History 2013:1, Stockholm School of Economics.
    • Handle: RePEc:hhs:haechi:2013_001
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    More about this item

    Keywords

    Banking crises; Financial history; Government intervention; Bailout; State-ownership.;
    All these keywords.

    JEL classification:

    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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