The great depression of the 1990s in Finland
The beginning of the 1990s witnessed the collapse ofthe Eastern European economies and a severe recession in some Western European countries. In most countries the economic difficulties have been milder than those experienced during the Great Depression of the 1930s. Finland is an exception to this rule. In Finland the current recession - if measured by output losses - has been clearly worse than the previous one 60 years ago. In this paper we discuss the relative role of foreign and domestic shocks. Was the economic policy conducted during the recession the right one? Was the crisis unavoidable after the liberalization of international capital movements? We also further review the actual developments and the economic policy discussion during the recent depression.
Volume (Year): 9 (1996)
Issue (Month): 1 (Spring)
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- Stiglitz, Joseph E., 1992. "Capital markets and economic fluctuations in capitalist economies," European Economic Review, Elsevier, vol. 36(2-3), pages 269-306, April.
- Miles, David, 1992. "Housing markets, consumption and financial liberalisation in the major economies," European Economic Review, Elsevier, vol. 36(5), pages 1093-1127, June.
- Willi Leibfritz & Deborah Roseveare & Paul van den Noord, 1994. "Fiscal Policy, Government Debt and Economic Performance," OECD Economics Department Working Papers 144, OECD Publishing.
- Giancarlo Corsetti & Nouriel Roubini, 1996. "Budget deficits, public sector solvency and political biases in fiscal policy : a case study of Finland," Finnish Economic Papers, Finnish Economic Association, vol. 9(1), pages 18-36, Spring.
- King, Mervyn, 1994. "Debt deflation: Theory and evidence," European Economic Review, Elsevier, vol. 38(3-4), pages 419-445, April.
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