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Lessons from Financial Liberalisation in Scandinavia


  • Lars Jonung

    (European Commission, DG ECFIN, Office BU-1 05/190, Brussels 1049, Belgium)


The causes and consequences of the financial crises in the Nordic countries in the early 1990s are examined and lessons from this episode are extracted. The focus is on the boom–bust episode in Finland, Norway and Sweden as these three economies went into a deep recession. The lessons from the Scandinavian experience are organised under three headings: (i) how to liberalise without causing a boom–bust cycle, (ii) how to deal with a financial crisis, and (iii) the long-run effects of financial integration on stabilisation policies, growth and the distribution of income and wealth. Comparative Economic Studies (2008) 50, 564–598. doi:10.1057/ces.2008.34

Suggested Citation

  • Lars Jonung, 2008. "Lessons from Financial Liberalisation in Scandinavia," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 50(4), pages 564-598, December.
  • Handle: RePEc:pal:compes:v:50:y:2008:i:4:p:564-598

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    References listed on IDEAS

    1. Brown, Annette N. & Ickes, Barry W. & Ryterman, Randi, 1994. "Russian Federation - The myth of monopoly : a new view of industrial structure in Russia," Policy Research Working Paper Series 1331, The World Bank.
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    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Richard S.Grossman, 2016. "Banking Crises," Wesleyan Economics Working Papers 2016-001, Wesleyan University, Department of Economics.
    2. Yuriy Gorodnichenko & Enrique G. Mendoza & Linda L. Tesar, 2012. "The Finnish Great Depression: From Russia with Love," American Economic Review, American Economic Association, vol. 102(4), pages 1619-1644, June.
    3. Kenneth Patrick Vincent O'Sullivan & Stephen Kinsella, 2013. "Financial and regulatory failure: The case of Ireland," Journal of Banking Regulation, Palgrave Macmillan, vol. 14(1), pages 1-15, January.
    4. Pomfret, Richard, 2010. "The financial sector and the future of capitalism," Economic Systems, Elsevier, vol. 34(1), pages 22-37, March.
    5. repec:taf:jocebs:v:15:y:2017:i:2:p:127-140 is not listed on IDEAS
    6. Iana Liadze & Ray Barrell & Professor E. Philip Davis, 2010. "Calibrating macroprudential policy," National Institute of Economic and Social Research (NIESR) Discussion Papers 354, National Institute of Economic and Social Research.
    7. Jonung, Lars, 2009. "Financial Crisis and Crisis Management in Sweden. Lessons for Today," ADBI Working Papers 165, Asian Development Bank Institute.
    8. Xiuping Hua & Anders C. Johansson & Xun Wang, 2017. "National and regional financial openness in China," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 15(2), pages 127-140, April.
    9. Naude, Wim, 2009. "The Financial Crisis of 2008 and the Developing Countries," WIDER Working Paper Series WIDER Discussion Paper 20, World Institute for Development Economic Research (UNU-WIDER).
    10. Hongyi Chen & Lars Jonung & Olaf Unteroberdoerster, 2014. "Lessons for China from Financial Liberalization in Scandinavia," Asian Economic Papers, MIT Press, vol. 13(1), pages 1-44, Winter.
    11. repec:sph:rjedep:v:2:y:2017:i:6:p:24-44 is not listed on IDEAS
    12. Ph.D Luminita Horhota, & Ph.D Cristina Nicoleta Matei, 2009. "Impact Of Financial Crisis On Developing Countries," Revista Tinerilor Economisti (The Young Economists Journal), University of Craiova, Faculty of Economics and Business Administration, vol. 1(13S), pages 7-14, November.
    13. Sverre Knutsen, 2012. "Why do banking crises occur? The American subprime crisis compared with the Norwegian banking crisis 1987-92," Working Paper 2012/03, Norges Bank.

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