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Sweden’s Bank Nationalisations

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  • Fredrik Erixon

Abstract

Many banks are on the verge of bankruptcy and have received support from the government to stay afloat. Measures taken have not sufficed, and an increasing number of economists and commentators are calling for the nationalisation of banks in the United Kingdom and United States. In their advocacy, they use Sweden as an exemplar, suggesting that massive bank nationalisation was the way it fixed its collapsing banking sector in the early 1990s. This account of Sweden’s resolution policy is erroneous and exaggerates the role of nationalisation. Sweden successfully combated a banking crisis, and two banks received full government ownership. The main example of nationalisation, however, was a financial reconstruction of a bank already controlled by the government. The only real example of nationalisation of a privately owned bank hardly offers lessons for ways to resolve the current banking crisis.

Suggested Citation

  • Fredrik Erixon, 2009. "Sweden’s Bank Nationalisations," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 10(1), pages 1-12, January.
    • Handle: RePEc:wej:wldecn:363
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    Cited by:

    1. Pär Holmbäck Adelwald, 2021. "From bailout to bail‐in: Making banking a legitimate part of the market economy," Economic Affairs, Wiley Blackwell, vol. 41(3), pages 430-441, October.
    2. Robert Breunig & Vishesh Agarwal & Sadia Arfin & Samuel Weldeegzie & Tong Zhang, 2021. "Nationalism and economic openness: The cross‐country evidence," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 8(3), pages 420-434, September.

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