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Financial crises and monetary expansion

  • Ola Honningdal Grytten


    (Norwegian School of Economics and Business Administration and Norges Bank (Central Bank of Norway))

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    On the basis of data from the Historical Monetary Statistics-project by Norges Bank, the present paper serves a threefold purpose. In the first place it gives an overview of financial crisis in Norway from her independence from Denmark in 1814 till present times. Secondly, historical business cycles are mapped and we conclude that the major financial crises were mirrored in significant slumps in the real economy. Thirdly, the paper investigates credit and monetary developments, and concludes that the major financial crises in Norway typically took place after substantial money and credit expansion causing overheating and bubbles to the economy.

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    Paper provided by Norges Bank in its series Working Paper with number 2011/21.

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    Length: 35 pages
    Date of creation: 10 Jan 2012
    Date of revision:
    Handle: RePEc:bno:worpap:2011_21
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