Research Discussion Papers, Bank of Finland
The 1980s financial liberalization in the Nordic countries
Abstract: The financial liberalization in the four Nordic countries
(Denmark, Finland, Norway, and Sweden) that took place mostly in the 1980s
led to a major financial crisis in three of those countries. The crises in
Finland, Norway, and Sweden are among the deepest financial crises in
advanced market economies since World War II. Denmark experienced some
banking problems but managed to avoid a systemic crisis. This paper reviews
the process of liberalization and discusses the reasons why Finland,
Norway, and Sweden drifted into financial and economic crises.
Keywords: financial repression; credit rationing; capital account controls; financial deregulation; (follow links to similar papers)
JEL-Codes: E42; F36; G28; (follow links to similar papers)
25 pages, December 14, 2012
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