Research Discussion Papers, Bank of Finland
No 5/2009:
The 1990’s financial crises in Nordic countries
Seppo Honkapohja ()
Abstract: The current financial crisis, which has lasted almost one
and a half years, is the 19th such crisis in the post-war period in
advanced economies. Recent literature classifies the Nordic crises in
Norway, Sweden and Finland in late 1980's and early 1990’s among the Big
Five crises that have happened before the current crisis, which is now of a
global nature. This paper outlines the developments of the Nordic crises,
reasons behind them and crisis management by the authorities. Relatively
more emphasis is placed on the Finnish crisis, as it was the deepest one.
The paper concludes by considering the lessons that can be drawn from the
Nordic crises.
Keywords: financial deregulation; bank lending; overheating; financial crisis; (follow links to similar papers)
JEL-Codes: E44; G01; G21; (follow links to similar papers)
29 pages, January 21, 2009
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