The Great Financial Crisis in Finland and Sweden: The Nordic Experience of Financial Liberalization
Lars Jonung, Jaakko Kiander, Pentti Vartia
Edward Elgar Publishing, Jan 1, 2009 - Business & Economics - 352 pages
The Nordic financial crisis had it all: a botched liberalization, a huge boom followed by an even bigger bust, massive taxpayer-financed bailouts and, finally, deep long-run gains. The first-class team of scholars mobilized in this book convincingly tell
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PART I The crisis of the 1990s in Finland and Sweden
the dynamics of boom bust and recovery 19852000
similar but not quite the same
4 The crisis of the 1990s and unemployment in Finland and Sweden
5 How costly was the crisis in Finland and Sweden?
PART II The international context
6 The boom and bust cycle in Finland and Sweden in an international perspective
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after-tax aggregate demand Asian asset prices Bank of Finland banking crisis banking sector banking system billion boom–bust cycle borrowing bust cent of GDP central bank changes Chapter commercial banks competitiveness consumption cost credit crunch crises currency crisis current account debt decline deficits deflation Denmark depreciation depression devaluation domestic downturn early economic policy effects export finance companies financial crisis financial deregulation financial liberalization financial markets financial system Finland and Sweden Finnish and Swedish fiscal policy fixed exchange rate floating foreign growth households increased inflation institutions investment Jonung Kiander krona lending boom lessons loans loss provisions macroeconomic markka ment monetary policy Nordbanken Nordic countries Norges Bank Norwegian banking OPEC pegged exchange rate percentage points period policy-makers problems rate of interest real estate real income real interest rate real rate recovery regulation Riksbank risk role savings banks shocks Skopbank stability structural unemployment tion wage