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Household Savings and Debts: The Experience of the Nordic Countries

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  • Berg, Lennart

Abstract

The paper discusses the development of savings and household debt in the Nordic countries during the last two decades. The main conclusion is that the timing of political reforms in the 1980s and 1990s was fundamental for the development of consumption and household savings. In general, financial deregulation took place before tax reforms and lifting of foreign exchange controls. The wrong timing of these reforms resulted in households accumulating high debt burdens, which in turn led to a deep and longer recession or process of debt deflation than might otherwise have occurred. Copyright 1994 by Oxford University Press.

Suggested Citation

  • Berg, Lennart, 1994. "Household Savings and Debts: The Experience of the Nordic Countries," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 10(2), pages 42-53, Summer.
    • Handle: RePEc:oup:oxford:v:10:y:1994:i:2:p:42-53
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    Cited by:

    1. Essi Eerola & Niku Maattanen, 2018. "Borrowing constraints and housing market liquidity," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 27, pages 184-204, January.
    2. Elin Halvorsen, 2003. "Financial Deregulation and Household Saving. The Norwegian Experience Revisited," Discussion Papers 361, Statistics Norway, Research Department.
    3. Lennart Berg, 2002. "Prices on the second-hand market for Swedish family houses: correlation, causation and determinants," European Journal of Housing Policy, Taylor and Francis Journals, vol. 2(1), pages 1-24.
    4. Agell, Jonas & Englund, Peter & Sodersten, Jan, 1996. "Tax Reform of the Century -- the Swedish Experiment," National Tax Journal, National Tax Association;National Tax Journal, vol. 49(4), pages 643-664, December.
    5. Ersi Athanassiou, 2007. "Prospects for Household Borrowing in Greece and their Importance for Growth," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 5(1), pages 89-101.
    6. Øyvind Eitrheim & Eilev S. Jansen & Ragnar Nymoen, 2002. "Progress from forecast failure -- the Norwegian consumption function," Econometrics Journal, Royal Economic Society, vol. 5(1), pages 40-64, June.
    7. Hyytinen, Ari & Pajarinen, Mika, 2001. "Financial Systems and Venture Capital in Nordic Countries: A comparative Study," Discussion Papers 774, The Research Institute of the Finnish Economy.
    8. Berg, Lennart, 2001. "Prices and Constant Quality Price Indexes for Multi-Dwelling and Commercial Buildings in Sweden," Working Paper Series 2002:2, Uppsala University, Department of Economics.
    9. A. Bayar & K. Mc Morrow, 1999. "Determinants of private consumption," European Economy - Economic Papers 2008 - 2015 135, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    10. Solveig Erlandsen & Ragnar Nymoen, 2008. "Consumption and population age structure," Journal of Population Economics, Springer;European Society for Population Economics, vol. 21(3), pages 505-520, July.
    11. Janine Aron & John Muellbauer & Johan Prinsloo, 2006. "Estimating the Balance Sheet of the Personal Sector in an Emerging Market Country: South Africa 1975-2003," WIDER Working Paper Series RP2006-99, World Institute for Development Economic Research (UNU-WIDER).
    12. Eerola Essi & Määttänen Niku, 2012. "Borrowing Constraints and House Price Dynamics: The Case of Large Shocks," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 16(3), pages 1-36, September.
    13. Lindberg, Sara, 1999. "Consumption and Capital Mobility in the Nordic Countries," Working Paper Series 1999:6, Uppsala University, Department of Economics.
    14. Guy Debelle, 2004. "Macroeconomic implications of rising household debt," BIS Working Papers 153, Bank for International Settlements.
    15. Giavazzi, Francesco & Pagano, Marco, 1995. "Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience," CEPR Discussion Papers 1284, C.E.P.R. Discussion Papers.
    16. Ellingsen, Tore & Holden, Steinar, 1997. "Indebtedness and Unemployment: A Durable Relationship," SSE/EFI Working Paper Series in Economics and Finance 186, Stockholm School of Economics.
    17. Barrell, Ray & Pain, Nigel & Hurst, Ian, 1996. "German Monetary Union: An historical counterfactual analysis," Economic Modelling, Elsevier, vol. 13(4), pages 499-518, October.

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