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The Financial Reform in Finland

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  • International Monetary Fund

Abstract

This paper examines the evolution of the Finnish financial system from a restrictive system based on credit limitations and rationing to an open system which relies on indirect, market-oriented policies. The main beneficiaries are found to be the banks and those that previously had restricted access to bank credit. Two major remaining problems are the anti-savings biases associated with the generous tax treatment of household interest payments and the cartel-like system used in providing tax-free deposits to households. The paper also challenges the argument that the reform caused a loss of monetary autonomy.

Suggested Citation

  • International Monetary Fund, 1988. "The Financial Reform in Finland," IMF Working Papers 1988/089, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1988/089
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=28807
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