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The 1990's financial crises in Nordic countries

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  • Honkapohja, Seppo

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

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  • Honkapohja, Seppo, 2009. "The 1990's financial crises in Nordic countries," Bank of Finland Research Discussion Papers 5/2009, Bank of Finland.
    • Handle: RePEc:zbw:bofrdp:rdp2009_005
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    1. Englund, Peter, 1999. "The Swedish Banking Crisis: Roots and Consequences," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 15(3), pages 80-97, Autumn.
    2. Allen, Franklin & Gale, Douglas, 1999. "Bubbles, Crises, and Policy," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 15(3), pages 9-18, Autumn.
    3. Mr. Burkhard Drees & Ceyla Pazarbasioglu, 1998. "The Nordic Banking Crisis: Pitfalls in Financial Liberalization: Pitfalls in Financial Liberalization," IMF Occasional Papers 1998/007, International Monetary Fund.
    4. Malcolm Edey & Ketil Hviding, 1995. "An Assessment of Financial Reform in OECD Countries," OECD Economics Department Working Papers 154, OECD Publishing.
    5. Aaron Tornell & Frank Westermann (ed.), 2005. "Boom-Bust Cycles and Financial Liberalization," MIT Press Books, The MIT Press, edition 1, volume 1, number 9780262201599, April.
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    Cited by:

    1. Jan-Egbert Sturm & Jakob de Haan & Eelco Zandberg, 2009. "Auswirkungen von Finanz- und Wirtschaftskrisen auf die wirtschaftliche Entscheidungsfreiheit," KOF Analysen, KOF Swiss Economic Institute, ETH Zurich, vol. 3(4), pages 51-64, December.
    2. Philipp Heimberger, 2024. "Fiscal consolidation and its growth effects in euro area countries: Past, present and future outlook," FMM Working Paper 109-2024, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    3. Honkapohja, Seppo, 2012. "The 1980s financial liberalization in the Nordic countries," Bank of Finland Research Discussion Papers 36/2012, Bank of Finland.

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