The 1990's Financial Crises in Nordic Countries

32 Pages Posted: 3 Jul 2009

See all articles by Seppo Honkapohja

Seppo Honkapohja

Aalto University School of Business; Centre for Economic Policy Research (CEPR); CESifo (Center for Economic Studies and Ifo Institute for Economic Research); Aalto University - School of Business

Date Written: January 21, 2009

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

JEL Classification: G01, G21, E44

Suggested Citation

Honkapohja, Seppo, The 1990's Financial Crises in Nordic Countries (January 21, 2009). Bank of Finland Research Discussion Paper No. 5/2009, Available at SSRN: https://ssrn.com/abstract=1427260 or http://dx.doi.org/10.2139/ssrn.1427260

Seppo Honkapohja (Contact Author)

Aalto University School of Business ( email )

, PO Box 21210
Aalto FI-00076
Finland

Centre for Economic Policy Research (CEPR)

London
United Kingdom

CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

Poschinger Str. 5
Munich, DE-81679
Germany

HOME PAGE: http://www.CESifo.de

Aalto University - School of Business

Finland

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