Great Financial Crisis in Finland and Sweden

The Nordic Experience of Financial Liberalization

Inbunden, Engelska, 2009

AvLars Jonoug,Jaakko Kiander,Pentti Vartia

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Following World War II, Nordic countries were commonly regarded as successful and stable economies. This perception was, however, shattered in the early 1990s when Finland and Sweden encountered severe financial crises. Here, the authors explore the symptoms of financial crisis - decreasing real income, soaring unemployment and exploding public deficits - and their devastating effects. The book compares and contrasts the experiences of Finland and Sweden, then adopts an international perspective, encompassing the experiences of Asia, Latin America, Denmark and Norway. Lessons from the 1990s crisis are drawn, and possible solutions prescribed. The conclusion is that long-term effects of financial crises - financial liberalization and integration - are not as dramatic as the short-term effects, but may prove to be of greater importance over time. Only the future will show whether these long-term benefits will balance or even outweigh the enormous short-term costs of the crises.Highly relevant to the current international financial crisis currently afflicting the world economy, this timely book will prove invaluable to economists and other social scientists with a general interest in financial crises, and to those with a more specific interest in the evolution and models of Scandinavian economies.

Produktinformation

Utgivningsdatum2009-08-31
Mått156 x 234 x undefined mm
FormatInbunden
SpråkEngelska
FörlagEdward Elgar Publishing Ltd
ISBN9781848443051

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Finanskriser inom Ekonomi och ledarskap

Contents:Preface1. IntroductionLars Jonung, Jaakko Kiander and Pentti VartiaPART I: THE CRISIS OF THE 1990s IN FINLAND AND SWEDEN 2. The Great Financial Crisis in Finland and Sweden: The Dynamics of Boom, Bust and Recovery 1985–2000 Lars Jonung, Jaakko Kiander and Pentti Vartia3. Financial Crisis in Finland and Sweden: Similar But Not Quite the SamePeter Englund and Vesa Vihriälä4. The Crisis of the 1990s and Unemployment in Finland and SwedenKlas Fregert and Jaakko Pehkonen5. How Costly was the Crisis in Finland and Sweden?Thomas Hagberg and Lars Jonung PART II: THE INTERNATIONAL CONTEXT6. The Boom and Bust Cycle in Finland and Sweden in an International PerspectiveLars Jonung, Ludger Schuknecht and Mika Tujula7. The Boom and Bust Cycle in NorwayErling Steigum8. How did Denmark Avoid a Banking Crisis?Claus Vastrup9. The Nordic and Asian Crises: Common Causes, Different OutcomesAri Kokko and Kenji SuzukiPART III: LESSONS FROM THE NORDIC CRISES10. Twelve Lessons from the Nordic Experience of Financial LiberalizationLars JonungIndex

'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 a story that should be carefully studied by economists, bankers and policymakers. After this book, no one should be able to say: "If we only knew"!'

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