By Lars Jonung, Jaakko Kiander, Pentti Vartia
Following global warfare II, Nordic international locations have been usually considered as profitable and reliable economies. This notion was once, in spite of the fact that, shattered within the early Nineteen Nineties while Finland and Sweden encountered critical monetary crises. the following, the authors discover the indicators of monetary quandary - lowering actual source of revenue, hovering unemployment and exploding public deficits - and their devastating results. The e-book compares and contrasts the reports of Finland and Sweden, then adopts a global point of view, encompassing the stories of Asia, Latin the US, Denmark and Norway. classes from the Nineties problem are drawn, and attainable ideas prescribed. the belief is that long term results of economic crises - monetary liberalization and integration - aren't as dramatic because the non permanent results, yet may perhaps end up to be of larger significance over the years. purely the longer term will express no matter if those long term advantages will stability or perhaps outweigh the big momentary expenses of the crises. hugely correct to the present foreign monetary hindrance at present afflicting the realm economic system, this well timed booklet will end up important to economists and different social scientists with a common curiosity in monetary crises, and to these with a extra particular curiosity within the evolution and types of Scandinavian economies.
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Additional resources for The Great Financial Crisis in Finland and Sweden: The Nordic Experience of Financial Liberalization
10 Fisher depicted debt deflation as a process where indebted economic agents become over-indebted, when actual income (earnings) and real interest rate developments do not meet previous expectations. Over-indebted economic agents, facing mounting liquidity problems, are suddenly forced to sell so much of their assets that asset prices start to fall. The fall in asset prices brings about a decline in their net wealth, as the nominal value of their debt to banks and other financial institutions remains unchanged.
They improve export performance in the short run but eventually increase inflationary pressures, thus bringing about demands for new devaluations, in this way creating devaluation cycles. 15 The financial crisis of the 1990s demonstrated, however, that the policy of the hard markka and the hard krona actually amplified the boom and deepened the economic downturn. When an economy has ended up in a debt deflation process with an overvalued currency, loss of competitiveness, rising current account deficit and mounting financial imbalances due to rising real rates of interest and falling asset prices, the policy-makers can and – as a normative proposition – should arrest the process by a change in the foreign value of the domestic currency.
Finally, we address two major questions raised by the crisis record: first, why was the pegged exchange rate defended so stubbornly, and second, what policy lessons emerged from the crisis? 1 THE CONCEPTUAL FRAMEWORK How could the Finnish and Swedish economies end up in such a deep depression? How could policy-makers committed to full employment allow widespread unemployment? To answer these questions we first have to identify the forces, domestic and international, responsible for the exceptional depth of the crisis and then find a suitable framework to account for them.
The Great Financial Crisis in Finland and Sweden: The Nordic Experience of Financial Liberalization by Lars Jonung, Jaakko Kiander, Pentti Vartia