European Economy. Economic Papers
Lars Jonung, DG ECFIN, European Commission, Brussels, Jaakko Kiander, Labour Institute for Economic Research, Helsinki and the University of Helsinki, Pentti Vartia Research Institute of the Finnish Economy, ETLA, Helsinki
The great financial crisis in Finland and Sweden – The dynamics of boom, bust and recovery, 1985-2000 - Lars Jonung, Jaakko Kiander and Pentti Vartia(2 MB)
(European Economy. Economic Papers. 350. December 2008.
Luxembourg. 72pp. Tab. Graph. Ann. Bibliogr. Free.)
KC-AI-08-350-EN ISSN: 1735-3187
Summary for non-specialists(77 kB)
This paper explores the anatomy of the boom, deep depression and recovery in the Finnish and Swedish economies in the period 1985-2000. These fifteen years are divided into three phases: (1) financial liberalization and the boom and the overheating of 1985-90, (2) the outbreak and spread of the crisis to all sectors of the economy in 1990-92, and (3) the recovery 1993-2000. Each period is analyzed separately.
JEL classification: E32, E44, E63, F32, F34, G33.
- Jonung, L. and T. Hagberg (2005), “How costly was the crisis of the 1990s? A comparative analysis of the deepest crises in Finland and Sweden over the last 130 years”, European Economy. Economic Papers, no 224(475 kB) . March 2005. European Commission. Brussels.
- Jonung, L., Schuknecht L. and Tujula M. (2005) "The Boom-Bust Cycle in Finland and Sweden 1984-1995 in an International Perspective”, European Economy. Economic Papers, no. 237(208 kB) . December 2005. European Commission. Brussels.