The 1980s financial liberalization in the Nordic countries

No 36/2012, Bank of Finland Research Discussion Papers from Bank of Finland

Abstract: The financial liberalization in the four Nordic countries (Denmark, Finland, Norway, and Sweden) that took place mostly in the 1980s led to a major financial crisis in three of those countries. The crises in Finland, Norway, and Sweden are among the deepest financial crises in advanced market economies since World War II. Denmark experienced some banking problems but managed to avoid a systemic crisis. This paper reviews the process of liberalization and discusses the reasons why Finland, Norway, and Sweden drifted into financial and economic crises.

Keywords: financial repression; credit rationing; capital account controls; financial deregulation (search for similar items in EconPapers)
JEL-codes: E42 F36 G28 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:bofrdp:rdp2012_036

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