Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212239 
Year of Publication: 
2012
Series/Report no.: 
Bank of Finland Research Discussion Papers No. 36/2012
Publisher: 
Bank of Finland, Helsinki
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.
Subjects: 
financial repression
credit rationing
capital account controls
financial deregulation
JEL: 
E42
F36
G28
Persistent Identifier of the first edition: 
ISBN: 
978-952-462-831-0
Document Type: 
Working Paper

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