The great depression of the 1990s in Finland

Jaakko Kiander and Pentti Vartia
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Pentti Vartia: The Research Institute of tile Finnish Economy, Finland

Finnish Economic Papers, 1996, vol. 9, issue 1, 72-88

Abstract: The beginning of the 1990s witnessed the collapse ofthe Eastern European economies and a severe recession in some Western European countries. In most countries the economic difficulties have been milder than those experienced during the Great Depression of the 1930s. Finland is an exception to this rule. In Finland the current recession - if measured by output losses - has been clearly worse than the previous one 60 years ago. In this paper we discuss the relative role of foreign and domestic shocks. Was the economic policy conducted during the recession the right one? Was the crisis unavoidable after the liberalization of international capital movements? We also further review the actual developments and the economic policy discussion during the recent depression.

JEL-codes: E44 E63 (search for similar items in EconPapers)
Date: 1996
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Citations: View citations in EconPapers (15)

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Related works:
Working Paper: The Great Deperession of the 199s in Finland (1994)
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Persistent link: https://EconPapers.repec.org/RePEc:fep:journl:v:9:y:1996:i:1:p:72-88

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