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The depression of the 1990s in Finland: an analytic view

Seppo Honkapohja (), Erkki Koskela and Jouko Paunio
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Erkki Koskela: Department of Economics, University of Helsinki, Finland
Jouko Paunio: Department of Economics, University of Helsinki, Finland

Finnish Economic Papers, 1996, vol. 9, issue 1, 37-54

Abstract: This paper deals with some aspects of the Finnish economic crisis in the 1990s by starting with a quick description of the main macroeconomic features of the crisis together with some empirical evidence on price and wage as well as interest rate determination. With these as a background a theoretical analysis of fiscal and monetary policies is presented by putting a special attention on the macroeconomic implications of high foreign debt and the banking system for the effects of monetary and fiscal policies. The paper ends up by interpreting the role of economic policy during the depression and considering problems of the external balance of the Finnish economy in the near future.

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