Lessons for China from Financial Liberalization in Scandinavia
Lars Jonung () and
Additional contact information
Hongyi Chen: Hong Kong Institute for Monetary Research
Olaf Unteroberdoerster: International Monetary Fund, Washington DC
No 262009, Working Papers from Hong Kong Institute for Monetary Research
This report identifies a set of policy lessons for China today drawn from the experience of financial deregulation, financial crisis and recovery in Scandinavia during the period 1985-2000. Although there are considerable differences between the huge Chinese economy and the small Nordic countries, there are enough similarities to make lesson-drawing a worthwhile exercise. Based on the Scandinavian experience and the added complexity of China¡¦s status as a transition economy, financial reforms should strike a proper balance between being gradual (to avoid costly mistakes) and substantive (to secure efficiency gains in the longer term) with due consideration being given to initial conditions concerning regulation, taxes and exchange rate arrangements. A well managed process of financial deregulation requires that policy-makers and market participants fully understand the interlinkages between financial reforms and the rest of the economy. In addition, the supervisory and management systems in the financial sector should move in step with the liberalization process.
Keywords: Financial Liberalization; Financial Crisis; Transition; Financial Regulation; Banking; Boom-Bust; China; Scandinavia; the Nordics (search for similar items in EconPapers)
JEL-codes: E52 E58 F31 F32 G01 G21 G28 G32 P52 (search for similar items in EconPapers)
Pages: 53 pages
New Economics Papers: this item is included in nep-ifn, nep-mac and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4) Track citations by RSS feed
Downloads: (external link)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.hkimr.org/uploads/publication/122/ub_full_0_2_221_wp-no-26_2009.pdf [301 Moved Permanently]--> http://www.aof.org.hk/research/HKIMR/uploads/publication/122/ub_full_0_2_221_wp-no-26_2009.pdf [301 Moved Permanently]--> https://www.aof.org.hk/research/HKIMR/uploads/publication/122/ub_full_0_2_221_wp-no-26_2009.pdf)
Journal Article: Lessons for China from Financial Liberalization in Scandinavia (2014)
Working Paper: Lessons for China from financial liberalization in Scandinavia (2009)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:hkm:wpaper:262009
Access Statistics for this paper
More papers in Working Papers from Hong Kong Institute for Monetary Research Contact information at EDIRC.
Bibliographic data for series maintained by HKIMR ().