The Nordic Experience of Financial Liberalization
Edited by Lars Jonoug, Jaakko Kiander and Pentti Vartia
This book studies the deep crisis that hit Finland and Sweden in the early 1990s, a crisis with devastating effects. The Finnish and Swedish experience of boom, bust and crisis is compared across time and across countries. The first part of the volume contrasts the experience of Finland and Sweden. The second part brings in an international perspective. The third part presents the lessons from the crisis of the 1990s. This volume is the outcome of a joint Finnish–Swedish project, ‘Crises, macroeconomic performance and economic policies in Finland and Sweden in the 1990s: a comparative approach’, headed by Lars Jonung on the Swedish side and by Pentti Vartia on the Finnish side. The project was one of many within a wide-ranging Finnish–Swedish research program entitled Kahden puolen Pohjanlahtea (in Finnish) and Svenskt i Finland – Finskt i Sverige (in Swedish) – translated officially as ‘Interaction across the Gulf of Bothnia’. Three Finnish foundations, Finlands Akademi, Svenska litteratursällskapet i Finland and Stiftelsen för Åbo Akademi, and two Swedish foundations, Vetenskapsrådet and Riksbankens jubileumsfond, sponsored this unique cross-country research venture that ran in the period 2000–03, involving about 120 scholars from a wide array of specialties in 17 different projects. The program aimed at studying the contacts between Finland and Sweden, their long joint history of strong economic, social, political and cultural ties. Before 1809 they were one country. Today, they are economic partners, but also competitors on world markets; similar, but also different in many aspects. This...