, Volume 38, Issue 1, pp 71–76 | Cite as

Lessons from the crisis in Finland and Sweden in the 1990s by Jaakko Kiander, Pentti Vartia: Comment

  • Helene Schuberth
Original Paper

The current financial crisis has renewed interest in the Nordic experience of the mid-1990s. In addition to investigating similarities and differences between then and now, the crisis resolution mechanisms adopted by the respective governments are also worthwhile studying, because they bear important lessons for today. The authors focus in particular on the economic policy reactions to the crisis. It is a rich, comprehensive and thought-provoking work, and it is quite different from earlier surveys on the Nordic crisis for three main reasons: It gives new perspectives, it asks new and relevant questions, and it relates economic policy phenomena to political economy aspects of the crisis.

I will focus my remarks on five key themes, (1) financial deregulation and the debt deflation process, (2) policy response, (3) leaning against the wind, (4) the dangers of financial ignorance, and (5) the dangers of trying to learn from past crises.

Financial deregulation and the debt deflation process


Monetary Policy Central Bank Housing Price Asset Price Hedge Fund 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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Copyright information

© Springer Science+Business Media, LLC. 2011

Authors and Affiliations

  1. 1.Oesterreichische NationalbankViennaAustria

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