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Author: Peter Nyberg
Publisher:
ISBN:
Category :
Languages : en
Pages : 52
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Book Description
Author: Peter Nyberg
Publisher:
ISBN:
Category :
Languages : en
Pages : 52
Get Book Here
Book Description
Author: Peter Nyberg
Publisher:
ISBN:
Category :
Languages : en
Pages : 52
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Book Description
The paper is an update through early 1994 of a similarly titled paper (Bank of Finland Discussion Papers 8/93). It gives a brief description of the evolution of the Finnish banking crisis and its handling. In the first section, the salient features of the Finnish banking system are described. We then briefly discuss the liberalization process, macroeconomic and regulatory policies, and the subsequent credit boom and its development into a recession of unprecedented depth. Next, we document the impact on bank profitablity of the drastic changes in macroeconomic conditions. The collapse and rescue of, Skopbank are summarized. In section 2 we describe the public safety net, starting with the pre-crisis arrangements. This is followed by an exposition in section 3 of the, new measures taken in 1992 and 1993, with the emphasis on the establishment of the Government Guarantee Fund, its organization, powers and principles of operation. Section 4 gives an account of the support measures taken by the Goverment Guarantee Fund in the course of 1992 and the whole of 1993. Finally, in section 5, we discuss the banks' current economic environment and their prospects in the near future, now also brought forward into early 1994. The paper includes references to recent articles and discussion papers dealing with important aspects of the current banking crisis. The list of references is by no means exhaustive, and it is designed mainly to help foreign readers to find supplementary material. Therefore only those papers in Finnish or Swedish which have to do most with the current crisis are included.
Author: Lars Jonung
Publisher: Edward Elgar Publishing
ISBN: 1849802130
Category : Business & Economics
Languages : en
Pages : 351
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Book Description
The Nordic financial crisis had it all: a botched liberalization, a huge boom followed by an even bigger bust, massive taxpayer-financed bailouts and, finally, deep long-run gains. The first-class team of scholars mobilized in this book convincingly tell a story that should be carefully studied by economists, bankers and policymakers. After this book, no one should be able to say: If we only knew ! Charles Wyplosz, Graduate Institute of International Studies, Geneva, Switzerland The financial crisis in Scandinavia in the early 1990s was a forerunner of the later world-wide crisis in 2007/8. Although the initial causation was different, the impact on their banks, though more localised, was just as severe. So we can benefit, and already policymakers have done so, from learning the lessons in this book on how to restore shattered banking systems to health. For this we owe a debt of gratitude to the editors, who have put together a series of key papers that emerged from a much larger exercise on the crisis that was earlier reported in four volumes in Swedish and Finnish. Amongst the many studies on current and past financial crises, this is a classic must-read . Charles A.E. Goodhart, London School of Economics, UK The Nordic experience with financial crisis resolution could not be more timely. Everyone cites it as an example of how it should be done , but rarely does one find careful and detailed analysis. Now policymakers and others searching for guidance will know where to look. Barry Eichengreen, University of California, Berkeley, US Following World War II, Nordic countries were commonly regarded as successful and stable economies. This perception was, however, shattered in the early 1990s when Finland and Sweden encountered severe financial crises. Here, the authors explore the symptoms of financial crisis decreasing real income, soaring unemployment and exploding public deficits and their devastating effects. The book compares and contrasts the experiences of Finland and Sweden, then adopts an international perspective, encompassing the experiences of Asia, Latin America, Denmark and Norway. Lessons from the 1990s crisis are drawn, and possible solutions prescribed. The conclusion is that long-term effects of financial crises financial liberalization and integration are not as dramatic as the short-term effects, but may prove to be of greater importance over time. Only the future will show whether these long-term benefits will balance or even outweigh the enormous short-term costs of the crises. Highly relevant to the current international financial crisis currently afflicting the world economy, this timely book will prove invaluable to economists and other social scientists with a general interest in financial crises, and to those with a more specific interest in the evolution and models of Scandinavian economies.
Author: Risto Murto
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Ceyla Pazarbaşioğlu
Publisher:
ISBN:
Category : Bank loans
Languages : en
Pages : 24
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Book Description
Author: Mr.Burkhard Drees
Publisher: International Monetary Fund
ISBN: 9781557757005
Category : Business & Economics
Languages : en
Pages : 52
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Book Description
This study examines the banking crises in Finland, Norway and Sweden, which took place in the early 1990s, and draws some policy conclusions from their experiences. One key conclusion is that factors in addition to business cycle effects explain the Nordic countries financial problems. Although the timing of the deregulation in all three countries coincided with a strongly expansionary macroeconomic momentum, the main reasons for the banking crises were the delayed policy responses, the structural characteristics of the financial systems, and the banks inadequate internal risk-management controls.
Author: Anders Kjellman
Publisher:
ISBN: 9789516503908
Category : Banks and banking
Languages : en
Pages : 100
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Book Description
Author: Anders Kjellman
Publisher:
ISBN: 9789516507630
Category : Banks and banking
Languages : en
Pages : 32
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Book Description
Author: Jarmo Pesola
Publisher:
ISBN: 9789516867147
Category :
Languages : en
Pages : 61
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Book Description
The macroeconomic reasons for the recent banking crises in the Nordic countries are analysed using an econometric model estimated with panel data from the 1980s and 1990s. Two alternative dependent variables are used: the ratio of banks' loan losses to lending and enterprise bankruptcies per capita. The explanatory variables are the lagged dependent variable, lagged percentage change in GDP, an income surprise variable combined with lagged aggregate indebtedness, a real interest rate surprise variable combined with lagged aggregate indebtedness, and a deregulation dummy. The innovation in this paper is the use of surprise variables based on macroeconomic forecasts. According to the results, high indebtedness combined with negative macroeconomic surprises contributed to the recent banking crises in Sweden, Norway and Finland. Also the effects of the preceding financial liberalization and lending boom on bankruptcies and loan losses can be traced in the results. The econometric testing did not indicate direct effects of the exchange rate or the terms of trade on the banking crises. Denmark did not suffer a banking crisis because the macroeconomic surprises were smaller there and the initial debt burden was lighter than in the other Nordic countries. This was the result of, among other things, earlier financial deregulation, which was conducted in a fairly balanced way, and a different economic policy regime, as Denmark belonged to the ERM.
Author: Mr.Stijn Claessens
Publisher: International Monetary Fund
ISBN: 1475561008
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
