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Economic Prosperity RecapturedThe Finnish Path from Crisis to Rapid Growth$
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Seppo Honkapohja, Erkki A. Koskela, Willi Leibfritz, and Roope Uusitalo

Print publication date: 2009

Print ISBN-13: 9780262012690

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262012690.001.0001

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The Crisis of the Early 1990s

The Crisis of the Early 1990s

(p.9) 2 The Crisis of the Early 1990s
Economic Prosperity Recaptured

Seppo Honkapohja

Erkki A. Koskela

Willi Leibfritz

Roope Uusitalo

The MIT Press

This chapter focuses on the Finnish economic crisis of the early 1990s. It begins by telling the story of the Finnish crisis in terms of shocks and policies, provides an overview of the reasons behind the turbulent developments in Finland, and then examines the Finnish economic depression as a classic financial crisis. Brief comparisons are made with developments in other countries: Chile, Mexico, some East Asian countries (Indonesia, Korea, Malaysia, and Thailand), and Sweden. Finally, the chapter conducts an econometric analysis of private consumption and investment behavior to evaluate the role of interest rates and other financial variables in the Finnish real economy, and to explain the huge fluctuations in private investment and consumption behavior.

Keywords:   Finnish economy, Finland, economic crisis, economic policy, economic depression, financial crisis, private consumption, investment behavior, interest rates

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