The 1980s financial liberalization in the Nordic countries

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Title: The 1980s financial liberalization in the Nordic countries
Author: Honkapohja, Seppo
Organization: Bank of Finland
Series: Bank of Finland Research Discussion Papers
Series number: 36/2012
Year of publication: 2012
Publication date: 14.12.2012
Pages: 25 s.
Keywords: Suomi; Ruotsi; Pohjoismaat; Tanska; Norja; rahoitusmarkkinat; rahoituslaitokset; pankkitoiminta; pankkikriisit; kriisit; sääntely; valvonta; finanssivalvonta; pääomaliikkeet; taloushistoria; pääomamarkkinat;
JEL: E42; F36; G28
Abstract: The financial liberalization in the four Nordic countries (Denmark, Finland, Norway, and Sweden) that took place mostly in the 1980s led to a major financial crisis in three of those countries. The crises in Finland, Norway, and Sweden are among the deepest financial crises in advanced market economies since World War II. Denmark experienced some banking problems but managed to avoid a systemic crisis. This paper reviews the process of liberalization and discusses the reasons why Finland, Norway, and Sweden drifted into financial and economic crises. Keywords: financial repression, credit rationing, capital account controls, financial deregulation JEL classification numbers: E42, F36, G28

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