The financial crises of the 1990s in Finland and other Nordic countries

Abstract

The current financial turmoil has now lasted almost two years. In the post-war period, the current crisis is the 19th in advanced economies and the first in the 21st century. In a recent paper, Carmen Reinhart and Kenneth Rogoff (2008) divide the 18 crises before the current US subprime crisis into the big five and a number of smaller crises. The big five include the crises in Norway, Finland and Sweden that occurred mostly in the early 1990s. The Norwegian crisis began already in the late 1980s, but continued into the 1990s.