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dc.contributor.authorJonung, Larsen_US
dc.contributor.authorSchuknecht, Ludgeren_US
dc.contributor.authorTujula, Mikaen_US
dc.date.accessioned2006-08-08en_US
dc.date.accessioned2009-07-24T13:47:55Z-
dc.date.available2009-07-24T13:47:55Z-
dc.date.issued2005en_US
dc.identifier.piurn:nbn:de:hebis:30-27721-
dc.identifier.urihttp://hdl.handle.net/10419/25479-
dc.description.abstractThis paper compares the boom-bust cycle in Finland and Sweden 1984-1995 with the average boom-bust pattern in industrialized countries as calculated from an international sample for the period 1970-2002. Two clear conclusions emerge. First, the Finnish-Swedish experience is much more volatile than the average boom-bust pattern. This holds for virtually every time series examined. Second, the bust and the recovery in the two Nordic countries differ markedly more from the international pattern than the boom phase does. The bust is considerably deeper and the recovery comes earlier and is more rapid. We explain the highly volatile character of the Finnish and Swedish boom-bust episode by the design of economic policies in the 1980s and 1990s. The boom-bust cycle in Finland and Sweden 1984-1995 was driven by financial liberalization and a hard currency policy, causing large pro-cyclical swings in the real rate of interest transmitted via the financial sector into the real sector and then into the public finances.en_US
dc.language.isoengen_US
dc.publisherCenter for Financial Studies Frankfurt, Mainen_US
dc.relation.ispartofseriesCFS Working Paper 2006/13en_US
dc.subject.jelE32en_US
dc.subject.jelE62en_US
dc.subject.jelE63en_US
dc.subject.ddc330en_US
dc.subject.keywordBoomen_US
dc.subject.keywordBusten_US
dc.subject.keywordAsset Price Cyclesen_US
dc.subject.keywordReal Interest Ratesen_US
dc.subject.keywordFinancial Crisisen_US
dc.subject.keywordFinlanden_US
dc.subject.keywordSwedenen_US
dc.subject.stwKonjunkturen_US
dc.subject.stwVergleichen_US
dc.subject.stwFinnlanden_US
dc.subject.stwSchwedenen_US
dc.subject.stwIndustriestaatenen_US
dc.titleThe boom-bust cycle in Finland and Sweden 1984-1995 in an international perspectiveen_US
dc.typeWorking Paperen_US
dc.identifier.ppn515351865en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:cfswop:200613-
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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