Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/211693 
Year of Publication: 
1994
Series/Report no.: 
Bank of Finland Discussion Papers No. 5/1994
Publisher: 
Bank of Finland, Helsinki
Abstract: 
This paper summarizes the basic arguments given by professors Christian Bordes, David Currie and Hans Söderström in their reports on the state and behaviour of the Finnish economy prior to mid 1993. The focus is primarily on the analytical frameworks or models used by the professors to organize their thoughts on the Finnish economy, and, admittedly, at some risk of over-simplification interpretes the reports through common analytical principles. The paper argues that basically each of the reports subscribes to the idea of a credit cycle as the driving force behind the development of the Finnish economy during the last ten years or so. Thus the very nature of the credit cycle is analyzed in the paper and interpreted in a way suitable for economic policy analysis. This discussion is followed by the policy analysis, which is organized through a sequence of policy issues and proposals raised by the professors in their reports. The paper tries to emphasize and evaluate those aspects of the analysis pursued by the professors which relate to the (lack of) credibility of the then prevailing policy regime and the feasibility of the various policy measures taken. Finally, the paper draws attention to some of the ideas discussed by the professors related to future policy options in Finland.
Persistent Identifier of the first edition: 
ISBN: 
951-686-401-5
Document Type: 
Working Paper

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