Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212299 
Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 24/2014
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
We investigate the causes of the Finnish Great Depression, 1990-1993. We find that the collapse of the overheated financial and banking sectors starting in 1989 was the trigger of the economic crisis. Foreign shocks, which include the collapse of trade with USSR in 1991, can account for at most about half of the slump, and these shocks occurred only when the economy was already in free fall. Also, the deleveraging and restructuring process of the financial system substantially prolonged the subsequent recovery. Our methodology involves estimating a structural VAR model with sign and exogeneity restrictions. Importantly, we are able to distinguish between financial shocks affecting the demand for intermediated loans and those shifting the loan supply curve. Hence we also contribute to the discussion on which financial shocks actually matter.
Schlagwörter: 
business cycles
great depressions
financial shocks
sign restrictions
Finland
JEL: 
E32
E44
O52
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-323-001-9
Dokumentart: 
Working Paper

Datei(en):
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