Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/211974 
Year of Publication: 
2004
Series/Report no.: 
Bank of Finland Discussion Papers No. 6/2004
Publisher: 
Bank of Finland, Helsinki
Abstract: 
Finnish unemployment rose in the early 1990s from 3% to 18% in just four years.It has since fallen back to the average European level, being 9.0% in January 2003.In this paper, we describe the shocks leading to this unforeseen increase in unemployment.We then discuss and research the role of labour market institutions in the adjustment process that has brought unemployment back to a " normal " level.We argue that these institutions cannot be blamed for the increase in unemployment, but that more flexible institutions could have led to a more rapid fall in unemployment once the Finnish economy began to recover.
Subjects: 
economic crisis
labour market institutions
unemployment
Persistent Identifier of the first edition: 
ISBN: 
952-462-124-X
Document Type: 
Working Paper

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