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The Nordic Banking Crisis
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Book Synopsis The Nordic Banking Crisis by : Mr.Burkhard Drees
Download or read book The Nordic Banking Crisis written by Mr.Burkhard Drees and published by International Monetary Fund. This book was released on 1998-04-20 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the banking crises in Finland, Norway and Sweden, which took place in the early 1990s, and draws some policy conclusions from their experiences. One key conclusion is that factors in addition to business cycle effects explain the Nordic countries financial problems. Although the timing of the deregulation in all three countries coincided with a strongly expansionary macroeconomic momentum, the main reasons for the banking crises were the delayed policy responses, the structural characteristics of the financial systems, and the banks inadequate internal risk-management controls.
Book Synopsis The Nordic Banking Crisis: Pitfalls in Financial Liberalization? by : B. Drees
Download or read book The Nordic Banking Crisis: Pitfalls in Financial Liberalization? written by B. Drees and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Nordic Banking Crisis by : Mr. Burkhard Drees
Download or read book The Nordic Banking Crisis written by Mr. Burkhard Drees and published by International Monetary Fund. This book was released on 1998-04-20 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the banking crises in Finland, Norway and Sweden, which took place in the early 1990s, and draws some policy conclusions from their experiences. One key conclusion is that factors in addition to business cycle effects explain the Nordic countries' financial problems. Although the timing of the deregulation in all three countries coincided with a strongly expansionary macroeconomic momentum, the main reasons for the banking crises were the delayed policy responses, the structural characteristics of the financial systems, and the banks' inadequate internal risk-management controls.
Book Synopsis The Great Financial Crisis in Finland and Sweden by : Lars Jonung
Download or read book The Great Financial Crisis in Finland and Sweden written by Lars Jonung and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Nordic financial crisis had it all: a botched liberalization, a huge boom followed by an even bigger bust, massive taxpayer-financed bailouts and, finally, deep long-run gains. The first-class team of scholars mobilized in this book convincingly tell a story that should be carefully studied by economists, bankers and policymakers. After this book, no one should be able to say: If we only knew ! Charles Wyplosz, Graduate Institute of International Studies, Geneva, Switzerland The financial crisis in Scandinavia in the early 1990s was a forerunner of the later world-wide crisis in 2007/8. Although the initial causation was different, the impact on their banks, though more localised, was just as severe. So we can benefit, and already policymakers have done so, from learning the lessons in this book on how to restore shattered banking systems to health. For this we owe a debt of gratitude to the editors, who have put together a series of key papers that emerged from a much larger exercise on the crisis that was earlier reported in four volumes in Swedish and Finnish. Amongst the many studies on current and past financial crises, this is a classic must-read . Charles A.E. Goodhart, London School of Economics, UK The Nordic experience with financial crisis resolution could not be more timely. Everyone cites it as an example of how it should be done , but rarely does one find careful and detailed analysis. Now policymakers and others searching for guidance will know where to look. Barry Eichengreen, University of California, Berkeley, US Following World War II, Nordic countries were commonly regarded as successful and stable economies. This perception was, however, shattered in the early 1990s when Finland and Sweden encountered severe financial crises. Here, the authors explore the symptoms of financial crisis decreasing real income, soaring unemployment and exploding public deficits and their devastating effects. The book compares and contrasts the experiences of Finland and Sweden, then adopts an international perspective, encompassing the experiences of Asia, Latin America, Denmark and Norway. Lessons from the 1990s crisis are drawn, and possible solutions prescribed. The conclusion is that long-term effects of financial crises financial liberalization and integration are not as dramatic as the short-term effects, but may prove to be of greater importance over time. Only the future will show whether these long-term benefits will balance or even outweigh the enormous short-term costs of the crises. Highly relevant to the current international financial crisis currently afflicting the world economy, this timely book will prove invaluable to economists and other social scientists with a general interest in financial crises, and to those with a more specific interest in the evolution and models of Scandinavian economies.
Book Synopsis The Nordic Banking Crises by : Burkhard Drees
Download or read book The Nordic Banking Crises written by Burkhard Drees and published by . This book was released on 2006 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the recent banking crises in Finland, Norway and Sweden in an attempt to draw some policy conclusions from their experiences. In all three countries, the timing of deregulation coincided with a strongly expansionary macroeconomic momentum. Delayed policy responses, as well as structural characteristics of the financial systems, and banks` inadequate internal risk management controls were important determinants of the consequences of the transition from tightly regulated to more or less competitive financial systems. In the absence of strengthened prudential banking supervision, these incentives coupled with expectations of government intervention in the event of a crisis prompted many Nordic banks to increase their lending excessively.
Book Synopsis The Economic Crisis and its Aftermath in the Nordic and Baltic Countries by : Hilmar Þór Hilmarsson
Download or read book The Economic Crisis and its Aftermath in the Nordic and Baltic Countries written by Hilmar Þór Hilmarsson and published by Routledge. This book was released on 2018-09-25 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Nordic-Baltic region has become highly integrated. The Nordic countries have been successful in balancing competitiveness and economic growth with social inclusiveness, while the Baltic States have grown economically but remain vulnerable with weak social systems and highly unequal income distribution. European Union (EU) membership and inter-linkages with the continental Nordic banking systems appear to have affected the 2008/09 crisis response of the Baltic States. In spite of their strengths, including their social systems, continental Nordic states are faced with a challenging mix of large, cross-border banks and highly indebted households at a time of rather weak global growth. The Baltic States are challenged by slow economic growth post-crisis, security concerns, and large-scale outward migration of the youngest and most highly educated people. It is now a decade since the Baltic States were hit by the global crisis. It is time to take stock of their progress and assess their relations with other countries in the region and with the EU. This book focuses on the Baltics and their Nordic partners pre- and post-crisis: successes, failures, lessons learned, and future challenges, examining and comparing the crisis response of these various small states that enjoy different income levels, operate different welfare and tax systems, and seek different levels of integration with the EU.
Book Synopsis The Evolution of Nordic Finance by : Steffen Elkiær Andersen
Download or read book The Evolution of Nordic Finance written by Steffen Elkiær Andersen and published by Springer. This book was released on 2010-11-23 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book describes the birth and growth of financial institutions and stock exchanges in Scandinavia and Finland from 1656 to 2010, including their banking crises and the history of banking regulation. It argues that quantitative regulations cannot, in the long run, produce the desired results and bear the seeds of future financial crises.
Book Synopsis The Japanese Banking Crisis of the 1990's by : Mr.Akihiro Kanaya
Download or read book The Japanese Banking Crisis of the 1990's written by Mr.Akihiro Kanaya and published by International Monetary Fund. This book was released on 2000-01-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: For a large part of the past decade, Japan has witnessed a steady deterioration in the health of its banking system. This paper examines what went wrong and why it has taken so long for the system to recover. While the paper traces the roots of the crisis to accelerated deregulation and deepening of capital markets without an appropriate adjustment in the regulatory framework, it identifies weak corporate governance and regulatory forbearance as the two factors behind what might have been an unnecessary prolongation of the distress of the financial system.
Book Synopsis Norway by : International Monetary Fund
Download or read book Norway written by International Monetary Fund and published by International Monetary Fund. This book was released on 2000-03-29 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper of Norway presents a cyclical indicator of fiscal policy at the general government level, and provides an updated assessment of the long-term fiscal position based on the future profile of the State Petroleum Fund (SPF). The study focuses on structural changes needed and prospects for privatization of state assets in the telecommunications and petroleum sectors. The paper analyzes the key issues in the Norwegian financial sector, outlines recent financial developments and banking soundness indicators, and also assesses the financial policy framework.
Book Synopsis The Origins and Nature of Scandinavian Central Banking by : Steffen Elkiær Andersen
Download or read book The Origins and Nature of Scandinavian Central Banking written by Steffen Elkiær Andersen and published by Springer. This book was released on 2016-11-01 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the formation and evolution of Scandinavian central banks. It begins by defining the nature of “central banking” in general, before moving on to investigate how and when it became meaningful to regard today’s Scandinavian central banks as such. It also explores how Scandinavian central banks have conformed to the defined ideals of “central banks” over the last 100 years, clarifying the distinctions between commercial banks and central banks, and between central banks and departments of governments. The author shows how the outbreak of the Great War was the catalyst which fundamentally transformed the originally purely commercial banks into “central banks”. The book also analyses how different the three Scandinavian central banks are, how these differences can be explained by the different political and economic circumstances surrounding their original formation, and the differences in the political environments in which they later developed.
Book Synopsis What Caused the Global Financial Crisis by : Erlend Nier
Download or read book What Caused the Global Financial Crisis written by Erlend Nier and published by International Monetary Fund. This book was released on 2010-11-01 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates empirically the drivers of financial imbalances ahead of the global financial crisis. Three factors may have contributed to the build-up of financial imbalances: (i) rising global imbalances (capital flows), (ii) monetary policy that might have been too loose, (iii) inadequate supervision and regulation. Panel data regressions are performed for OECD countries from 1999 to 2007, so as to shed light on the relative importance of these factors, as well as the extent to which these factors might have interacted in fuelling the build-up. We find that the build-up of financial imbalances was driven by capital inflows and an associated compression of the spread between long and short rates. The effect of capital inflows on the build-up is amplified where the supervisory and regulatory environment was relatively weak. We find that, by contrast, differences in monetary policy cannot account for differences across countries in the build-up of financial imbalances ahead of the crisis.
Download or read book Meltdown Iceland written by Roger Boyes and published by Bloomsbury Publishing USA. This book was released on 2009-10-06 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic crisis that emerged in America in 2008 unleashed a veritable epidemic of ill health around the world. However it was Iceland, whose population of three hundred thousand had the world's highest GDP per capita and counted itself the happiest of countries, that caught the worst cold. It has nearly killed them. No story from the economic crisis of 2008 is more evocative than I celand's. The names may be unfamiliar-Johanesson, Bjoergolfsson, Oddsson-but their exuberance, greed, and miscalculation have many counterparts on our shores. And however traumatic the collapse of individual companies may be in the United States, in Iceland's case an entire country melted down. All the wealth accumulated in the previous decade-during which a new breed of Icelanders had dared to believe they could compete economically on an international level, during which Reykjavik became the Capital of Cool-disappeared practically overnight. Iceland's story shows how closely the world economy is interconnected: The default on subprime mortgages in the U .S. led to the collapse of Lehman Brothers, which led directly to the run on Iceland's banks, which forced local authorities in Britain to switch off the heating in their classrooms. With panache and color, Roger Boyes tells the inside story of the bankrupting of I celand: how it happened, the human dramas-from politicians to financiers to fishermen-that continue to swirl around it, and the lessons we can not ignore. Published on the first anniversary of its collapse, Meltdown Iceland is a cautionary tale for our times, an authoritative and compelling account of the financial destruction of a tiny country whose saga should resonate for us all.
Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens
Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Book Synopsis Preludes to the Icelandic Financial Crisis by : R. Aliber
Download or read book Preludes to the Icelandic Financial Crisis written by R. Aliber and published by Springer. This book was released on 2011-01-19 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: Iceland became one of the symbols of the global financial crisis. It provides an ideal test case for the perceptions of economists, in particular their ability to anticipate crises. The book contains papers and reports, written prior to the collapse of Iceland's financial system, about the economy. What did and didn't they see coming, and why?
Book Synopsis The Finnish Banking Crisis and Its Handling by : Peter Nyberg
Download or read book The Finnish Banking Crisis and Its Handling written by Peter Nyberg and published by . This book was released on 1993 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Return of Trust? by : Throstur Olaf Sigurjonsson
Download or read book The Return of Trust? written by Throstur Olaf Sigurjonsson and published by Emerald Group Publishing. This book was released on 2018-08-06 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the efforts of major Icelandic economic institutions to regain the public’s trust, 10 years after the financial crisis that ruined personal savings and fostered anger towards business and politics. The studies collected here provide insights into restoring relationships between communities and institutions.
Book Synopsis The Banking Crisis, Banking Policy Regimes and the Value of a Bank by : Risto Murto
Download or read book The Banking Crisis, Banking Policy Regimes and the Value of a Bank written by Risto Murto and published by . This book was released on 1995 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tiivistelmä.
