Financial Crisis

The financial crisis that engulfed global markets in 2008 created an acute need for improved international economic cooperation. Despite the G20 s prominent coordination role, the regulatory response to the crisis has varied considerably across governance arenas.

`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 policy-makers. After this book, no one should be able to say: "If we only knew"!'
- Charles Wyplosz, Graduate Institute of International Studies, Geneva, Switzerland

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.