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• W1485366162 abstract "In the 1990s, Finland suffered its worst recession of the 20th century. As Kiander and Vartia (1996) make clear, unemployment was far higher in the early 1990s than in the depths of the great depression of the 1930s. Indeed, since the first world war, unemployment in Finland did not exceed 10 percent until 1992. While Finland’s experience in the early 1990s was unique in the OECD countries, other Nordic countries and the United Kingdom have had similar unemployment patterns as we can see from the figures in Table 1. Basically each country had a boom in the late 1980s, with unemployment substantially reduced from its historically high level of the early 1980s. A particular common feature of this boom in all four countries was the dramatic rise in asset market prices particularly property, both domestic and commercial. When the boom turned into a bust, asset prices rapidly collapsed, interest rates rose fast, there was damage to the banking system and significant debt deflation. By 1993 unemployment in all four countries had risen hugely. From 1994 unemployment has been falling in a healthy manner in all the countries except Sweden. The recession in Finland was, however, worse than elsewhere because, as well as the asset market collapse and the consequent fall in" @default.
• W1485366162 created "2016-06-24" @default.
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• W1485366162 date "1999-01-01" @default.
• W1485366162 modified "2023-09-26" @default.
• W1485366162 title "Finnish unemployment: a view from outside" @default.
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