The Finnish Great Depression: from Russia
نویسندگان
چکیده
Why did Finland experience in 1991-93 the deepest recession observed in an industrialized country since the 1930s? Using a dynamic general equilibrium model with labor frictions, we argue that the collapse of the Soviet-Finnish trade was a major contributor to the contraction. Finland’s experience mirrors that of the transition economies of Eastern Europe, which suffered similar deep recessions coupled with institutional changes. By focusing on the Finnish case we isolate the effects of the Finnish-Soviet trade collapse and shed new light on the sources of recessions in transition economies. JEL: E32, F41, P2.
منابع مشابه
The Finnish Great Depression: From Russia with Love
The Finnish Great Depression: From Russia with Love During the period 1991-93, Finland experienced the deepest economic downturn in an industrialized country since the 1930s. We argue that the culprit behind this Great Depression was the collapse of Finnish trade with the Soviet Union, because it induced a costly restructuring of the manufacturing sector and a sudden, large increase in the cost...
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