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Discussion of Nordic Financial Crises

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Discussion of Nordic Financial Crises

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  1. Discussionof Nordic FinancialCrises Lecture18

  2. Institutional Clash and Financial Fragility. An Evolutionary Model of Banking Crises Sverre Knutsen* and Hans Sjögren** * Department of Innovation and Economic Organization, Norwegian School of Management **Department of Management and Engineering, Linköping University and EHFF, Stockholm School of Economics

  3. Theories on FinancialCrises • Business cycleschool • Monetaristschool • Irving Fisher • Kindleberger & Minsky • Market psychology, Shiller

  4. Conceptualframework • Institutional clash • Financial fragility • Financial distress • Systemic risk • Banking crisis • Lender of last resort

  5. A Model for the Evolution of Banking Crises Step 1. Optimism and demandStep 2. Financial muscleStep 3. New rules and GeneralStep 4. Idle capitalStep 5. Debt StructureStep 6. The bubble burstsStep 7. Structural Change

  6. Empiricalanalysis • Sweden - Period I • Norway – Period II • Finland – Period III

  7. Conclusion • Resultsof the comparison • New insights in relation totheory? • What is useful for your essay?