Many countries have experienced major economic changes since the                  mid-1980s as a result of the deregulation and liberalization of national financial                  systems -- two key aspects of globalization -- with some experiencing boom and bust                  in rapid succession. The small Northern European country of Finland has been hailed                  as a success story for achieving renewed economic growth and prosperity after a                  financial crisis and deep depression in the early 1990s. Economic Prosperity                  Recaptured offers a detailed analysis of the rapid swings in Finland's recent                  economic development, from initial overheating in the late 1980s through deep crisis                  in the early 1990s to recovery and growth since the mid-1990s.Finland's complex road                  to recovery offers excellent examples of both unsuccessful and successful policy                  responses to changing circumstances. The authors examine the three relatively                  distinct periods of Finland's recent experience, analyzing the adequacy of the                  macroeconomic policy response in each case. They assess the real economic effects of                  financial constraints and look for evidence of the "credit channel" of the monetary                  system. Finland's rapid economic growth since the mid-1990s is largely the result of                  its structural transformation into a high-tech economy; Nokia is the most famous                  example of this information and communication technology success. Elaborating on                  Finland's ICT revolution, the authors demonstrate that well-designed economic                  policies contributed to Finland's economic turnaround.CESifo Book series

Economic Prosperity Recaptured: The Finnish Path from Crisis to Rapid Growth (CESifo Book Series) PDF

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