The Great Regime Shift: Asset Markets and Economic Activity in Sweden, 1985-93
The Great Regime Shift: Asset Markets and Economic Activity in Sweden, 1985-93
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伟大的政权转变：瑞典的资产市场和经济活动，1985-93
DOI：
10.1007/978-1-349-25409-5_3
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发表时间：
1997
期刊：
影响因子：
--
通讯作者：
Joakim Stymne
中科院分区：
文献类型：
--
作者：
L. Jonung;Joakim Stymne
自 20 世纪 80 年代中期以来，瑞典经济经历了巨大的动荡。许多工业化国家的发展有几个共同点：经济扩张期异常长，涉及金融自由化，其特点是实际利率低、资产价格上涨、私人消费快速增长、家庭储蓄率下降以及企业和家庭债务上升。最终，这段扩张时期随之而来的是不同程度的经济衰退，实际利率上升，伴随着资产价格下降、资产负债表整顿、金融脆弱、收入增长缓慢或负增长、失业率上升和公共赤字扩大。这种循环在美国、日本和英国等国家尤为突出。2在瑞典，这种转变尤其引人注目。3因此，在研究这一过程的剖析时，瑞典的案例特别令人感兴趣。
The Swedish economy has undergone spectacular convulsions since the mid-1980s. Several aspects of the development are common to many industrialised countries: an unusually long period of economic expansion, involving financial liberalisation and characterised by low real rates of interest, rising asset prices, rapid growth in private consumption, declining household saving rates and rising corporate and household indebtedness. Eventually this period of expansion was followed by downturns of varying severity, with increasing real rates of interest accompanied by falling asset prices, balance sheet consolidation, financial fragility , slow or negative income growth, rising unemployment, and expanding public deficits. This cycle is prominent in countries such as the USA, Japan and the UK.2In Sweden, the turnaround was particularly dramatic.3Therefore, the Swedish case is of special interest when studying the anatomy of the process.