The Swedish banking crisis: roots and consequences
The Swedish banking crisis: roots and consequences
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瑞典银行业危机：根源与后果
DOI：
10.1093/oxrep/15.3.80
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发表时间：
1999
影响因子：
6.8
通讯作者：
P. Englund
中科院分区：
文献类型：
--
作者：
P. Englund
本文分析了20世纪90年代初的瑞典银行业危机。1985年后新放松监管的信贷市场刺激了金融机构之间的竞争过程，在这种过程中，扩张被视为优先事项。再加上扩张性的宏观政策，这推动了资产价格的飙升。随后的危机是由于高度杠杆化的私营部门同时受到三个主要外生事件的打击造成的：货币政策的转变，税前利率的提高，税后利率增加的税制改革，以及机构风险管理危机。再加上对商业地产的一些过度投资，高实际利率打破了房地产价格的繁荣，引发了价格螺旋式下降，导致破产和大规模信贷损失。政府通过发行银行债务的一般担保来拯救银行系统。据估计，打捞给纳税人的直接总成本约为国内生产总值的2%。版权所有，牛津大学出版社1999年。
The article analyses the Swedish banking crisis in the early 1990s. Newly deregulated credit markets after 1985 stimulated a competitive process between financial institutions where expansion was given priority. Combined with an expansive macro policy, this contributed to an asset price boom. The subsequent crisis resulted from a highly leveraged private sector being simultaneously hit by three major exogenous events: a shift in monetary policy with an increase in pre-tax interest rates, a tax reform that increased after tax interest rates, and the ERM crisis. Combined with some overinvestment in commercial property, high real interest rates contributed to breaking the boom in real estate prices and triggering a downward price spiral resulting in bankruptcies and massive credit losses. The government rescued the banking system by issuing a general guarantee of bank obligations. The total direct cost to the taxpayer of the salvage has been estimated at around 2 per cent of GDP. Copyright 1999 by Oxford University Press.