Tero Kuusi: The Finnish Great Depression of the 1990s: Soviet Trade or Home-Made?

This paper reconsiders the reasons for the Finnish Great Depression.The paper argues that during the crisis Finland experienced institutional adjustments that are largely neglected by the current literature, and argues that both financial and tax shocks may have contributed to the crisis more than it has been previously suggested. It is shown by using a general equilibrium model that together these factors can generate a large and widespread fall in key macroeconomic variables, whereas the results suggest that the direct impact of the collapse of the Soviet Union may not have been as large as suggested before.

Kuusi, Tero (23.9.2015). “The Finnish Great Depression of the 1990s: Soviet Trade or Home-Made?”. ETLA Working Papers No 32.

http://www.etla.fi/en/publications/the-finnish-great-depression-of-the-1990s-soviet-trade-or-home-made/

 

FIRSTRUN First Workshop

The first FIRSTRUN workshop was held on Wednesday 16 September 2015 at CEPS
(Place du Congrès 1, 1000 Brussels, Belgium).

The workshop presented findings from the FIRSTRUN research that test EU fiscal rules using historical data from Finland and then focused on the current policy debate presenting different views about how the future of EU governance could and should evolve.

Programme: What future for EU Fiscal Governance? From the five presidents’ report to the case of Greece

Niku Määttänen (ETLA): Introduction to FIRSTRUN

Tero Kuusi (ETLA): Does the structural budget balance guide fiscal policy pro-cyclically?

Cinzia Alcidi (CEPS): Fiscal rules and fiscal coordination – The Greek watershed

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Funded by the Horizon 2020 Framework Programme of the European union.