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Gorodnichenko, Yuriy,
Enrique G. Mendoza, and
Linda L. Tesar. 2012. "The Finnish Great Depression: From Russia with Love."
,
102(4): 1619-44.
Show Article Details
DOI: 10.1257/aer.102.4.1619
Abstract:Why did Finland experience, in 1991-1993, the deepest recession observed in an industrialized country since the 1930s? Using a dynamic general equilibrium model with
labor frictions, we argue that the collapse of the Soviet-Finnish trade was a major contributor to the contraction. Finland's experience mirrors that of the transition
economies of Eastern Europe, which suffered similar deep recessions coupled with institutional changes. By focusing on the Finnish case, we isolate the effects of the Finnish-Soviet trade collapse and shed new light on the sources of recessions in transition economies.
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Authors:
Gorodnichenko, Yuriy (U CA, Berkeley)
Mendoza, Enrique G. (U MD)
Tesar, Linda L. (U MI)
JEL Classifications:
E32: Business Fluctuations; Cycles
F14: Country and Industry Studies of Trade
F41: Open Economy Macroeconomics
P33: Socialist Institutions and Their Transitions: International Trade, Finance, Investment, and Aid
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