Crisis management. The 1990s experience of the Nordic countries

The crises of Nordic countries during the early 1990s, classified as being among the “Big Five” in the history of financial crises from the post-War period, are a stark confirmation of the difficulty for regulators and supervisors of dealing with risks coming from the transformation of tightly regulated systems into competitive and internationally open ones. Notwithstanding, the regulatory solutions for crisis management adopted by the Nordic countries are still considered as one of the few examples of successful crisis resolutions, for their comprehensive and in-depth interventions that have proved to be effective in containing fiscal costs, minimizing the spillovers into real economy and preventing moral hazard.