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dc.contributor.authorSteigum, Erling
dc.contributor.authorThøgersen, Øystein
dc.date.accessioned2015-12-07T12:52:42Z
dc.date.available2015-12-07T12:52:42Z
dc.date.issued2014
dc.identifier.issn1503-3031
dc.identifier.urihttp://hdl.handle.net/11250/2367193
dc.description.abstractThe systemic banking crisis and speculative attacks on the Norwegian krone in the early 1990s were the last in a series of blows to Norway’s macroeconomic policy regime. In addition to the recession after 1988, the underlying growth potential of the Mainland economy was also weak, despite financial deregulation and improved competitiveness. The large decline in the price of oil in the mid-1980s had demonstrated the risk of uncertain oil revenues as an important source of income to the government. The political awareness of an economic crisis paved the way for a series of structural reforms and changes in the macroeconomic policy regime. This paper draws the line between the Norwegian boom-bust cycle and crises in the late 1980s and early 1990s, the succeeding institutional and structural reforms, and the strong macroeconomic performance and stability of the last two decades.nb_NO
dc.language.isoengnb_NO
dc.publisherBI Norwegian Business School, Centre for Monetary Economicsnb_NO
dc.relation.ispartofseriesCME Working Papers;1/2014
dc.titleA crisis not wasted: Institutional and structural reforms behind Norway’s strong macroeconomic performancenb_NO
dc.typeWorking papernb_NO
dc.source.pagenumber43nb_NO
dc.source.issue1/2014nb_NO


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