HOUSEHOLD SAVINGS AND DEBTS: THE EXPERIENCE OF THE NORDIC COUNTRIES
研究了北欧国家过去二十年储蓄和家庭债务的发展，发现1980-90年代政治改革的时间顺序不当导致家庭债务累积，进而引发更严重的衰退和债务通缩。
The paper discusses the development of savings and household debt in the Nordic countries during the last two decades. The main conclusion is that the timing of political reforms in the 1980s and 1990s was fundamental for the development of consumption and household savings. In general, financial deregulation took place before tax reforms and lifting of foreign exchange controls. The wrong timing of these reforms resulted in households accumulating high debt burdens, which in turn led to a deep and longer recession or process of debt deflation than might otherwise have occurred. Copyright 1994 by Oxford University Press.