The Finnish Great Depression: From Russia with Love
研究了1991-1993年芬兰经历的工业化国家自1930年代以来最严重衰退的原因，发现苏芬贸易崩溃是主要因素，为理解转型经济衰退提供了新视角。
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.