2,532
Views
3
CrossRef citations to date
0
Altmetric
ARTICLES

The state as the investor of last resort: a comparative study of banking crises in Denmark and Sweden

&
Pages 171-189 | Received 18 Apr 2018, Accepted 02 Dec 2018, Published online: 16 Dec 2018

References

  • Abildgren, K., & Thomsen, C. (2011). En fortælling om to danske bankkriser. In Nationalbanken, kvartalsoversigt – 1. kvartal 2011 (Vol. 1, pp. 126–129). Copenhagen: Nationalbanken.
  • Anell, B. (1992). Staten som ägare. Stockholm: SNS förlag.
  • Bergström, C., Englund, P., & Thorell, P. (2002). Securum: Vägen ut ur bankkrisen. Stockholm: SNS förlag.
  • Borisova, G., Brockman, P., Salas, J. M., & Zagorchev, A. (2012). Government ownership and corporate governance: Evidence from the EU. Journal of Banking and Finance, 36(11), 2917–2934. doi: 10.1016/j.jbankfin.2012.01.008
  • Brei, M., & Schclarek, A. (2013). Public bank lending in times of crisis. Journal of Financial Stability, 9(4), 820–830. doi: 10.1016/j.jfs.2013.01.002
  • Calomiris, C., & Haber, S. (2014). Fragile by design. The political origins of banking crises and scarce credit. Princeton: Princeton University Press.
  • Carstensen, M. (2013). Projecting from a fiction: The case of Denmark and the financial crisis. New Political Economy, 18(4), 555–578. doi: 10.1080/13563467.2013.742881
  • Culpepper, P., & Reinke, R. (2014). Structural power and bank bailouts in the United Kingdom and the United States. Politics & Society, 42(4), 427–454. doi: 10.1177/0032329214547342
  • Davydov, D. (2018). Does state ownership of banks matter? Russian evidence from the financial crisis. Journal of Emerging Market Finance, 17(2), 250–285. doi: 10.1177/0972652718776862
  • Diamond, D., & Dybvig, P. (1983). Bank runs, deposit insurance, and liquidity. Journal of Political Economy, 91(3), 401–419. doi: 10.1086/261155
  • Dietrich, D., & Hauck, A. (2012). Government intervention in banking crises: Effects of alternative schemes on bank lending and risk taking. Scottish Journal of Political Economy, 59(2), 133–161. doi: 10.1111/j.1467-9485.2011.00573.x
  • Farhi, E., & Tirole, J. (2012). Collective moral hazard. Maturity mismatch, and systemic bailouts. American Economic Review, 102(1), 60–93. doi: 10.1257/aer.102.1.60
  • Fellman, S., Iversen, M., Sjögren, H., & Thue, L. (Eds). (2008). Creating nordic capitalism. The business history of a competitive periphery. Houndmills, Basingstoke: Palgrave MacMillan.
  • Finansrådet (The Danish Bankers’ Association). (2014). De største pengeinstitutter. Retrieved from http://finansraadet.dk/tal–fakta/statistik-og-tal/de-stoerste-pengeinstitutter.aspx
  • Grossman, R. S. (2010). Unsettled account: The evolution of banking in the industrialized world since 1800. Princeton: Princeton University Press.
  • Hagberg, A. (2007). Bankkrishantering: aktörer, marknad och stat (Doctoral dissertation). Stockholm: Stockholm School of Economics.
  • Hansen, P. H. (1997). Bankredninger i Danmark: En stabil tradition. In T. Andersen, & K. Ronit (Eds.), Den Danske Banksektor: Mellem tradition og forandring (pp. 39–43). Århus: Systime.
  • Hansen, P. H. (2012). Making sense of financial crisis and scandal: A Danish bank failure in the first Era of finance capitalism. Enterprise and Society, 13(3), 672–706. doi: 10.1017/S1467222700010892
  • Hansen, P. H., & Mørch, S. (1997). Den Danske bank. Haslev: Forlaget Centrum.
  • Hau, H., & Thum, M. (2010). Subprime Crisis and Board (In-)Competence: Private vs. Public Banks in Germany. INSEAD FIN Working Paper 45.
  • Honkapohja, S. (2014). Financial crises: Lessons from the Nordic experience. Journal of Financial Stability, 13, 193–201. doi: 10.1016/j.jfs.2014.05.006
  • Hornby, O. (1988). Ved rettidig omhu: Skibsreder A. P. Møller, 1876–1965. Copenhagen: Forlaget Schultz.
  • Iversen, M. J. (2013). Sidste udvej, Finansiel Stabilitet og Danmarks store bankkrise. Copenhagen: Lindhardt og Ringhof.
  • Iversen, M. J., & Andersen, S. (2008). Cooperative liberalism, Danish capitalism. In S. Fellman, M. J. Iversen, H. Sjögren, & L. Thue (Eds.), Creating Nordic capitalism (pp. 265–391). London: Palgrave Macmillan.
  • Jennergren, P., & Näslund, B. (1998). Efter bankkrisen: Vad blev notan för skattebetalarna? Ekonomisk Debatt, 26, 69–76.
  • Jeppesen, M. (2009). Blændværk: Roskilde banks storhed og fald. Viby: Jyllands-Postens Forlag.
  • Jonung, L., Kiander, J., & Vartia, P. (2009). The great financial crisis in Finland and Sweden: The Nordic experience of financial liberalization. Cheltenham: Edward Elgar.
  • Kärrlander, T. (2011). Malmö diskont: en institutionell analys av en bankkris (Doctoral dissertation). Stockholm: Royal Institute of Technology.
  • Kindleberger, C., & Aliber, R. (1996). Manias, panics and crashes. New York, NY: Palgrave Macmillan.
  • Kluth, M., & Lynggaard, K. (2013). Explaining policy responses to Danish and Irish banking failures during the financial crisis. West European Politics, 36(4), 771–788. doi: 10.1080/01402382.2013.783358
  • Knutsen, S. (2013). Why do banking crises occur? The American subprime crisis compared with the Norwegian banking crisis 1987–92. Norges Bank Working Paper 2012/03. doi:10.2139/ssrn.2258443
  • Kotowitz, Y. (1989). Moral hazard. In J. Eatwell, et al. (Eds.), Allocation, information and markets (pp. 2017–213). London: Macmillan Press.
  • La Porta, R., Lopez-De-Silanes, F., & Shleifer, A. (2002). Government ownership of banks. Journal of Finance, 57(1), 265–301. doi: 10.1111/1540-6261.00422
  • Lammertjan, D., & Koetter, M. (2012). Bank bailouts and moral hazard: Evidence from Germany. Review of Financial Studies, 25(8), 2343–2380. doi: 10.1093/rfs/hhs056
  • Larsson, M. (1998). Staten och kapitalet. Stockholm: SNS förlag.
  • Larsson, M., & Sjögren, H. (1995). Vägen till och från bankkrisen. Stockholm: Carlsons Förlag.
  • Larsson, M., & Sjögren, H. (1997). The road to and from the banking crisis. Stockholm: Securum AB.
  • Lie, E. (2016). Context and contingency: Explaining state ownership in Norway. Enterprise & Society, 17(4), 904–930. doi: 10.1017/eso.2016.18
  • Mishkin, F. S. (1999). Global financial instability: Framework, events, issues. Journal of Economic Perspectives, 13, 3–20. doi: 10.1257/jep.13.4.3
  • North, D. C. (2005). Institutions and the performance of Economics over time. In C. Menard, & M. Shirley (Eds.), Handbook of new institutional economics (pp. 21–30). Frankfurt: Springer Press.
  • Østrup, F. (2010a). The Danish banking crisis in a transitional perspective. In Danish foreign policy yearbook (pp. 75–112). Copenhagen: Dansk Center for Internationale Studier og Menneskerettigheder.
  • Østrup, F. (2010b). Det finansielle system. Copenhagen: Thomson Reuters Professionals.
  • Pedersen, O. (2006). Corporatism and beyond: The negotiated economy. In J. Campbell, J. Hall, & O. Pedersen (Eds.), National identity and the varieties of capitalism: The Danish experience (pp. 245–270). Copenhagen: DJØF Publishing.
  • Petersson, T. (2009). Philanthropy by name, banking by business: The saving banks in Sweden, 1820–2008. Unpublished paper, Uppsala Centre for Business History, Uppsala University.
  • Rangvid, J. (2013). Den finansielle krise i Danmark: årsager, konsekvenser og læring. Copenhagen: Erhvervs- og Vækstministeriet.
  • Reinhart, C., & Rogoff, K. (2009). This time is different. Princeton, NJ: Princeton University Press.
  • Securum (1992–1997). Annual reports. Stockholm: Securum AB.
  • Shin, H. (2009). Reflections on Northern rock: The banking run that heralded the global financial crisis. Journal of Economic Perspectives, 23(1), 101–119. doi: 10.1257/jep.23.1.101
  • Sjögren, H. (2008). Welfare capitalism: The Swedish economy. In S. Fellman, M. Iversen, H. Sjögren, & L. Thue (Eds.), Creating Nordic capitalism (pp. 22–74). London: Palgrave Macmillan.
  • Sjögren, H., & Knutsen, S. (2009). Why do banking crises occur? An evolutionary model of banking crises. In A. Ögren (Ed.), The Swedish financial revolution (pp. 183–203). London: Palgrave Macmillan.
  • Turner, J. (2014). Banking in crisis: The rise and fall of British banking stability 1800 to the present. Cambridge: Cambridge University Press.
  • Vastrup, C. (2009). How did Denmark avoid a banking crisis? In L. Jonung, J. Kiander, & P. Vartia (Eds.), The great financial crisis in Finland and Sweden (pp. 245–264). Cheltenham: Edward Elgar.
  • Virkar, S. (2016). Predicting global financial meltdown and systemic banking failure: An assessment of early warning systems (EWSs) and their current relevance. In Q. Munir (Ed.), Handbook of research on financial and banking crisis prediction through early warning systems (pp. 46–79). Hershey, PA: Business Science Reference.
  • Woll, C. (2014). The power of inaction. Bank bailouts in comparison. Ithaca: Cornell University press.
  • Yeyati, E. L., Micco, A., & Panizza, U. (2007). A reappraisal of state-owned banks. Economia (Pontificia Universidad Catolica Del Peru. Departamento De Economia), 7(2), 209–259.