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An anatomy of financial crises in Norway, 1830–2010

Published online by Cambridge University Press:  14 February 2014

Ola Honningdal Grytten  and
Arngrim Hunnes
Ola Honningdal Grytten*
Affiliation:
Norwegian School of Economics
Arngrim Hunnes*
Affiliation:
University of Agder
*
Ola H. Grytten, Department of Economics, Norwegian School of Economics, Helleveien 30, N-5045, Bergen, Norway, [email protected]
Arngrim Hunnes (corresponding author), School of Business and Law, University of Agder, Gimlemoen 50, N-4604, Kristiansand, Norway, [email protected].
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Abstract

On the basis of a novel dataset, the article investigates the anatomy of financial crises in Norway from 1830 to 2010. First, nine significant crises are identified. Second, the article examines spillover effects on the real economy. We find a clear but not symmetric relationship. Third, the article investigates key patterns in credit and money volumes. Major financial crises typically occurred after substantial money and credit expansion, causing financial instability.

Keywords

financial crisesreal economycredit and moneyNorway

JEL classification

E51: Money Supply • Credit • Money Multipliers N14: Europe: 1913– N13: Europe: Pre-1913 E32: Business Fluctuations • Cycles
Type
Articles
Information
Financial History Review , Volume 21 , Issue 1 , April 2014 , pp. 25 - 57
Copyright
Copyright © European Association for Banking and Financial History e.V. 2014 

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