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By Forrest Capie, Geoffrey E. Wood

The recession which many nations skilled within the early Nineteen Nineties had definite strange elements. so much particularly, and customary to all international locations, was once the behaviour of asset costs relative to the final cost point. consequently, purposes have been sought to provide an explanation for the designated features of the recession and a result of behaviour of asset costs cognizance became to 'Debt-Deflation Theories' linked in several varieties with Keynes and Irving Fisher. The participants to this quantity speak about the importance of debt deflation. Their notable universal function is that, at the proof awarded the following, the behaviour of asset costs shouldn't be of significant quandary to coverage makers, or to these trying to comprehend financial behaviour. even if, residual doubts stay over the japanese case.

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8. e. the production of non-tradables, has already been mentioned. In particular, the construction sector was favoured by the developments in the second half of the 1980s. 11. Between 1985 and 1989, the index for shares in real estate and construction rose by 350 per cent, in banking by 250 per cent, and in the manufacturing industry by 150 per cent. Lars Jonung and Joakim Stymne 35 500 400 0 0 300 II 10 00 p Ol X Q) "0 ................. Q····Banking sector 1992 1992 1993 ---o- Manufacturing industry Source: Affarsvarlden.

The Swedish political establishment expressed, across party lines, the intention to turn the Krona into a hard currency. This required a change of monetary regime not only from a regime of strongly regulated financial markets, low real interest rates, and monetary accommodation to one based on internationalized financial markets and market-determined real interest rates. In addition, the hard currency commitment required a rate of inflation that was no higher than that of Sweden's major trading partners.

SUMMARY AND CONCLUSIONS In this chapter we have explored macroeconomic developments in Sweden 1985-93 and analysed them with a special focus on asset markets. We see the regime shift of the early 1990s as an understandable reaction to, maybe even unavoidable consequence of, the preceding events. Still, the unexpectedness of the regime shift explains part of the sharpness of the consequent downturn. To recapitulate, in the late 1980s and early 1990s the Swedish economy went through a dramatic process.

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