[20080929]RS22962_美国金融危机：瑞典的经验教训.pdf

1 Dougherty, Carter, Stopping a Financial Crisis, The Swedish Way, The New York Times,September 23, 2008; Purvis, Andrew, Swedens Model Approach to Financial Disaster, Time,September 24, 2008.2 Englund, Peter, The Swedish Banking Crisis: Roots and Consequences, Oxford Review ofEconomic Policy, Autumn 1999. P. 80-97.Order Code RS22962September 29, 2008The U.S. Financial Crisis: Lessons FromSwedenJames K. JacksonSpecialist in International Trade and FinanceForeign Affairs, Defense, and Trade DivisionSummaryIn the early 1990s, Sweden faced a banking and exchange rate crisis that led it torescue banks that had experienced large losses on their balance sheets and thatthreatened a collapse of the banking system. Some analysts and others argue thatSwedens experience could provide useful lessons for the execution and implementationof the Emergency Economic Stabilization Act of 20081. The banking crisis facing theUnited States is unique, so there are no exact parallels from which to draw templates.Swedens experience, however, represents a case study in how a systemic banking crisiswas resolved in a developed country with democratic institutions. The Swedish centralbank separated out good as