Financial Disruptions and Eruptions - Financial Crises in the Baltic Sea Region

This research project will focus on financial crises in the Baltic Sea Region, i.e. Estonia, Finland, Latvia, Lithuania and Sweden from a contemporary and historical point of view. The issue of financial crisis is currently attracting much attention, especially in the major centres that have experienced crises, including the United States and southern Europe. Focusing on the Baltic region will allow the research to analyse how the widespread diffusion of financial crises occurred in different institutional settings and levels of economic development. Indeed, if economics is to provide useful advice that can be employed to help identify and control any tendencies toward such crises, understanding the history of crises that have occurred and their regional dimensions is critical. One advantage in studying events in historical context is that richer and fuller sources are available, which is often only used in picemeal fashion in research on contemporary issues. In this proposed project we will use earlier experience in this field to produce a history of the (financial) present, based on both conbtemporary and richly documented historcial sources, to broaden the scope of understanding of financial crises in the Baltic Sea region. This comparative study focuses on three aspects of financial crisis: (i) their causes; (ii) how they are dealt with; and (iii) their consequences.


Mikael Lönnborg

Michael Rafferty

Selection of publications:

Larsson, M. & Lönnborg, M. (2014). Finanskriser i Sverige. Lund: Studentlitteratur. 

Lönnborg, M., Ögren, A. & Rafferty, M. (2013), “Banks and Swedish Financial Crises in the 1920s and 1930s”, in: Kobrak, C. & Wilkins, M. (eds.) History and Financial Crisis: Lessons from the Twentieth Century. Routledge: London: pp. 56-74


Jan Wallanders och Tom Hedelius’ stiftelse

Contact persons:

Mikael Lönnborg

Ekonomisk-historiska institutionen

Box 513

751 20 Uppsala


Seminars will take place in Ekonomikum, room K425, 1315-1500

29 August

Margrit Müller, Universität Zürich. "The impact of multinationalization on the firms, their home economy and the host countries. The case of Switzerland during the 20th century"

12 September

Amanda Scardamaglia, Swinburne Law School, Melbourne. Presentation of research project on  "Colonial trademarks".