Reform Capacity and Macroeconomic Performance in the Nordic Countries

Hardcover | February 13, 2015

EditorTorben M. Andersen, Michael Bergman, Svend E. Hougaard Jensen

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The outbreak of the financial crisis in 2008 has had significant effects on economic activity, unemployment, and public finances for all European countries. However, European economies do not form a homogenous region, and any serious analysis of macroeconomic imbalances in Europe must accountfor the fact that different economic and political models and circumstances operate across the continent. This book focuses on the Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden) which have a relatively good record of undertaking fiscal and structural reforms after their ownfinancial and debt crises in the 1980s and 1990s. The Nordic countries are small and open economies, well-known for their high income levels, high employment rates, organized labour markets, a relatively equal distribution of incomes, and large public sectors. From this perspective, the book asks whether there are lessons that might be learned fromthe Nordic economies. Is there a distinctive Nordic model that could be usefully followed, by other small open economies, in terms of fiscal and monetary policy design, labour market policies and reforms, and financial and housing market regulation? It is inappropriate to define the Nordic model interms of a common set of policies. Since the key characteristics, including the overarching objectives and supporting institutions, have strong historical foundations, copying and pasting them to other countries is not easily done. Even though the Nordic experiences are not directly transferable,they may add new knowledge about the importance of institutional design, fiscal consolidation, and structural reforms not only for macroeconomic performance but also for how to preserve key objectives such as social balance and equity.

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The outbreak of the financial crisis in 2008 has had significant effects on economic activity, unemployment, and public finances for all European countries. However, European economies do not form a homogenous region, and any serious analysis of macroeconomic imbalances in Europe must accountfor the fact that different economic and pol...

Torben M. Andersen is Professor at the School of Economics and Management. He received his PhD from CORE, Universite Catholique de Louvain, Belgium, 1986, and holds a Lic. Oecon (1984) from University of Aarhus, and a MSc, from London School of Economics 1981. His primary research and teaching interests are in the economics of the wel...

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Format:HardcoverDimensions:384 pages, 9.21 × 6.14 × 1.19 inPublished:February 13, 2015Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198717105

ISBN - 13:9780198717102

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Table of Contents

1. Torben M. Andersen, Michael Bergman, and Svend E. Hougaard Jensen: Macroeconomic Perspectives on the Nordic Economies: Past, Present, and Future2. Torben M. Andersen: Collective Risk Sharing: The Social Safety Net and EmploymentAndreas Bergh: Commentary on Chapter 2: Social Trust and the Efficiency-Equity Trade-Off3. Erling Barth and Karl Ove Moene: Missing the Link? On the Political Economy of Nordic EgalitarianismNiels Blomgren-Hansen: Commentary on Chapter 34. Michael Svarer: Labour Market Policies in Denmark: A Story of Structural Reforms and Evidence Based PolicyMichael Burda: Commentary on Chapter 45. Anders Moller Christensen and Niels Lynggard Hansen: What Scope for Monetary Policy? Experiences from the Nordic Countries after the Financial CrisisJesper Rangvid: Commentary on Chapter 56. Hilde C. Bjornland and Junior Maih: Monetary Policy and Exchange Rate Stabilization in Norway and SwedenRoberto M. Billi: Commentary on Chapter 67. Michael Bergman, Bjorn Tangaa Sillemann, Peter Birch Sorensen: House Prices in Denmark and SwedenNiels Arne Dam: Commentary on Chapter 78. Lars Jonung: Reforming the Fiscal Framework: The Case of Sweden 1973-2013Henrik Braconier: Commentary on Chapter 89. Michael Bergman, Michael M. Hutchison , and Svend E. Hougaard Jensen: Shaping the Fiscal Policy Framework: Lessons from Fiscal Consolidations in Denmark and SwedenSteinar Holden: Commentary on Chapter 910. Erling Steigum and Oystein Thogersen: A Crisis Not Wasted: Institutional and Structural Reforms Behind Norway's Strong Macroeconomic PerformanceHans Tson Soderstrom: Commentary on Chapter 1011. Sixten Korkman and Antti Suvanto: Finland and Sweden in Cross-Country Comparison: What are the Lessons?Fredrik Anderson: Commentary on Chapter 1112. Thorvaldur Gylfason: Iceland: How Could This Happen?Soren Bo Nielsen: Commentary on Chapter 1213. Seppo Honkapohja: Challenges to the Nordic Model