Reform capacity and macroeconomic performance in the Nordic countries / edited by Torben M. Andersen, U. Michael Bergman, and Svend E. Hougaard Jensen.

Format:

Book

Contributor:

Andersen, Torben M., 1956- editor.

Bergman, U. Michael, editor.

Jensen, Svend E. Hougaard, 1959- editor.

Language:

English

Subjects (All):

Scandinavia--Economic conditions.

Scandinavia.

Economic conditions.

Scandinavia--Economic policy.

Economic policy.

Economic history.

Physical Description:

xvi, 365 pages : illustrations ; 24 cm

Edition:

First edition.

Place of Publication:

Oxford, United Kingdom : Oxford University Press, 2015.

Summary:

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 account for 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 own financial 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 from the 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 in terms 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 experience 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. Book jacket.

Contents:

Macroeconomic perspectives on the Nordic economies : past, present and future / Torben M. Andersen, U. Michael Bergman, and Svend E. Hougaard Jensen

Collective risk sharing : the social safety net and employment / Torben M. Andersen ; commentary, Andreas Bergh

Missing the link? On the political economy of Nordic egalitarianism / Erling Barth and Karl Ove Moene ; commentary, Niels Blomgren-Hansen

Labour market policies in Denmark : a story of structural reforms and evidence-based policy / Michael Svarer ; commentary, Michael Burda

What scope for monetary policy? Experiences from the Nordic countries after the financial crisis / Anders Møller Christensen and Niels Lynggård Hansen ; commentary, Jesper Rangvid

Monetary policy and exchange rate stabilization in Norway and Sweden / Hilde C. Bjørnland and Junior Maih ; commentary, Roberto M. Billi

House prices in Denmark and Sweden / U. Michael Bergman, Bjørn Tangaa Sillemann, and Peter Birch Sørensen ; commentary, Niels Arne Dam

Reforming the fiscal framework : the case of Sweden 1973-2013 / Lars Jonung ; commentary, Henrik Braconier

Shaping the fiscal policy framework : lessons from fiscal consolidations in Denmark and Sweden / U. Michael Bergmann, Michael M. Hutchison, and Svend E. Hougaard Jensen ; commentary, Steinar Holden

A crisis not wasted : institutional and structural reforms behind Norway's strong macroeconomic performance / Erling Steigum and Øystein Thøgersen ; commentary, Hans Tson Söderström

Finland and Sweden in a cross-country comparison ; what are the lessons? / Sixten Korkman and Antti Suvanto ; commentary, Fredrik Andersson

Iceland : how could this happen? / Throvaldur Gylfason ; commentary, Søren Bo Nielsen

Challenges to the Nordic model : the case of Finland / Seppo Hankapohja.

Notes:

Includes bibliographical references and index.

ISBN:

9780198717102

0198717105

OCLC:

889735237

Publisher Number:

60001989280