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Books > Business & Economics > Economics > Macroeconomics
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Reform Capacity and Macroeconomic Performance in the Nordic Countries (Hardcover)
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Reform Capacity and Macroeconomic Performance in the Nordic Countries (Hardcover)
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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 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
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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