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Reform Capacity and Macroeconomic Performance in the Nordic Countries$
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Torben M. Andersen, Michael Bergman, and Svend E. Hougaard Jensen

Print publication date: 2015

Print ISBN-13: 9780198717102

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:oso/9780198717102.001.0001

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Finland and Sweden in a Cross-Country Comparison

Finland and Sweden in a Cross-Country Comparison

What Are the Lessons?1

Chapter:
(p.278) 11 Finland and Sweden in a Cross-Country Comparison
Source:
Reform Capacity and Macroeconomic Performance in the Nordic Countries
Author(s):

Sixten Korkman

Antti Suvanto

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198717102.003.0020

This chapter focuses on a comparison between macroeconomic performances in Finland and Sweden. The background is that both these countries experienced deep financial crises in the early 1990s and as a consequence both countries implemented new economic policies and structural reforms, and introduced frameworks to attain long-term sustainable public finances. The chapter has three main conclusions. First, the financial crises created a new political environment allowing for structural reforms to be implemented and more attention to be given to sustainable public finances. Second, the authors suggest that the Nordic model has been successful in combining equity and efficiency. Third, the choice of membership of the European Monetary Union seems less important. There is no clear difference between the macroeconomic performance of Finland and that of Sweden and therefore it seems to be of less importance whether a country decides to join a monetary union or remains outside.

Keywords:   Sweden and Finland, structural policies, institutions, crisis and reform, EMU, Nordic model, monetary policy, fiscal policy

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