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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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Challenges to the Nordic Model

Challenges to the Nordic Model

The Case of Finland

Chapter:
(p.353) 13 Challenges to the Nordic Model
Source:
Reform Capacity and Macroeconomic Performance in the Nordic Countries
Author(s):

Seppo Honkapohja

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198717102.003.0024

Using Finland as a case study, this chapter argues that the success of the Nordic model depends strongly on successful macroeconomic performance, especially of exports. Finland currently faces two kinds of difficulties here: Â adverse structural developments and cost competitiveness problems. In the first, in fact two structural difficulties have emerged. One of them is the rapid decline of IT and electronics, caused to a large extent by the difficulties of Nokia. The second problem is the more gradual decline in the paper industry. As regards cost competitiveness, it is an important element in securing good export performance which in turn is needed for the success of the Nordic model. The Finnish labour market failed to maintain cost competitiveness of the economy when the international recession from the global financial crisis hit in 2008—9.

Keywords:   competitiveness issues, population ageing, public finance sustainability, asymmetric shocks, Finland

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