Welfare regimes and macroeconomic regime constellations: explaining the Scandinavian anomaly

Thomas Sauer and Lena Vogel
Authors registered in the RePEc Author Service: Lena Dräger

International Journal of Public Policy, 2010, vol. 5, issue 4, 331-356

Abstract: Since the early 1990s, the Scandinavian countries have recovered from one of the most severe crises of any Organisation for Economic Cooperation and Development (OECD) country ever, returning to a 'high road' growth path and also succeeding in terms of macroeconomic stabilisation indicators. To explain the causes for this coincidence of macroeconomic growth and stability, we propose a theory of macroeconomic resilience. We merge different theoretical strands into a joint approach of Macroeconomic Regime Constellations (MERCs) and Welfare Regime Constellations (WERCs). In the econometric part of our inquiry, we estimate Structural Vector Autoregressions (SVARs) to analyse the existence and consistency of MERCs in Sweden, Finland and Denmark.

Keywords: macroeconomic resilience; macroeconomic regime constellations; MERCs; welfare regime constellations; WERCs; structural vector autoregressions; SVARs; Scandinavia; Denmark; Finland; Sweden; Organisation for Economic Cooperation and Development; OECD; macroeconomic growth; stabilisation; stability; econometrics; public policy; governance. (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijpubp:v:5:y:2010:i:4:p:331-356

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