Nordics

Ramkishen Rajan, Tan Khee Giap and Tan Kong Yam
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Tan Khee Giap: Asia Competitiveness Institute (ACI)
Tan Kong Yam: Asia Competitiveness Institute (ACI)

Chapter 3 in Fiscal Sustainability and Competitiveness in Europe and Asia, 2014, pp 27-60 from Palgrave Macmillan

Abstract: Abstract The Nordic economies of Sweden, Finland, Denmark, and Norway have come a long way from the severe banking crisis they experienced in the early 1990s.1 These countries have largely learnt the right lessons from their respective crisis episodes, and their robust recoveries since then up until the global financial crisis have been characterised by a combination of strong external and fiscal positions coupled with a strong welfare state. The dependence of these small and open economies on external trade brought a marked slowdown in these economies in the immediate aftermath of the crisis between 2007 and 2009. However, the slowdown appears to have been temporary, and the Nordics have gradually found their way out of the cyclical downturn.

Keywords: Global Financial Crisis; Unit Labour Cost; Real Effective Exchange Rate; Fiscal Consolidation; Current Account Surplus (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-40697-2_3

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DOI: 10.1057/9781137406972_3

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