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Nordic Economic Policy Review 2020: Financial regulation and macroeconomic stability in the Nordics
How well designed are the financial regulations that have been imposed after the global financial crisis in 2008–09 and the subsequent euro crisis? Will the new bail-in rules work in a systemic crisis, or do we risk further costly bail-outs by governments? How does monetary policy influence household debt? Have macroprudential tools been well-calibrated? Answers to these questions are crucial for judging the risks that the current corona crisis might also trigger a new financial crisis. The 2020 issue of the Nordic Economic Policy Review consists of six papers, including an introduction by editors Lars Calmfors and Peter Englund.
Sweden's Welfare State
Sweden has long been viewed as epitomizing a particular approach to economic and social policy. To its advocates, the Swedish welfare state builds on a strong social consensus favoring extensive state intervention to ensure a high quality of life for all Swedes. To its critics, the Swedish system is marked by excessive government intervention and attendant inefficiencies. These contrasting views are captured in imagery used by Prime Minister Göran Persson: "Think of a bumblebee. With its overly heavy body and little wings, supposedly it should not be able to fly--but it does." The Swedish welfare state is the bumblebee that has managed to fly. This book draws on many years of IMF surveillance and policy advice to explain how it has done so, to assess the challenges that the Swedish model faces in the new century, to propose a strategy for dealing with those challenges, and to draw lessons for the many other countries that face similar challenges from globalization and demographics.
Alternatives for Welfare Policy
Demographic change and increasingly international markets are putting severe pressure on developed welfare states in the OECD countries. The contributors to this book assess the magnitude of these challenges and discuss in depth, and in concrete terms, what policy options are open to meet them. Looking at public service production, social insurance, tax policy and debt policy, they examine the main costs and benefits associated with an extensive welfare state and ask whether the same objectives can be reached with a welfare regime that is less costly. They also discuss whether the organization of the welfare state is capable of meeting future challenges facing a changing society. This rigorous analysis draws on empirical material from OECD countries with a focus on the Scandinavian countries.
Sweden
This Selected Issues paper for Sweden reports that the gradual introduction of a detailed fiscal framework accompanied the successful consolidation effort over the last decade in Sweden. The framework includes a surplus target of 2 percent of GDP for the general government, multiyear expenditure ceilings for central government, and a balanced budget requirement for local governments. Reliance on the expertise of an independent agency for the implementation of the fiscal framework could further enhance transparency and strengthen enforcement.
Fiscal Indicators
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