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A role model for the conduct of fiscal policy? Experiences from Sweden

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  • Flodén, Martin

Abstract

Sweden was hit by a severe macroeconomic crisis in the early 1990s. GDP fell for three consecutive years in 1991–1993, unemployment increased by 9 percentage points, banks had to be nationalized, and public budget deficits exceeded 10 percent of GDP. The recovery was however quick. GDP growth was around four percent in 1994–1995, and budget deficits had been eliminated by 1998. Growth remained high in the subsequent decade, and the government debt ratio was reduced by almost 50 percent of GDP.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of International Money and Finance.

Volume (Year): 34 (2013)
Issue (Month): C ()
Pages: 177-197

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Handle: RePEc:eee:jimfin:v:34:y:2013:i:c:p:177-197

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Web page: http://www.elsevier.com/locate/inca/30443

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Keywords: Macroeconomic crisis; Banking crisis; Fiscal consolidation; Structural reforms; Fiscal rules;

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References

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  1. Persson, Torsten & Tabellini, Guido, 1997. "Political Economics and Macroeconomic Policy," CEPR Discussion Papers 1759, C.E.P.R. Discussion Papers.
  2. Ashoka Mody & Stefania Fabrizio, 2006. "Can Budget Institutions Counteract Political Indiscipline?," IMF Working Papers 06/123, International Monetary Fund.
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  5. repec:fth:eeccco:96 is not listed on IDEAS
  6. Simon Wren-Lewis & Lars Calmfors, 2011. "What should fiscal councils do?," Economics Series Working Papers 537, University of Oxford, Department of Economics.
  7. Lars Calmfors, 2012. "The Swedish Fiscal Policy Council: Watchdog with a Broad Remit," CESifo Working Paper Series 3725, CESifo Group Munich.
  8. Gösta Ljungman, 2009. "Top-Down Budgeting," IMF Working Papers 09/243, International Monetary Fund.
  9. Adam S. Posen, 1995. "Declarations Are Not Enough: Financial Sector Sources of Central Bank Independence," NBER Chapters, in: NBER Macroeconomics Annual 1995, Volume 10, pages 253-274 National Bureau of Economic Research, Inc.
  10. Guiseppe Pisauro, 2001. "Intergovernmental Relations and Fiscal Discipline," IMF Working Papers 01/65, International Monetary Fund.
  11. Englund, Peter, 1999. "The Swedish Banking Crisis: Roots and Consequences," Oxford Review of Economic Policy, Oxford University Press, vol. 15(3), pages 80-97, Autumn.
  12. Gösta Ljungman, 2008. "Expenditure Ceilings: A Survey," IMF Working Papers 08/282, International Monetary Fund.
  13. Lars Calmfors, 2012. "Sweden - from Macroeconomic Failure to Macroeconomic Success," CESifo Working Paper Series 3790, CESifo Group Munich.
  14. Lars E.O. Svensson, 2012. "Practical Monetary Policy: Examples from Sweden and the United States," NBER Working Papers 17823, National Bureau of Economic Research, Inc.
  15. Assar Lindbeck, 1997. "The Swedish Experiment," Journal of Economic Literature, American Economic Association, vol. 35(3), pages 1273-1319, September.
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Cited by:
  1. Jonung, Lars, 2014. "Reforming the Fiscal Framework. The Case of Sweden 1973-2013," Working Papers 2014:26, Lund University, Department of Economics.

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