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Economic Growth in Denmark, Sweden and the United Kingdom since the Start of Monetary Union

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Author Info
Gabriel Moser () (Oesterreichische Nationalbank)
Wolfgang Pointner () (Oesterreichische Nationalbank)
Gerhard Reitschuler () (Oesterreichische Nationalbank)

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Abstract

This study analyzes GDP growth in Denmark, Sweden and the United Kingdom, examining the determinants of potential growth, cyclical fluctuations in GDP and the contribution of the national economic policy of each of the three countries. High spending on research and development, particularly in information and communications technology, is identified as the main force driving growth in Sweden while a robust increase in private consumption resulting from rising asset prices is found to have been the key growth driver in the United Kingdom. In Denmark and Sweden, swings in the business cycle are being successfully offset through fiscal policy and other measures. The United Kingdom has made considerable progress with respect to business cycle convergence with the euro area, a significant factor for joining Economic and Monetary Union.

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Publisher Info
Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Monetary Policy and the Economy.

Volume (Year): (2004)
Issue (Month): 4 (December)
Pages: 53-66
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Handle: RePEc:onb:oenbmp:y:2004:i:4:b:4

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Related research
Keywords: Economic Growth; Monetary Union;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Edquist, Harald, 2004. "The Swedish ICT miracle: myth or reality?," GGDC Research Memorandum 200472, Groningen Growth and Development Centre, University of Groningen. [Downloadable!]
    Other versions:
  2. Michael D. Bordo & Thomas Helbling, 2003. "Have National Business Cycles Become More Synchronized?," NBER Working Papers 10130, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Jusús Crespo Cuaresma & Julia Wörz, 2003. "On export composition and growth," Vienna Economics Papers 0309, University of Vienna, Department of Economics. [Downloadable!]
    Other versions:
  4. Hamid Faruqee, 2004. "Measuring the Trade Effects of EMU," IMF Working Papers 04/154, International Monetary Fund. [Downloadable!]
  5. Feder, Gershon, 1983. "On exports and economic growth," Journal of Development Economics, Elsevier, vol. 12(1-2), pages 59-73. [Downloadable!] (restricted)
  6. Ignazio Angeloni & Luca Dedola, 1999. "From the ERM to the euro: new evidence on economic and policy convergence among EU countries," Working Paper Series 4, European Central Bank. [Downloadable!]
    Other versions:
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This page was last updated on 2009-11-16.

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