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

Author

Listed:
  • Gabriel Moser

    () (Oesterreichische Nationalbank)

  • Wolfgang Pointner

    () (Oesterreichische Nationalbank)

  • Gerhard Reitschuler

    () (Oesterreichische Nationalbank)

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.

Suggested Citation

  • Gabriel Moser & Wolfgang Pointner & Gerhard Reitschuler, 2004. "Economic Growth in Denmark, Sweden and the United Kingdom since the Start of Monetary Union," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 53-66.
  • Handle: RePEc:onb:oenbmp:y:2004:i:4:b:4
    as

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    File URL: https://www.oenb.at/dam/jcr:adc59237-7238-4316-a7d1-6a836a55b7a3/mop_2004_4_analyses4_tcm16-23741.pdf
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    References listed on IDEAS

    as
    1. Edquist, Harald, 2005. "The Swedish ICT miracle -- myth or reality?," Information Economics and Policy, Elsevier, vol. 17(3), pages 275-301, July.
    2. repec:dgr:rugggd:200472 is not listed on IDEAS
    3. Michael D. Bordo & Thomas Helbling, 2003. "Have National Business Cycles Become More Synchronized?," NBER Working Papers 10130, National Bureau of Economic Research, Inc.
    4. Jesús Crespo Cuaresma & Julia Wörz, 2005. "On Export Composition and Growth," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 141(1), pages 33-49, April.
    5. Hamid Faruqee, 2004. "Measuring the Trade Effects of EMU," IMF Working Papers 04/154, International Monetary Fund.
    6. Michael Massmann & James Mitchell, 2002. "Have UK and Eurozone Business Cycles Become More Correlated?," National Institute Economic Review, National Institute of Economic and Social Research, vol. 182(1), pages 58-71, October.
    7. Feder, Gershon, 1983. "On exports and economic growth," Journal of Development Economics, Elsevier, vol. 12(1-2), pages 59-73.
    8. Angeloni, Ignazio & Dedola, Luca, 1999. "From the ERM to the euro: new evidence on economic and policy convergence among EU countries," Working Paper Series 0004, European Central Bank.
    9. Massmann, Michael & Mitchell, James, 2003. "Reconsidering the evidence: Are Eurozone business cycles converging," ZEI Working Papers B 05-2003, University of Bonn, ZEI - Center for European Integration Studies.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Economic Growth; Monetary Union;

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