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

  • Gabriel Moser


    (Oesterreichische Nationalbank)

  • Wolfgang Pointner


    (Oesterreichische Nationalbank)

  • Gerhard Reitschuler


    (Oesterreichische Nationalbank)

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

Volume (Year): (2004)
Issue (Month): 4 ()
Pages: 53–66

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Handle: RePEc:onb:oenbmp:y:2004:i:4:b:4
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  1. Feder, Gershon, 1983. "On exports and economic growth," Journal of Development Economics, Elsevier, vol. 12(1-2), pages 59-73.
  2. Edquist, Harald, 2004. "The Swedish ICT Miracle - Myth or Reality," SSE/EFI Working Paper Series in Economics and Finance 556, Stockholm School of Economics, revised 29 Mar 2004.
  3. Jusús Crespo Cuaresma & Julia Wörz, 2003. "On export composition and growth," Vienna Economics Papers 0309, University of Vienna, Department of Economics.
  4. 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.
  5. Hamid Faruqee, 2004. "Measuring the Trade Effects of EMU," IMF Working Papers 04/154, International Monetary Fund.
  6. Massmann, Michael & Mitchell, James, 2003. "Reconsidering the evidence: Are Eurozone business cycles converging," ZEI Working Papers B 05-2003, ZEI - Center for European Integration Studies, University of Bonn.
  7. Michael D. Bordo & Thomas Helbling, 2003. "Have National Business Cycles Become More Synchronized?," NBER Working Papers 10130, National Bureau of Economic Research, Inc.
  8. repec:dgr:rugggd:200472 is not listed on IDEAS
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