The Economic Crisis and its Aftermath in the Nordic and Baltic Countries
Lýsing:
The Nordic-Baltic region has become highly integrated. The Nordic countries have been successful in balancing competitiveness and economic growth with social inclusiveness, while the Baltic States have grown economically but remain vulnerable with weak social systems and highly unequal income distribution. European Union (EU) membership and inter-linkages with the continental Nordic banking systems appear to have affected the 2008/09 crisis response of the Baltic States.
In spite of their strengths, including their social systems, continental Nordic states are faced with a challenging mix of large, cross-border banks and highly indebted households at a time of rather weak global growth. The Baltic States are challenged by slow economic growth post-crisis, security concerns, and large-scale outward migration of the youngest and most highly educated people. It is now a decade since the Baltic States were hit by the global crisis.
It is time to take stock of their progress and assess their relations with other countries in the region and with the EU. This book focuses on the Baltics and their Nordic partners pre- and post-crisis: successes, failures, lessons learned, and future challenges, examining and comparing the crisis response of these various small states that enjoy different income levels, operate different welfare and tax systems, and seek different levels of integration with the EU.
Annað
- Höfundur: Hilmar Þór Hilmarsson
- Útgáfa:1
- Útgáfudagur: 25-09-2018
- Hægt að prenta út 2 bls.
- Hægt að afrita 2 bls.
- Format:ePub
- ISBN 13: 9781351046817
- Print ISBN: 9781857439649
- ISBN 10: 1351046810
Efnisyfirlit
- Cover
- Half Title
- Title Page
- Copyright Page
- Table of Contents
- List of illustrations
- The Author
- Acknowledgements
- Preface
- Abbreviations and Acronyms
- Introduction
- Notes
- References
- 1. Theories employed and methodology applied in this book
- Notes
- References
- 2. Pre-crisis and post-crisis economic and social performance of the Nordic countries and the Baltic States: an overview
- Crisis response and the economic and social post-crisis consequences
- Welfare and tax systems in the Baltic States and Nordic countries compared: the links to Baltic austerity
- Austerity programmes in the Baltic States, human costs and long-term growth
- Banking, investment and trade linkages in the Nordic and Baltic region
- Notes
- References
- 3. The Nordic countries and the Baltic States—small states and multilateralism
- Definitions of ‘small states’
- Small states as a group
- Small states and multilateralism
- System-determining, -influencing, -affecting or -ineffectual
- Notes
- References
- 4. European integration and the Nordic-Baltic region, Schengen and NATO
- Free trade theories and economic integration
- Economic integration and security concerns
- Nordic-Baltic collective influence
- Notes
- References
- 5. Exchange rate policy: fixed or floating?
- The Baltics ‘go hard’ with a fixed exchange rate: reasons and consequences
- Does exchange rate policy matter for economic growth?
- Exchange rate regimes, the path to euro adoption and the decision to devalue
- Are fixed exchange rate regimes feasible?
- The Baltic ‘bubble’ versus Polish exceptionalism
- The crisis in Finland and Sweden in the early 1990s versus the Baltics in 2008/09
- Summing up: Sweden versus the Baltics
- The consequences of negative real interest rates
- Notes
- References
- 6. The challenges of euro area membership: Economic benefits versus security concerns, and the euro area versus NATO
- The absence of a currency devaluation option
- Currency union without fiscal union
- Excessive austerity
- The absence of a full banking union
- The European Central Bank
- The euro area and national security
- The Baltic States, NATO and reliance on the USA
- Notes
- References
- 7. Nordic–Baltic banking interconnectedness and its consequences
- Debt, public and private, pre- and post-crisis
- Notes
- References
- 8. International organizations as economic policy advisers for small states: the Baltics as victims?
- The Bretton Woods and EU institutions as advisors to EU member states
- Notes
- References
- 9. The Nordic welfare model and the Baltic States’ Anglo-Saxon bias
- Notes
- References
- 10. Fragile Baltic democracy and the challenges posed by outbound migration
- ‘Exit, Voice and Loyalty’
- Post-crisis recovery and performance
- Social and economic justice
- Notes
- References
- 11. The extreme cases of Iceland and Latvia during the global economic and financial crisis 1
- What does ownership mean for the International Monetary Fund? Some definitions
- Crisis response and ‘government ownership’ in Iceland and Latvia
- The global reaction to Iceland’s crisis
- Iceland’s dispute with the UK and the Netherlands
- EU desperation and the Scandinavian rush to ‘rescue’ Latvia
- The risks of Nordic-Baltic banking sector interconnectedness
- Economic growth and unemployment
- Social progress
- Measures of economic performance and social progress
- Going ‘beyond’ GDP when measuring ‘success’
- Poverty, social exclusion and income inequality in Latvia and Iceland
- Emigration
- Have the reform programmes in Iceland and Latvia been successful?
- Notes
- References
- 12. The Nordic–Baltic region: successes, failures, lessons learned and future challenges
- Crisis response, and the economic and social post-crisis consequences
- The consequences of Nordic-Baltic interlinkages
- The crisis in Sweden and Finland in the 1990s
- Tax and welfare systems and the consequences of austerity
- External challenges including further economic integration
- Challenges
- Challenges related to EU membership: a dysfunctional euro area?
- Notes
- References
- 13. The Nordic countries and the Baltic States—the need for further research
- Why did the Baltics adopt neoliberal policies post-independence, and what policy mix could help make them more inclusive?
- How can the Baltics promote business development and better share the benefits?
- How can the Baltics become more democratic and achieve more circular flows of people instead of showing a tendency to one-way exodus?
- What can the Baltics do to improve cohesion within their borders in order to improve their internal security during a time of growing external uncertainty?
- How can small states reduce their vulnerability in their dealings with international organizations?
- The Nordics have been very active in international development co-operation. How can the Baltics contribute more to development most notably in less advanced transition countries?
- How do foreign banks (mostly Nordic in the case of the Baltic States) influence the policy stance of governments as well as international organizations?
- How can the Baltics better diversify the ownership of their banking sector to reduce cross-border Nordic-Baltic vulnerabilities?
- How can the Baltics develop a more vibrant export sector?
- What level of global integration serves the long-term interest of the Baltics?
- How can small states benefit from international organizations, obtain shelter and avoid vulnerabilities?
- What policy mix, most notably in fiscal policy, is most suitable for small transition countries within the EU?
- Note
- References
- Index
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