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Devaluations and Employment in the Economic Policy of the Nordic Countries - Some Reflections on the Finnish Experience

Published online by Cambridge University Press:  17 August 2016

Jukka Pekkarinen  and
Pekka Sauramo
Jukka Pekkarinen
Affiliation:
The Labour Institute for Economic Research, Helsinki, and the University of Helsinki.
Pekka Sauramo
Affiliation:
The Labour Institute for Economic Research.
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Extract

The small open economies of the Nordic type (Sweden, Norway and Finland, in particular) have close similarities as far as their economic structure and institutions are concerned. They are all heavily dependent on foreign trade; their exports are quite highly concentrated and cyclically sensitive; the labour market partners are well organized and the wage-setting institutions are fairly similar; economic policy priorities are also rather close to one another, with heavy emphasis on employment, growth and external balance.

Against this background of structural similarities, one cannot help but notice that there are clear systematic and persistent differences in the economic policy mixes adopted by these countries. Notwithstanding the fact that these differences are partly explained by different political coalitions, different traditions of economic policy thinking etc, it is worth analyzing the contents of these differences as such and assessing their effects on the economic performance of different Nordic countries. This is what the present paper attempts to do from a certain restricted perspective. In particular, it highlights the peculiarities of the Finnish policy mix.

Type
PART THREE: Specific Issues
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 51 , Issue 3-4 , December 1985 , pp. 343 - 362
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1985 

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References

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