New Directions in Modern Economics series
Edited by Eckhard Hein, Daniel Detzer and Nina Dodig
Chapter 8: Swedish financialisation: ‘Nordic noir’ or ‘safe haven’?
This study on Sweden examines the Swedish financialisation process through the lens of the global financial crisis and the subsequent Euro area sovereign debt crisis. The emphasis of the study is twofold. First, by acknowledging the rapid and widespread Swedish financialisation process, it traces the transformation of Sweden from a ‘debt-led consumption boom’ country towards an ‘export-led mercantilist’ regime. Second, by highlighting the country’s unique characteristics within such a classification, the study considers its ability to shield itself from some of the turbulence in the international financial markets following the recent crises. The outline of the report is as follows. The first two sections provide a summary of key characteristics of the Swedish financialisation process since the 1980s. The third section studies the effects of the Swedish financialisation process in more detail by examining four channels in particular: investment, distribution, household consumption and the current account. The fourth section analyses the transmission mechanism of the global financial crisis and the Euro area sovereign debt crisis vis-à-vis Sweden. The fifth section concludes.
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