Financialisation and the Financial and Economic Crises
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Financialisation and the Financial and Economic Crises

Country Studies

  • New Directions in Modern Economics series

Edited by Eckhard Hein, Daniel Detzer and Nina Dodig

The contributions to this book provide detailed accounts of the long-term effects of financialisation and cover the main developments leading up to and during the crisis in 11 selected countries: the US, the UK, Spain, Greece, Portugal, Germany, Sweden, Italy, France, Estonia, and Turkey. The introductory chapter presents the theoretical framework and synthesizes the main findings of the country studies. Furthermore, the macroeconomic effects of financialisation on the EU as a whole are analysed in the final chapter.
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Chapter 8: Swedish financialisation: ‘Nordic noir’ or ‘safe haven’?

Alexis Stenfors

Abstract

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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