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.
'This is a timely book written by a macroeconomic expert with a broad theoretical and institutional knowledge of the region under consideration. The pivot question to be answered in this book concerns how small northern European countries came through the economic crisis, and what prospects they may experience should a new crisis hit them.' - Jesper Jerspersen, Nordicum Mediterraneum, 2019
Introduction; 1 Theories and methodology; 2 Pre-crisis and post-crisis economic and social performance of the Nordic countries and the Baltic States: an overview; 3 The Nordic countries and the Baltic States - small states and multilateralism; 4 European integration and the Nordic-Baltic region, Schengen and NATO; 5 Exchange rate policy: fixed or floating?; 6 Challenges with the euro area: economic benefits versus security concerns and the euro area versus NATO; 7 Nordic-Baltic banking interconnectedness and the consequences; 8 International organizations as economic policy advisers for small states – the Baltic victims?; 9 The Nordic welfare model and the Baltic States’ Anglo-Saxon bias; 10 Fragile Baltic democracy and the challenges of outbound migration; 11. The extreme cases of Iceland and Latvia during the global economic and financial crisis; 12 The Nordic-Baltic region: Successes, failures, lessons learned and future challenges; 13 The Nordic countries and the Baltic States – the need for further research; Index
Europa Economic Perspectives
Providing in-depth analysis with a global reach, this series from Europa examines a wide range of contemporary economic issues from areas around the world. Intended to complement the Europa Regional Surveys of the World series, Europa Economic Perspectives will be a valuable resource for academics, students, researchers, policymakers, business people and anyone with an interest in current world economic affairs.
While the Europa World Year Book and its associated Regional Surveys inform on and analyse contemporary economic, political and social developments, the Editors considered the need for more in-depth volumes written and/or edited by specialists in their field, in order to delve into a country’s or a region’s particular economic situation, or to examine economic theories in the context of current global economic affairs. Volumes in the series are not constrained by any particular template, but may explore any aspect of a country’s recent economic issues in order to increase knowledge.
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