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Eurosclerosis or Financial Collapse
Ms. Valerie Cerra
Ms. Sweta Chaman Saxena
其他書名
Why Did Swedish Incomes Fall Behind?
出版
International Monetary Fund
, 2005-02-01
主題
Business & Economics / Economics / Macroeconomics
Business & Economics / Economics / General
Business & Economics / International / Economics
ISBN
145190584X
9781451905847
URL
http://books.google.com.hk/books?id=pZe4TS32LmcC&hl=&source=gbs_api
註釋
Sweden represents an archetypal welfare state economy, with extensive government safety nets. Some scholars have attributed a decline in its per capita income ranking since 1970 to "eurosclerosis" or sluggish growth caused by distortionary policies. This paper argues rather, that the permanent loss in output following Sweden''s banking crisis in the early 1990s explains the decline in its per capita GDP ratings. The paper finds no macroeconomic evidence that welfare state policies have deterred growth. The results warn that empirical growth analyses should distinguish between trend output growth and permanent output loss associated, for example, with financial crises.