The Economic Crisis and its Aftermath in the Nordic and Baltic Countries
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.
Hilmar r Hilmarsson is a Professor at the University of Akureyri, School of Business and Science, Iceland, where he teaches courses on international business and macroeconomics. He received his degree in economics from the University of Iceland in 1987, an MA in economics from New York University in 1989, and a PhD in public administration and economic development from the American University in Washington, DC in 1992. He served as a Specialist and Co-ordinator with the World Bank Group in Washington, DC from 1990 to 1995, at the World Bank office in Riga, Latvia from 1999 to 2003 and the World Bank office in Hanoi, Viet Nam from 2003 to 2006. From 1995 to 1999 he served as a Special Advisor to the Minister for Foreign Affairs in Iceland.
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 countrys or a regions 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 countrys recent economic issues in order to increase knowledge.
International Monetary Reform
A Specific Set of Proposals
John Williamson
Small States and the European Union
Economic Perspectives
Edited by Lino Briguglio
Advances in Geoeconomics
Edited by J. Mark Munoz
The Economic Crisis and its Aftermath in the Nordic and Baltic Countries
Do As We Say and Not As We Do
Hilmar r Hilmarsson
First published 2019
by Routledge
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
and by Routledge
711 Third Avenue, New York, NY 10017
Routledge is an imprint of the Taylor & Francis Group, an informa business
The right of Hilmar r Hilmarsson to be identified as the author of this work has been asserted by him in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988.
All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.
Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
Library of Congress Cataloging-in-Publication Data
Names: Hilmarsson, Hilmar r, author.
Title: The economic crisis and its aftermath in the Nordic and Baltic countries : do as we say and not as we do / Hilmar r Hilmarsson.
Description: First Edition. | New York : Routledge, 2018. | Series: Europa economic perspectives Identifiers: LCCN 2018018364 (print) | LCCN 2018034198 (ebook) | ISBN 9781351046831 (master) | ISBN 9781857439649 (hardback) | ISBN 9781351046831 (ebk)
Subjects: LCSH: Scandinavia--Economic conditions--21st century. | Baltic States--Economic conditions--21st century. | Scandinavia--Foreign economic relations--Baltic States--21st century. | Baltic States--Foreign economic relations--Scandinavia--21st century.
Classification: LCC HC345 (ebook) | LCC HC345 .H55 2018 (print) | DDC 330.948--dc23
LC record available at https://lccn.loc.gov/2018018364
ISBN: 978-1-857-43964-9 (hbk)
ISBN: 978-1-351-04683-1 (ebk)
Hilmar r Hilmarsson is a Professor at the University of Akureyri, School of Business and Science, Iceland, where he teaches courses on international business and macroeconomics. He received his cand. oecon. degree in economics from the University of Iceland in 1987, an MA in economics from New York University in 1989, and a PhD in public administration and economic development from the American University in Washington, DC in 1992. He served as a Specialist and Co-ordinator with the World Bank Group in Washington, DC from 1990 to 1995, at the World Bank office in Riga, Latvia from 1999 to 2003 and the World Bank office in Hanoi, Viet Nam from 2003 to 2006. From 1995 to 1999 he served as a Special Advisor to the Minister for Foreign Affairs in Iceland. Dr Hilmarsson has published over 70 scholarly articles and book chapters and has lectured and made presentations at more than 30 universities in Europe and the USA, including the American University in Washington, DC, Aalborg University, Cornell University, Georgetown University, the Stockholm School of Economics, the University of California, Berkeley, the University of California, Los Angeles, the University of Latvia, the University of Mauritius, the University of Porto, the University of Tartu, the University of Washington, Vytautas Magnus University, the University of York, and Yale University. He has travelled to about 60 countries.
Professor Hilmarsson has held visiting appointments at several top universities in the USA and Europe. He was a Visiting Professor at the Stockholm School of Economics during the fall semester 2013, a Visiting Scholar at the University of Washington in Seattle in the spring semester 2014, a Visiting Professor at Cornell University during the fall semester 2015, a Visiting Scholar at the University of California, Berkeley during the fall semester 2016 and a Visiting Scholar at the University of Cambridge during the fall semester 2017.
