Title Spillovers in the Nordic countries / prepared by Borislava Mircheva and Dirk Muir

Published [Washington, D.C.] : International Monetary Fund, ©2015

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Description 1 online resource (28 pages) : color illustrations Series IMF working paper, 1018-5941 ; WP/15/70 IMF working paper ; WP/15/70. Contents Cover Page; Title Page; Copyright Page; Contents; Figures; I. Introduction; II. Stylized Facts; 1. Nordic Trade; 2. Nordic FDI Flows; III. Description of the Global Integrated Monetary and Fiscal Model (GIMF); IV. Spillovers in the Nordic Countries; A. Decrease in Aggregate Demand in the Euro Area; 3. Decline in Euro Area Demand; 4. Decline in Euro Area Demand; 5. Decline in Euro Area Demand; B. Grand Bargain Scenario; 6. The Euro Area 'Grand Bargain'; 7. The Euro Area 'Grand Bargain'; 8. The Euro Area 'Grand Bargain'; C. Drop in the Global Energy Price; 9. Global Energy Price Collapse 10. Global Energy Price Collapse11. Global Energy Price Collapse; D. Russia Sanctions Scenario; 12. Russian Sanctions with Russian Energy Supply Cut; 13. Russian Sanctions with Russian Energy Supply Cut; V. Lessons and Policy Implications; References; Footnotes Summary Denmark, Finland, Norway, and Sweden form a tightly integrated region which has strong ties with the euro area as well as some exposure to Russia. Using the IMF's Global Integrated Monetary and Fiscal model (GIMF), we examine spillovers the region could face, focusing on possible scenarios from the rest of the euro area and Russia, and the fall in global oil prices. We show that the spillovers from these scenarios differ in magnitude and impact, regardless of the high degree of integration among the four Nordic economies. These differences are driven by the fact that Denmark and Finland have no independent monetary policy, and Denmark and Norway are net energy exporters while Finland and Sweden are energy importers. We infer lessons for policy from the outcomes. --Abstract Notes "March 2015." "European Department and Research Department." Bibliography Includes bibliographical references (page 27) Notes Online resource; title from pdf title page (IMF.org Web site, viewed March 31, 2015) Subject Capital movements -- Scandinavia Monetary policy -- Scandinavia Fiscal policy -- Scandinavia Computable general equilibrium models -- Scandinavia Capital movements Computable general equilibrium models Fiscal policy Monetary policy Scandinavia Form Electronic book Author Muir, Dirk, author. International Monetary Fund. European Department. International Monetary Fund. Research Department. ISBN 9781484305041 1484305043 9781484305065 148430506X 1475554109 9781475554106 1475554141 9781475554144

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