Spillovers to and from the Nordic Economies: A Macroeconometric Model Based Analysis
IMF Working Papers, November 5, 2013
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- Spillovers to and from the Nordic Economies: A Macroeconometric Model Based Analysis
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Bibliographic details
- Authors: Francis Vitek
- Published: November 5, 2013
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781475514667.001
Overview and methodology
- Author: Francis Vitek
- Date: November 5, 2013
- Approach: Spillover analysis based on a pair of estimated structural macroeconometric models of the world economy, disaggregated into thirty five national economies.
- Publication details:
- Pages: 30
- Volume: 2013
- Issue: 225
- Series: Working Paper No. 2013/225
- DOI: https://doi.org/10.5089/9781475514667.001
- Stock No: WPIEA2013225
- ISBN: 9781475514667
- ISSN: 1018-5941
Key findings
- Exposure and transmission
- The Nordic economies are heavily exposed to external macroeconomic and financial shocks.
- External shocks and policies transmit across the Nordic economies and the rest of the world via modeled linkages.
- Mitigation potential
- The Nordic economies have significant scope to mitigate domestic macroeconomic impacts through coordinated policy responses.
- The capacity to mitigate is attributed to a high degree of regional integration.
Subjects and analytical focus
- Subjects listed: Exports, Financial markets, Financial sector policy and analysis, International trade, National accounts, Return on investment, Securities markets, Spillovers, Stock markets.
- Keywords included: economy, export exposure, Exports, External risks, Financial linkages, Global, Nordic economy, output loss, output spillover, Policy coordination, Return on investment, risk premium shock, Securities markets, source economy, Spillover analysis, spillover coefficient, Spillovers, Stock markets, Trade linkages, WP.
Practical implications and policy considerations
- Policy coordination:
- Coordinated policy responses among Nordic countries can materially reduce domestic impacts of external macroeconomic and financial shocks.
- Regional integration:
- High regional integration strengthens the effectiveness of coordinated policies in cushioning spillovers.
Source: Spillovers to and from the Nordic Economies: A Macroeconometric Model Based Analysis (IMF Working Paper No. 2013/225) by Francis Vitek, November 5, 2013.
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