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The Swedish Experience of Fiscal Reform: Lessons for Portugal

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Abstract

This paper derives a set of policy lessons for Portugal from the new fiscal framework including a fiscal policy council that gradually emerged in Sweden after the deep economic crisis of the early 1990s. By now, Swedish public finances stand out among the strongest in Europe. Recent Swedish macroeconomic performance has been impressive. As Sweden and Portugal are small open economies in the periphery of Europe, Sweden may serve as a fiscal model for Portugal. Policy lessons are distilled from the Swedish experience for Portugal, stressing the importance of the economic policy culture for macroeconomic outcomes and for trust in government institutions and policies.

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  • Jonung, Lars, 2014. "The Swedish Experience of Fiscal Reform: Lessons for Portugal," Working Papers 2014:27, Lund University, Department of Economics.
    • Handle: RePEc:hhs:lunewp:2014_027
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    File URL: http://project.nek.lu.se/publications/workpap/papers/wp14_27.pdf
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    References listed on IDEAS

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    Cited by:

    1. Begg, Iain & Kuusi, Tero & Kylliäinen, Olavi, 2023. "Five Countries, Five Models – A Comparison of Fiscal Frameworks and Lessons for Finland," ETLA Working Papers 102, The Research Institute of the Finnish Economy.
    2. Alexis Stenfors, 2014. "Financialisation and the Financial and Economic Crises: The Case of Sweden," FESSUD studies fstudy27, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

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    More about this item

    Keywords

    Fiscal rules; fiscal policy council; fiscal policy; public debt; Sweden; Portugal.;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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