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Giang Ho and Ms. Kazuko Shirono
The large influx of migrants to Nordic countries in recent years is challenging the adoptability of Nordic labor market institutions while also adding to potential growth. This paper examines the trends, economic drivers, and labor market implications of migration to Nordic countries with a particular focus on economic migration as distinct from the recent large flows of asylum seekers. Our analysis finds that migration inflows to the Nordics are influenced by both cyclical and structural factors. Although migration helpfully dampens overheating pressures during periods of strong demand, and over the longer term will cushion the decline in labor supply from population aging, in the near-term unemployment can rise, especially among the young and lower-skilled. The analysis highlights the need to adapt Nordic labor market institutions in a manner that better facilitates the integration of migrants into employment. In particular, greater wage flexibility at the firm level and continued strong active labor market measures will help improve labor market outcomes among immigrants.
International Monetary Fund. European Dept.

2013 CLUSTER CONSULTATION July 30, 2013 Key Issues Denmark, Finland, Norway, and Sweden form a highly integrated region that is very open to the global economy . These four countries share a set of strong economic and social institutions and policies, with an emphasis on education, high income equality, high employment, low public debt, and an innovative and competitive business environment—the “Nordic model.” Intraregional trade is important and a large and highly-concentrated banking sector operates across the region. At the same time, each country is

International Monetary Fund. European Dept.

REPORT SELECTED ISSUES July 31, 2013 Approved By European Department Prepared By R. Agarwal, A. Aslam, A. Mordonu, K. Shirono (all EUR), E. Cerutti (RES), and F. Vitek (SPR). Contents I. NORDIC MODEL A. Key Features B. The Region in the Global Economy C. A Large Financial Sector BOX 1.1. The Nordic-4 and the Global Network FIGURES 1.1. Relative Performance of the Nordic Model 1.2. General Government Revenues, Expenditures, and Balances 1.3. Bank Assets 1.4. Household Financial Debt 1.5. Nonfinancial

Sriram Balasubramanian, Lahcen Bounader, Mrs. Jana Bricco, and Dmitry Vasilyev

. Authors E-Mail Addresses : SBalasubramanian@imf.org ; LBounader@imf.org ; JBricco@imf.org ; DVasilyev@imf.org Contents Abstract I. Introduction II. The Nordic Model of Inclusive Growth A. Main Features of the Nordic Model B. Inclusive Growth Policies in Nordic Countries III. India: Economic Reforms for Inclusion, 1990-2020 A. Introduction B. Main features of the Indian model C. Inclusive growth in India IV. Growth and Equity in Brazil A. Growth dynamics B. Inclusive policies V. The Middle East: the case of Egypt A

International Monetary Fund. European Dept.

Surveillance Review to strengthen work on interconnectedness and spillovers. The recent crises have highlighted the strengths and weaknesses of the ‘Nordic model.’ Robust social institutions and sound macroeconomic fundamentals and policies helped the region emerge as a safe haven for investors and allowed it to outperform many other advanced economies during the recovery. At the same time, the development of a large and regionally integrated banking system while embracing trade and financial openness also meant that the four countries were vulnerable when global markets

International Monetary Fund

. Rate Reductions D. Comparative Tax Rates and Burdens E. Reforms in the Context of the “Nordic Model” F. Taxes on Labor G. Conclusion Text Boxes 1. Major Proposed Amendments to Income Taxes, November 1999 2. Shares of CIT, PIT, VAT and Excise Taxes Table 1. Comparative Statutory and Effective Corporate Tax Rates Appendix I Basic Rates of Central Government Corporate Income Tax in the OECD III. Public Expenditure Reform in Poland A. Introduction B. Medium-Term Expenditure Projections and Constraints C. The Scope for