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Mr. Dirk V Muir
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.
International Monetary Fund. Research Dept.
IMF research summaries on measures of financial integration (by Martin Schindler) and on sovereign wealth funds and financial stability (by Tao Sun and Heiko Hesse); regional study on cross-border labor flows in new European Union member states (by Rudolfs Bems); listing of contents of Vol. 56 No. 1 of IMF Staff Papers, a special issue on frontiers of research on financial globalization; a listing of visiting scholars at the IMF during December 2008–March 2009; and a listing of recent IMF Working Papers.