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Department of Economics, Lund University Working Papers, Department of Economics, Lund University

No 2014:27:
The Swedish Experience of Fiscal Reform: Lessons for Portugal

Lars Jonung ()

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.

Keywords: Fiscal rules; fiscal policy council; fiscal policy; public debt; Sweden; Portugal.; (follow links to similar papers)

JEL-Codes: E52; E62; E63; E65; F44; H62; O52; (follow links to similar papers)

45 pages, August 7, 2014

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