Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/201303 
Year of Publication: 
2014
Series/Report no.: 
ETLA Report No. 21
Publisher: 
The Research Institute of the Finnish Economy (ETLA), Helsinki
Abstract: 
In this paper we analyse to what extent the Nordic economies are vulnerable to external shocks. Specifically, we assess the conventional wisdom that the Nordic countries are small open economies that are significantly engaged in international trade, specialised in only few specific industries and, as a consequence, extremely dependent on the competiveness of their tradable sector and exposed to external shocks. To study this conventional wisdom, we employ a comprehensive set of indicators about trade openness, specialisation and vulnerability. While we do find that the Nordic countries are open economies, though not to an exceptional degree, we also find significant heterogeneity across these countries with respect to their vulnerability.
Subjects: 
International trade
Small open economy
Nordic countries
Specialisation
Vulnerability
JEL: 
F14
F6
L00
Document Type: 
Research Report

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