Política econômica e o Bundesbank: o modelo sueco "versus" o modelo alemão

Resumo

This paper confronts two post-war economic models, the Sweedish and
the German, and explains why the German was better succeded than the
Sweedish. The causes for the success and failure of the economic policies of
these countries lie in the same factors, among which is the role of the German
Bundesbank. The Sweedish Model priveledged full employment, while the
German was focused on low inflation rates. The article shows that the German
combination of strong export orientation with the anchor position of the
Deutsche Mark hampered the "export of sustainable stability" to other small
open economies, such as Sweeden. Therefore, the popular belief that
Sweeden should copy the German Model lies in an incomprehension of how
these Models worked. The article also points out that in principle the ongoing
processes of integration inside Germany and in Europe can reduce the
conflicts of monetary asymmetry in the European Exchange Rate Mechanism,
that brought much trouble to the Swedish Model. To finance the transformation
of East Germany and harmonizing the financial markets in Europe might
undermine the dominant position of the D-Mark.