from Sweden, depending its economy mainly on the Soviet Union by exporting its natural resources. Finland however slowly but constantly developed its economy up to the OECD average, following the models of its Nordic neighbors to invest highly in social welfare and public infrastructure. Also, Finland had gone though dramatic change in its macroeconomic policy starting from 1970s, featuring fixed nominal exchange rate, centralized wage bargaining, and an increasing fiscal budget though the 1980s. Strict…
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