PUBLISHED BY SVERIGES RIKSBANK
S V E R I G E S R I K S B A N K
SVERIGES RIKSBANK ECONOMIC REVIEW
is issued by Sveriges Riksbank four times a year.
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■ Can we be best again? The role of capital formation
in long-term growth 5
During the quarter-century from the early 1970s living standards in Sweden slipped in
relation to other countries. Catching up again requires a rate of productivity growth that
is some tenths of a percentage point higher than in other countries year after year. This
calls for a high rate of capital formation, more people at work and a great deal of effort
for research and development. Even if Sweden managed to achieve higher productivity
growth, catching up with Denmark and Norway would take two to three decades.
■ The financial accelerator and corporate investment 23
Claes Berg, Jan Hansen and Peter Sellin
The authors analyse how corporate balance sheets and credit terms influence corporate
investment via the financial accelerator and the part played by monetary policy in this
context. The empirical findings suggest that in addition to the variables that normally
feature in predictive equations, the financial accelerator has effects on corporate invest-
ment in Sweden that are substantial. The accelerator also seems to be of importance for
monetary policy’s impact on the business cycle.
■ Swedish monetary policy 47
In 1993 Swede