An authoritative and comprehensive guide to major economic policy issues in Denmark. Leading Danish and international economists discuss, in comparative context, the Danish economy's performance in the last 40 years, and assess the challenges which Denmark - in common with other small, open economies - faces in the global economy today. Major features include the continuing of academic analysis with policy-making experience and expertise, and the examination of topical issues including the impact of EMU on 'outsider' nations.

This book is a major contribution to the sociology and anthropology of identity and to debates about identity in Denmark and elsewhere in Europe. Using extensive archival material along-side ethnographic fieldwork, the book explores 'being Danish', the meanings and practices which produced and reproduced 'Danishness' in an ordinary Jutland town during the 1990s. Among the many issues explored are attitudes to the European Union, the symbolism of the royal house and the flag, the State's contribution to personal identity, the place of Christianity in 'Danishness', and the impact on Danes of the recent arrival of mainly Islamic immigrants. Bringing the story up to date with a discussion of the national political shift to the right since the late 1990s and the affair of the 'Mohammed cartoons' in 2005, the book concludes with a critical examination of the future of 'Danishness'. Since 1992 and the Danish rejection of the EU's Maastricht Treaty, through the recent 'cartoons' crisis, Denmark, although only a small country, has occupied a disproportionately visible place in European and global politics. The only detailed ethnographic study of the full spectrum of modern Danish identity, this book will find a wide market in anthropology, sociology, political science, international relations and European studies.

Investigating how tax policy affects labour market outcomes in industrialized countries and to what extent it can be used to combat unemployment, this text advocates an approach to reducing unemployment tailored to the specific characteristics of labour markets.

"Brilliant."—Time "By far the most important investment book in years."—Bloomberg Money "A book that belongs on every investor's bookshelf."—MSN.com An essential and authoritative account of a century of investment returns in sixteen countries—the U.S., the U.K., Japan, France, Germany, Canada, Italy, Spain, Switzerland, Australia, the Netherlands, Sweden, Belgium, Ireland, Denmark, and South Africa Investors have too often extrapolated from recent experience. In the 1950s, who but the most rampant optimist would have dreamt that over the next fifty years the real return on equities would be 9% per year? Yet this is what happened in the U.S. stock market. The optimists triumphed. However, as Don Marquis observed, an optimist is someone who never had much experience. In Triumph of the Optimists, renowned investment authorities Elroy Dimson, Paul Marsh, and Mike Staunton extend our experience across regions and across time. They present a comprehensive and consistent analysis of investment returns for equities, bonds, bills, currencies, and inflation, spanning sixteen countries, from the end of the nineteenth century to the beginning of the twenty-first. This is achieved in a clear and simple way, with over 130 color diagrams that make comparison easy. Crucially, the authors analyze total returns, including reinvested income. They show that some historical indexes overstate long-term performance because they are contaminated by survivorship bias and that long-term stock returns are in most countries seriously overestimated, due to a focus on periods that with hindsight are known to have been successful. The book also provides the first comprehensive evidence on the long-term equity risk premium—the reward for bearing the risk of common stocks. The authors reveal whether the United States and United Kingdom have had unusually high stock market returns compared to other countries. The book covers the U.S., the U.K., Japan, France, Germany, Canada, Italy, Spain, Switzerland, Australia, the Netherlands, Sweden, Belgium, Ireland, Denmark, and South Africa. Triumph of the Optimists is required reading for investment professionals, financial economists, and investors. It will be the definitive reference in the field and consulted for years to come.

The IMF has had extensive involvement in the stress testing of financial systems in its member countries. This book presents the methods and models that have been developed by IMF staff over the years and that can be applied to the gamut of financial systems. An added resource for readers is the companion CD-Rom, which makes available the toolkit with some of the models presented in the book (also located at elibrary.imf.org/page/stress-test-toolkit).

Leading international economists examine the different patterns and long-term trends behind persistent unemployment across Western Europe in light of recent developments in labor market theory. Structural unemployment, or persistently high levels of unemployment that do not follow the ups and downs of a typical business cycle, varies significantly across industrialized countries. In this CESifo volume, leading labor economists analyze the widely diverging patterns of long-term unemployment across Western Europe. Drawing on recent developments in labor market theory and macroeconomics to explain the emergence and persistence of unemployment, the studies look for fundamental explanations and common patterns that might lead to policy solutions.The two opening chapters offer overviews of the problem: European labor market expert Stephen Nickell highlights the unemployment situation in the "Big Four" continental European states of France, Germany, Italy, and Spain, and American economist Edmund S. Phelps focuses on new theoretical approaches that examine institutional factors influencing unemployment in a given country. Following these introductory essays, prominent economists consider the experiences of their home countries, in chapters on Denmark, Sweden, the Netherlands, Finland, Ireland, the United Kingdom, France, Germany, Italy, and Spain. By taking advantage of the richness of research conducted at a national level and making the work accessible to an international audience, this volume contributes to a new understanding of structural unemployment and how it can be overcome through labor market reforms and other economic policy measures. Contributors Torben Andersen, Samuel Bentolila, Norbert Berthold, Guiseppe Bertola, Rainer Fehn, Pietro Garibaldi, Bertil Holmlund, Juan F. Jimeno, Erkki Koskela, Stephen J. Nickell, Jan C. van Ours, Edmund S. Phelps, Jean Pisany-Ferry, Christopher Pissarides, Roope Uusitalo, Brendan Walsh, Martin Werding

This book examines the transformation of contemporary social democracy through the concept of "third way" reforms. It proposes a set of theories about the possibility for continuing social democratic ideological adaptation, for ideologies to overcome institutional constraints in triggering path-breaking innovations, and for social democracy to bridge the insider-outsider divide. Empirically, the book utilizes these theories to account for social democratic welfare state and labor market reforms in nine OECD countries after the end of the Golden Age. Based on the logic of "public evils," the book proposes that the ideologically contested nature of institutions provides incentives for institutional innovation. Social democratic ideology shapes the fundamental characteristics and content of the third way policy paradigm, and the paradigm's practical implementation continues to be path-dependent on historical institutional settings.