Nobel Memorial Prize in Economic SciencesThe Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered by the Nobel Foundation. Although not one of the five Nobel Prizes established by Alfred Nobel's will in 1895, it is commonly referred to as the Nobel Prize in Economics.
Economy of SwedenThe economy of Sweden is a highly developed export-oriented economy, aided by timber, hydropower, and iron ore. These constitute the resource base of an economy oriented toward foreign trade. The main industries include motor vehicles, telecommunications, pharmaceuticals, industrial machines, precision equipment, chemical goods, home goods and appliances, forestry, iron, and steel. Traditionally, Sweden relied on a modern agricultural economy that employed over half the domestic workforce.
Scandinavian Monetary UnionNOTOC The Scandinavian Monetary Union was a monetary union formed by Denmark and Sweden on 5 May 1873, with Norway joining in 1875. It established a common currency unit, the krone/krona, based on the gold standard. It was one of the few tangible results of the Scandinavian political movement of the 19th century. The union ended during World War I. The original Scandinavian currencies were based on the silver Reichsthaler, defined by the Hamburg Bank as 25.28 grams fine silver, which was equal to one Norwegian speciedaler or two Danish rigsdaler.
Swedish kronaThe krona (ˈkrûːna; plural: kronor; sign: kr; code: SEK) is the official currency of the Kingdom of Sweden. Both the ISO code "SEK" and currency sign "kr" are in common use; the former precedes or follows the value, the latter usually follows it but, especially in the past, it sometimes preceded the value. In English, the currency is sometimes referred to as the Swedish crown, as krona means "crown" in Swedish. The Swedish krona was the ninth-most traded currency in the world by value in April 2016.
2007–2008 financial crisisThe 2007–2008 financial crisis, or Global Financial Crisis (GFC), was a severe worldwide economic crisis that occurred in the early 21st century. It was the most serious financial crisis since the Great Depression (1929). Predatory lending targeting low-income homebuyers, excessive risk-taking by global financial institutions, and the bursting of the United States housing bubble culminated in a "perfect storm". Mortgage-backed securities (MBS) tied to American real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value.
Government of SwedenThe Government of the Kingdom of Sweden (Konungariket Sveriges regering) is the national cabinet of Sweden, and the country's executive authority. The Government consists of the Prime Ministerappointed and dismissed by the Speaker of the Riksdagand other cabinet ministers (Statsråd), appointed and dismissed at the sole discretion of the Prime Minister. The Government is responsible for its actions to the Riksdag. The short-form name Regeringen ("the Government") is used both in the Basic Laws of Sweden and in the vernacular, while the long-form is only used in international treaties.
NordeaNordea Bank Abp, commonly referred to as Nordea, is a Nordic financial services group operating in northern Europe with headquarters in Helsinki, Finland. The name is a blend of the words "Nordic" and "idea". The bank is the result of the successive mergers and acquisitions of the Finnish, Swedish, Danish, and Norwegian banks of Merita Bank, Nordbanken, Unidanmark, and Christiania Bank og Kreditkasse that took place between 1997 and 2001. The Nordic countries are considered Nordea's home market, having finalised the sales of their Baltic operations in 2019.
Alfred NobelAlfred Bernhard Nobel (noʊˈbɛl , ˈǎlfrɛd nʊˈbɛlː; 21 October 1833 – 10 December 1896) was a Swedish chemist, engineer, inventor, businessman, and philanthropist. He is known for creating dynamite as well as having bequeathed his fortune to establish the Nobel Prize, though he also made several important contributions to science, holding 355 patents in his lifetime. Nobel's most famous invention was dynamite, an explosive using nitroglycerin; it was patented in 1867.
Quantitative easingQuantitative easing (QE) is a monetary policy action where a central bank purchases predetermined amounts of government bonds or other financial assets in order to stimulate economic activity. Quantitative easing is a novel form of monetary policy that came into wide application after the financial crisis of 20072008. It is used to mitigate an economic recession when inflation is very low or negative, making standard monetary policy ineffective.
Foreign exchange marketThe foreign exchange market (forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the credit market. The main participants in this market are the larger international banks.
