&+$37(5 Returns to Human Capital in Sweden 0DKPRRG$UDL &KULVWLDQ.MHOOVWU|P 1DWLRQDO,QVWLWXWHRI(FRQRPLF5HVHDUFK 6WRFNKROP6ZHGHQ PD#QHVXVHFKULVWLDQNMHOOVWURP#NRQMVH 300 Sweden 1 Introduction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·VFKRLFHRIVFKRROLQJ37KLVFDQEHVHHQDVHYLGHQFHIRULQ GLYLGXDOV·HGXFDWLRQDOOHYHOVEHLQJKLJKO\FRUUHODWHGZLWKWKHLUSDUHQWV· HGXFDWLRQDOOHYHOV6WDQGDUGKXPDQFDSLWDOWKHRU\ 4VWDWHVWKDWDQLQGL YLGXDO·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|UNOXQG 0DWWKHZ /LQGTXLVW DQG &DUO OH *UDQG IRU KHOSIXO FRPPHQWV DQG GLVFXVVLRQV 2 3 4 6HH %DUUR DQG 6DODL0DUWLQ .UXHJHU DQG /LQGDKO (ULFVVRQ DQG -RQVVRQ 6HH %HFNHU Sweden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²ZKLOHXQGHUJRLQJRQO\PLQRUFKDQJHVDIWHU$FRU UHVSRQGLQJ FKDQJH LQ WKH UHODWLYH VXSSO\ RI ODERXU ZLWK XQLYHUVLW\ HGXFDWLRQ FDQQRW EH REVHUYHG WKRXJK 7KH LQFUHDVH LQ WKH UHODWLYH VXSSO\RILQGLYLGXDOVZLWKKLJKHU HGXFDWLRQ LV VPRRWK DQG UHIOHFWV D JHQHUDO WUHQG RI LQFUHDVHG HGXFDWLRQ DV LQ PDQ\ RWKHU LQGXVWULDOLVHG FRXQWULHV ,W LV QRW RQO\ WKH VXSSO\ RI ODERXU ZLWK KLJKHU HGXFDWLRQ WKDW LQFUHDVHG GXULQJ WKLV SHULRG KRZHYHU 7KH GHPDQG IRU VNLOOHG ODERXU DOVR LQFUHDVHG UDSLGO\ 7KH JURZWK LQ WKH SXEOLF VHFWRU ZDV PDLQO\GRPLQDWHGE\JURZWKLQRFFXSDWLRQVZKLFKUHTXLUHSRVWKLJK VFKRROHGXFDWLRQ$QRWKHUPDMRUFKDQJHLQWKH6ZHGLVKODERXUPDU NHWZDVWKHLQFUHDVHGIHPDOHODERXUVXSSO\SURPRWHGE\DQH[SDQVLRQ LQSXEOLFO\SURYLGHGFKLOGFDUH 7KHVKDUSIDOOLQZDJHGLVSHUVLRQGXULQJ²LVFRPSDWLEOH ZLWK WKH YLHZ WKDW WKH QDUURZLQJ ZDJH GLIIHUHQWLDOV LQ 6ZHGHQ DUH SULPDULO\JHQHUDWHGE\WKHLQVWLWXWLRQVRIZDJHVHWWLQJ7KHLQFUHDVHG VXSSO\RIHGXFDWLRQRSSRUWXQLWLHVUHVXOWLQJIURPH[SDQVLRQDQG GH FHQWUDOLVDWLRQRIWKHXQLYHUVLW\V\VWHPLQFRPELQDWLRQZLWKJHQHURXV VXEVLGLVHGORDQVWRVWXGHQWVGXULQJ WKH VL[WLHV LV DQRWKHU SDUW RI WKH 5 (GLQ DQG +ROPOXQG LQYHVWLJDWH WKLV TXHVWLRQ 302 Sweden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²WHFKQLFDOKXPDQLWLHVVRFLDOVFLHQFHV²DV ZHOODVYDULRXVW\SHVRIWUDLQLQJPRVWSUREDEO\KDYHGLIIHUHQWLPSDFWV RQHFRQRPLFDFWLYLW\DQGDOVRV\VWHPDWLFDOO\IDFHGLIIHUHQWGHPDQGV 7KH UHPDLQGHU RI WKH FKDSWHU LV RUJDQLVHG DV IROORZV 6HFWLRQ SUHVHQWVWKHPDLQGDWDVRXUFHVXVHGLQPRVWRIWKHVWXGLHVUHYLHZHG KHUH6HFWLRQVDQGGHDOLQWXUQZLWKUHWXUQVWRHGXFDWLRQZRUN H[SHULHQFHDQGVHQLRULW\6HFWLRQFRQFOXGHV 2 Data sources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weden 3 Returns to education 3.1 General results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|UNOXQGUHSRUWVUHVXOWVIURPHVWLPDWLRQVRIDZDJHHTXD WLRQLQFOXGLQJDJHQGHUGXPP\\HDUVRIVFKRROLQJ\HDUVRIZRUNH[ SHULHQFHDQGZRUNH[SHULHQFHVTXDUHGDVZHOODVDJHDQGDJHVTXDUHG 7KH HVWLPDWHG UHWXUQV WR VFKRROLQJ IDOO IURP DURXQG SHU FHQW LQ WRDURXQGSHUFHQWIRUWKHSHULRGDIWHU5XQQLQJVHSDUDWH UHJUHVVLRQVIRUPHQDQGZRPHQOH*UDQGUHSRUWVDGHFOLQHLQ 7DEOH 5HWXUQWRVFKRROLQJORJ 727$/ $VSOXQG HW DO %M|UNOXQG %ODX .DKQ /H *UDQG 35,9$7( 38%/,& <HDU 7RWDO 0HQ :RPHQ 7RWDO 0HQ :RPHQ 7RWDO 0HQ :RPHQ 304 Sweden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weden 305 DUHPXFKVPDOOHUEXWVWLOOLQWKHSXEOLFVHFWRUV·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²PDOHZDJHJDSLVWRDODUJHH[WHQWDUHVXOWRIEHWZHHQRF FXSDWLRQGLIIHUHQWLDOV10 7KHVH UHVXOWV DUH EDVHG RQ WKH UHODWLYHO\ VPDOO VDPSOH RI /18 ZKLFKVHWVOLPLWVIRUWKHIOH[LELOLW\RIWKHHVWLPDWHGPRGHOV7KHFURVV VHFWRU YDULDWLRQV LQ UHWXUQV WR VFKRROLQJ QHYHUWKHOHVV LQGLFDWH VRPH GHJUHHRIKHWHURJHQHLW\LQVFKRROLQJ7KHUHPLJKWH[LVWKHWHURJHQHLW\ ERWKZLWKUHVSHFWWRW\SH²WHFKQLFDOKXPDQLWLHVVRFLDOVFLHQFHVHWF KRUL]RQWDO KHWHURJHQHLW\ ² DQGRU UHWXUQV WR \HDUV RI VFKRROLQJ DW GLIIHUHQWHGXFDWLRQDOOHYHOVYHUWLFDOKHWHURJHQHLW\7KHUHLVYHU\OLWWOH GRQHZLWKUHVSHFWWRKRUL]RQWDOKHWHURJHQHLW\:DGHQVM|FRP SDUHVHDUQLQJVIRUZRUNHUVZLWKWHFKQLFDOPHGLFDODQGVRFLDOVFLHQFHV EDFNJURXQG +H UHSRUWV WKDW DQQXDO HDUQLQJV V\VWHPDWLFDOO\ YDU\ 10 )RU DQDO\VLV RI WKH JHQGHU ZDJHJDS VHH HJ -RQXQJ OH *UDQG (GLQ /|IVWU|P =HWWHUEHUJ 0H\HUVRQ HW DO $UDL DQG 7KRXUVLH 3HUVVRQ DQG :DGHQVM| (GLQ DQG 5LFKDUGVVRQ 5LFKDUGVVRQ DQG 7KRXUVLH 306 Sweden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|UNOXQG DQG .MHOOVWU|P VKRZ WKDW WKH VWDQGDUG0LQFHUHTXDWLRQSUHGLFWVDIDOOLQWKHLQWHUQDOUDWHVRIUHWXUQ IRUPHQIURPLQWRSHUFHQWLQIRUDOOW\SHVRIHGX FDWLRQ $ PRUH IOH[LEOH IXQFWLRQDO IRUP LQ VFKRROLQJ SUHGLFWV D IDOO IURPWRSHUFHQWIRUKLJKVFKRRODQGIURPWRSHUFHQW IRUFROOHJHHGXFDWLRQ 3.2 Problems with interpreting returns to schooling 7KHUHLVDQH[WHQVLYHGHEDWHLQWKHVFKRROLQJOLWHUDWXUHDERXWWKHIDLO XUHWRFRQWUROIRUDELOLW\DQGPHDVXUHPHQWHUURULQWKHVFKRROLQJYDUL 11 12 6HH DOVR +HPVWU|P 7KHVH HVWLPDWHV DUH FRUUHFWHG IRU VDPSOH VHOHFWLRQ ELDV ZKLFK GRHV QRW FKDQJH WKH UHVXOWV VXEVWDQWLDOO\ 0RUHRYHU LQ FRQWUDVW WR %M|UNOXQG DQG .MHOOVWU|P ZKR DOORZ IRU D PRUH IOH[LEOH IXQFWLRQDO IRUP LQ VFKRROLQJ 3DOPH DQG :ULJKW DOVR H[SHULPHQW ZLWK WKH IXQFWLRQDO IRUP LQ H[SHULHQFH %XW HVWLPDWLQJ TXDGUDWLF ZDJH IXQFWLRQV DQG VSOLQHV JLYHV DSSUR[LPDWHO\ WKH VDPH UHVXOWV DV EHIRUH Sweden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´LGHQWLFDOµLQGLYLGXDOVDVDVVXPHGLQWKHVHVWXGLHVREWDLQGLIIHU HQWHGXFDWLRQ7KLVOHDYHVURRPIRUGLIIHUHQFHVLQSUHIHUHQFHVDFURVV WZLQV $OORZLQJ IRU KHWHURJHQHLW\ LQ SUHIHUHQFHV FRPSOLFDWHV WKH HV WLPDWLRQRIUHWXUQVWRVFKRROLQJ:HXVXDOO\GRQRWKDYHJRRGPHDV XUHVIRUFRQWUROOLQJWKLVKHWHURJHQHLW\ $QRWKHUDSSURDFK LV WR XVH GLUHFW LQGLFDWRUV RI DELOLW\ .MHOOVWU|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weden PHDVXUHPHQWHUURUDGMXVWHGDELOLW\ELDVLVRQO\VRPHZKDWORZHUWKDQ SUHYLRXVUHVHDUFK7KHRPLWWHGDELOLW\ELDVLVDQGSHUFHQWUH VSHFWLYHO\ 6LPLODU UHVXOWV DUH UHSRUWHG LQ (ULNVVRQ DQG -RQVVRQ EXWWKH\XVHJUDGHSRLQWDYHUDJHVDVDQLQGLFDWRURIDELOLW\ 3DOPH DQG 0HJKLU REWDLQ EDVLFDOO\ VLPLODU UHVXOWV DV WKRVH UHSRUWHG LQ .MHOOVWU|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|UNOXQG DQG .MHOOVWU|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|UNOXQGDQG .MHOOVWU|P(GLQHWDODQG(GLQDQG+ROPOXQG VKRZWKDWDFFRXQWLQJIRUWD[HVDQGVXEVLGLVHGORDQVKDVDVXEVWDQWLDO HIIHFWRQWKHFDOFXODWLRQVRIWKHSULYDWHLQWHUQDOUDWHRIUHWXUQWRXQL YHUVLW\HGXFDWLRQ)RUH[DPSOH(GLQDQG+ROPOXQGILQGWKDW 13 +RZHYHU WKH XQVWDEOH UHSRUWHG HPSLULFDO ILQGLQJV PDWHV DUH YHU\ VHQVLWLYH WR PRGHO VSHFLILFDWLRQ VXJJHVW WKDW WKH HVWL Sweden 309 WKHLQWHUQDOUDWHRIUHWXUQWRXQLYHUVLW\HGXFDWLRQLVSHUFHQWLQWKH DEVHQFHRIWD[HVVWLSHQGVDQGORDQVDQGRYHUSHUFHQWZKHQRQH DFFRXQWVIRUWKLV7KHLQWHUQDOUDWHVUHSRUWHGLQ%M|UNOXQGDQG.MHOO VWU|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·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weden 7RVXPXSSUHYLRXVVWXGLHVLQGLFDWHWKDWWKHYDULRXVVHQVLWLYLW\UH VXOWVGRQRWPRGLI\WKHJHQHUDOSLFWXUHREWDLQHGIURPWKH2/6HVWL PDWHV$QLPSRUWDQWILQGLQJLVWKDWUHWXUQVWR HGXFDWLRQ IHOO VKDUSO\ GXULQJ²WRSHUVLVWDWWKLVOHYHODIWHUZDUGV 3.3 Explaining the fall in returns to schooling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²7KH\LPSXWHGDWD IRU DVVXPLQJ WKH VDPH GHYHORSPHQW EHWZHHQ ² DV LQ ²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²DQGWKHFKDQJHVDI WHUWKLVSHULRGDUHQRWZHOOSURQRXQFHG7KHFRUUHVSRQGLQJFKDQJHLQ WKHIUDFWLRQRIODERXUZLWKXQLYHUVLW\HGXFDWLRQLVFKDUDFWHULVHGE\DQ LQFUHDVH LQ WKH HQWLUH SHULRG 7KH QHJDWLYH FRUUHODWLRQ UHSRUWHG E\ (GLQ DQG +ROPOXQG VHHPV WR EH FULWLFDOO\ GHSHQGHQW RQ WKH LQFOXVLRQRIWKHEHJLQQLQJRIWKHSHULRGLH²$QRWKHULP SRUWDQWDVSHFWLVWKDWWKHLQFUHDVHLQVXSSO\GRHVLPSO\DIDOOLQXQL YHUVLW\ZDJHSUHPLXPVRQO\ZKHQWKHGHPDQGIRUODERXUZLWKXQLYHU VLW\ HGXFDWLRQ FKDQJHV OHVV 7KHUH DUH KRZHYHU LQGLFDWLRQV WKDW WKH GHPDQGIRUSRVWKLJKVFKRROHGXFDWLRQKDVLQFUHDVHGLQWKH6ZHGLVK HFRQRP\ 7KH H[SDQVLRQ RI WKH SXEOLF VHFWRU VFKRROV KHDOWK FDUH Sweden 311 DQGSXEOLFDGPLQLVWUDWLRQDUHH[DPSOHVRIVHFWRUVWKDWKDYHUHFUXLWHG ODERXUZLWKXQLYHUVLW\HGXFDWLRQ (GLQDQG+ROPOXQGDVZHOODV)UHGULNVVRQH[DPLQH WKHUHODWLRQEHWZHHQWKHXQLYHUVLW\ZDJHSUHPLXPDQGVWXGHQWHQURO PHQW ,Q ERWK FDVHV VWXGHQW HQUROPHQW LV UHODWHG WR WKH XQLYHUVLW\ ZDJH SUHPLXP IRU ZKLWHFROODU PHQ LQ PDQXIDFWXULQJ PLQLQJ DQG FRQVWUXFWLRQ7KH\UHSRUWWKDWWKHFKDQJHVLQVWXGHQW HQUROPHQW DUH LQOLQHZLWKWKHFKDQJHVLQWKHZDJHSUHPLXPV7KUHHEDVLFTXHVWLRQV DULVH ZKHQ WU\LQJ WR LQWHUSUHW WKHVH UHVXOWV )LUVW VWXGHQW HQUROPHQW PXVW EH UHODWHG WR WKH H[SHFWHG XQLYHUVLW\ SUHPLXP UDWKHU WKDQ WKH DFWXDO SUHPLXP JLYHQ WKH ZDJH VWUXFWXUH 6HFRQG WKH HVWLPDWHV IRU WKH XQLYHUVLW\ SUHPLXP DUH WDNHQ IURP D QRQUHSUHVHQWDWLYH VDPSOH 7KH XQLYHUVLW\ SUHPLXP XVHG LQ WKHVH VWXGLHV GRHV QRW GLIIHU PXFK IURP UHVXOWV EDVHG RQ UHSUHVHQWDWLYH PLFURGDWD LQ WKH EHJLQQLQJ RI WKHSHULRG²7KH VKDUS ULVH LQ WKH XQLYHUVLW\ SUHPLXP IRU WKHSHULRG²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weden GHPDQGIRUWKLVW\SHRIODERXUDUHLPSRUWDQWFKDQJHVLQGHPDQGDQG VXSSO\WKDWLQIOXHQFHWKHZDJHVWUXFWXUHDQGWKHUHWXUQVWRHGXFDWLRQ 4 Returns to work experience 5HWXUQVWRZRUNH[SHULHQFHFDQEHGLYLGHGLQWRWZRFRPSRQHQWVUH WXUQV WR JHQHUDO KXPDQ FDSLWDO DQG UHWXUQV WR ILUPVSHFLILF KXPDQ FDSLWDO7KLVVHFWLRQGHDOVZLWKWKHUHWXUQVWRJHQHUDOKXPDQFDSLWDO DQG WKH QH[W VHFWLRQ ZLWK VHQLRULW\ /H *UDQG UHSRUWV UHVXOWV RQFKDQJHVLQZDJHSURILOHVE\JHQGHUDQGVHFWRURIHPSOR\PHQWVHH 7DEOH7KHFXUYDWXUHVGLIIHUJUHDWO\RYHUWKH\HDUV²WREHWKHKLJK HVWLQDQGWKHUHDIWHUWREHOHVVSURQRXQFHGLHWKHFRHIILFLHQWV RQZRUNH[SHULHQFHIRULPSO\DPXFKIDVWHUZDJHJURZWKGXULQJ WKHILUVW\HDUVRIZRUNWKDQWKHSDUDPHWHUVIRUODWHU\HDUV7KHVHSDW WHUQVDUHYDOLGIRUERWKPHQDQGZRPHQ16 )RUH[DPSOHWKHUHWXUQWR ILYH \HDUV RI ZRUN H[SHULHQFH IRU PHQ LV DERXW SHU FHQW LQ DQGDERXWSHUFHQWLQZLWKWKHPDLQIDOOEHWZHHQDQG 7KHUHWXUQWR\HDUVRIZRUNH[SHULHQFHLVDERXWLQ DQGMXVWXQGHUSHUFHQWLQ&RUUHVSRQGLQJILJXUHVIRUZRPHQ DUH ORZHU17 )XUWKHUPRUH WKH HVWLPDWHG SDUDPHWHUV RI ZRUN H[SHUL HQFHLPSO\WKDWLQWKH\HDUVDQGZDJHVSHDNHG LQ WKH UDQJH ² \HDUV RI ZRUN H[SHULHQFH IRU PHQ DQG EHWZHHQ ²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|UNOXQG SUHVHQWV ORZHU UHWXUQV WR H[SHULHQFH GXH WR WKH LQFOXVLRQ RI DJH LQ WKH HDUQLQJV IXQFWLRQ )XUWKHUPRUH KLV VDPSOHV LQFOXGH ERWK PHQ DQG ZRPHQ DQG D JHQGHU GXPP\ FDSWXUHV DQ\ JHQGHU GLIIHUHQFHV Sweden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weden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|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eturns to seniority %\ LQFOXGLQJ ERWK ZRUN H[SHULHQFH DQG VHQLRULW\ LQ WKH HDUQLQJV HTXDWLRQLWLVSRVVLEOHWRJHWDQLQGLFDWLRQRQWKHLPSRUWDQFHRIJHQ HUDODQGILUPVSHFLILFKXPDQFDSLWDOIRUZDJHGHWHUPLQDWLRQ $VSOXQG HW DO UHSRUW WKDW VHQLRULW\ LV PRUH LPSRUWDQW LQ )LQODQGWKDQLQ6ZHGHQ)RUH[DPSOH\HDUVRIVHQ LRULW\UDLVHVZDJHVE\SHUFHQWLQ6ZHGHQ)LQODQGZKLOH \HDUVRIZRUNH[SHULHQFHUDLVHVZDJHVE\SHUFHQW6RWKHUH WXUQVWRWRWDOH[SHULHQFHLVDERXWSHUFHQWLQERWKFRXQWULHV)XU Sweden 315 WKHUPRUHVHQLRULW\VHHPVWREHPRUHLPSRUWDQWLQWKHSXEOLFVHFWRU WKDQLQWKHSULYDWHVHFWRUDQGDOVRPRUHLPSRUWDQWIRUZRPHQWKDQ IRUPHQ5HJQp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|UNOXQGDQG5HJQp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weden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onclusions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² WHFKQLFDO KXPDQLWLHV HWF ² PLJKW YDU\ LQ LPSRUWDQFH 0RUHRYHU WKHVH LQ FHQWLYHV PRVW OLNHO\ KDYH GLIIHUHQW LPSOLFDWLRQV IRU HFRQRPLF JURZWK$QRWKHUQHJOHFWHGDUHDLVWKHLPSRUWDQFHRIIULQJHEHQH ILWVDQGZKHWKHUWKHUHLVUHDVRQWRUHYLVHWKHUHVXOWVRQUHWXUQVWR KXPDQFDSLWDORQWKHEDVLVRIYDULDWLRQVLQIULQJHEHQHILWV 5HWXUQVWRKXPDQFDSLWDODUHORZLQ6ZHGHQ7KHPDMRUFKDQJHV LQ UHWXUQV WR KXPDQ FDSLWDO WRRN SODFH GXULQJ WKH ODWH VL[WLHV DQG Sweden 317 HDUO\ VHYHQWLHV 'XULQJ WKH VDPH SHULRG ZDJHV ZHUH FRPSUHVVHG LQDOPRVWDOOGLPHQVLRQVLQ6ZHGHQ7KHUHKDVEHHQDPLQRU WHQ GHQF\ WRZDUGV LQFUHDVHG UHWXUQV WR KXPDQ FDSLWDO DIWHU :H NQRZOHVVDERXWWKHLPSDFWRQZDJHVWUXFWXUHVDQGUHWXUQVWRKX PDQ FDSLWDO RI WKH UHFHQW GHYHORSPHQWV LQ WKH 6ZHGLVK ODERXU PDUNHW'XULQJWKHQLQHWLHVXQHPSOR\PHQWDQGVWXGHQWHQUROPHQW LQFUHDVHG UDSLGO\ DQG D JHQHUDO LPSUHVVLRQ LV WKDW HGXFDWLRQ UH TXLUHPHQWVIRUHPSOR\PHQWKDYHLQFUHDVHG 318 Sweden References $OE N . $UDL 0 $VSOXQG 5 %DUWK ( DQG 6WU¡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lQ +XU SnYHUNDU GH O|QHQ" LQ 3HUVVRQ , DQG:DGHQVM|(HGV.YLQQRUVRFKPlQVO|QHUYDUI|UVnROLND"628 )ULW]HV6WRFNKROP $UDL0$VSOXQG5DQG%DUWK(/RZ3D\$0DWWHURI 2FFXSDWLRQLQ$VSOXQG56ORDQH3DQG7KHRGRVVLRX,HGV/RZ 3D\DQG(DUQLQJV0RELOLW\LQ(XURSH(GJDU(OJDU3XEOLVKLQJ $VSOXQG5%DUWK(6PLWK1DQG:DGHQVM|(7KHPDOH IHPDOH ZDJH JDS LQ WKH 1RUGLF FRXQWULHV LQ :DGHQVM| ( HG 7KH 1RUGLFODERXUPDUNHWVLQWKH V3DUW1RUWK+ROODQG$PVWHUGDP %DUUR 5- DQG 6DODL0DUWLQ ; (FRQRPLF *URZWK 0DF*UDZ+LOO %HFNHU*,QYHVWPHQWLQ+XPDQ&DSLWDO$7KHRUHWLFDO $QDO\VLV-RXUQDORI3ROLWLFDORI(FRQRP\SS %HO]LO&DQG+DQVHQ-(VWLPDWLQJWKHUHWXUQVWRHGXFDWLRQIURP DQRQVWDWLRQDU\G\QDPLFSURJUDPPLQJPRGHO'LVVHUWDWLRQWKHVLVDWWKH'H SDUWPHQWRI(FRQRPLFV*|WHERUJV8QLYHUVLW\ %M|UNOXQG$$FRPPHQWRQWKHZDJHVWUXFWXUHDQGWKH IXQFWLRQLQJRIWKHODERUPDUNHWLQ6LYHQ&+HG8QHPSOR\PHQW LQ(XURSHDQDO\VLVDQGSROLF\LVVXHV7LPEUR Sweden 319 %M|UNOXQG $ DQG .MHOOVWU|P & $YNDVWQLQJHQ Sn XWELOG QLQJ L 6YHULJH WLOO LQ (ULNVVRQ 5 DQG -RQVVRQ - HGV 6RUWHULQJHQLVNRODQ&DUOVRQV %M|UNOXQG $ DQG .MHOOVWU|P & (VWLPDWLQJ WKH UHWXUQ WR LQYHVWPHQWV LQ HGXFDWLRQ KRZ XVHIXO LV WKH VWDQGDUG 0LQFHU HTXD WLRQ" LQ (VVD\V RQ ,QYHVWPHQW LQ +XPDQ &DSLWDO 7KH 6ZHGLVK ,QVWLWXWH IRU6RFLDO5HVHDUFK'LVVHUWDWLRQ6HULHV6WRFNKROP8QLYHUVLW\ %M|UNOXQG $ DQG 5HJQpU + +XPDQNDSLWDOWHRULQ RFK XWELOGQLQJ Sn DUEHWVSODWVHUQD LQ OH *UDQG HW DO HGV 6YHULJHV DUEHWV SODWVHU616I|UODJ %ODX ) DQG .KDQ / 7KH *HQGHU (DUQLQJV *DS 6RPH ,QWHUQDWLRQDO(YLGHQFHLQ)UHHPDQ5DQG.DW]/HGV'LIIHUHQFHV DQGFKDQJHVLQZDJHVWUXFWXUHV7KH8QLYHUVLW\RI&KLFDJR3UHVV (GLQ3$6ZLPPLQJZLWKWKHWLGH6ROLGDULW\ZDJHSROLF\DQGWKH JHQGHUHDUQLQJVJDS8QSXEOLVKHGPDQXVFULSW'HSDUWPHQWRI(FRQRP LFV8SSVDOD8QLYHUVLW\ (GLQ3$)UHGULNVVRQ3DQG+ROPOXQG%8WELOGQLQJVQLYn RFKXWELOGQLQJVDYNDVWQLQJL6YHULJHLQ%M|UNOXQG$DQG)RUVOXQG$ HGV6WXGLHUDYVYHQVNXWELOGQLQJ(NRQRPLVND5nGHWVcUVERN (GLQ3$DQG+ROPOXQG%7KHZDJHVWUXFWXUHWKHULVH DQGIDOORIVROLGDULW\ZDJHSROLF\"LQ)UHHPDQ5DQG.DW]/HGV 'LIIHUHQFHVDQGFKDQJHVLQZDJHVWUXFWXUHV7KH8QLYHUVLW\RI&KLFDJR3UHVV (GLQ3$DQG5LFKDUGVVRQ./|QHSROLWLNO|QHVSULGQLQJ RFKO|QHVNLOOQDGHULQ3HUVVRQ,DQG:DGHQVM|(HGV.YLQQRUVRFK PlQVO|QHUYDUI|UVnROLND"628)ULW]HV6WRFNKROP (GLQ 3$ DQG =HWWHUEHUJ - ,QWHU,QGXVWU\ :DJH 'LI IHUHQWLDOV (YLGHQFH IURP 6ZHGHQ DQG D &RPSDULVRQ ZLWK WKH 8QLWHG6WDWHV$PHULFDQ(FRQRPLF5HYLHZSS (ULNVVRQ5DQG-RQVVRQ- 8UVSUXQJRFK XWELOGQLQJ628 )ULW]HV6WRFNKROP (ULNVVRQ 5 DQG -RQVVRQ - 6RFLDO RULJLQ DV DQ LQWHUHVW EHDULQJ DVVHW IDPLO\ EDFNJURXQG DQG ODERXUPDUNHW UHZDUGV DPRQJ HPSOR\HHVLQ6ZHGHQ$FWD6RFLRORJLFD (ULNVVRQ5DQGcEHUJ5 :HOIDUHLQ7UDQVLWLRQ$6XUYH\RI /LYLQJ&RQGLWLRQVLQ6ZHGHQ&ODUHQGRQ3UHVV2[IRUG 320 Sweden )UHGULNVVRQ3(FRQRPLF,QFHQWLYHVDQGWKH'HPDQGIRU +LJKHU(GXFDWLRQ6FDQGLQDYLDQ-RXUQDORI(FRQRPLFVSS )ULW]HOO - DQG /XQGEHUJ 2 HGV 9DUGDJHQV YLOONRU ² /HY QDGVI|UKnOODQGHQL6YHULJHXQGHUWUHGHFHQQLHU%URPEHUJVI|UODJ OH*UDQG&([SODLQLQJ WKH PDOHIHPDOH ZDJH JDS 6HJUH JDWLRQ DQG VROLGDULW\ ZDJH EDUJDLQLQJ LQ 6ZHGHQ $FWD 6RFLRORJLFD SS OH*UDQG&/|QHVNLOOQDGHUQDL6YHULJHI|UlQGULQJRFKQX YDUDQGHVWUXNWXULQ)ULW]HOO-DQG/XQGEHUJ2HGV9DUGDJHQVYLOONRU ²/HYQDGVI|UKnOODQGHQL6YHULJHXQGHUWUHGHFHQQLHU%URPEHUJVI|UODJ +HPVWU|P 0 6DODU\ 'HWHUPLQDWLRQ LQ 3URIHVVLRQDO /DERXU 0DUNHWV 'HSDUWPHQW RI (FRQRPLFV (FRQRPLF 6WXGLHV 8SSVDOD 8QLYHUVLW\ +l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|P&D2PLWWHGDELOLW\ELDVDQGWKHZDJHSUHPLXP IRUVFKRROLQJQHZ6ZHGLVKHYLGHQFHLQ(VVD\VRQ,QYHVWPHQWLQ+XPDQ &DSLWDO7KH6ZHGLVK,QVWLWXWHIRU6RFLDO5HVHDUFK'LVVHUWDWLRQ6HULHV 6WRFNKROP8QLYHUVLW\ .MHOOVWU|P & E +HWHURJHQHRXV RQWKHMRE WUDLQLQJ ,PSOL FDWLRQV IRU WKH VSHFLILFDWLRQ DQG HVWLPDWLRQ RI WKH KXPDQ FDSLWDO HDUQLQJVIXQFWLRQLQ(VVD\VRQ,QYHVWPHQWLQ+XPDQ&DSLWDO7KH6ZHGLVK ,QVWLWXWHIRU6RFLDO5HVHDUFK'LVVHUWDWLRQ6HULHV6WRFNKROP8QL YHUVLW\ .UXHJHU $ DQG /LQGDKO 0 (GXFDWLRQ IRU *URZWK :K\ DQGIRU:KRP"0LPHR3ULQFHWRQ8QLYHUVLW\ /|IVWU|P c 'LVNULPLQHULQJ Sn VYHQVN DUEHWVPDUNQDG 8PHn (FRQRPLF6WXGLHVQU8PHn8QLYHUVLW\ Sweden 321 0LQFHU - 6FKRROLQJ ([SHULHQFH DQG (DUQLQJV &RORPELD 8QLYHUVLW\3UHVV1< 0H\HUVRQ(3HWHUVHQ7DQG6QDUWODQG97KH ZLWKLQ MREJHQGHU ZDJH JDS 7KH FDVH RI 6ZHGHQ,8,:RUNLQJ3DSHU1R ,QGXVWULHQVXWUHGQLQJVLQVWLWXW6WRFNKROP 3DOPH 0 DQG 0HJKLU & $VVHVVLQJ WKH (IIHFW RI 6FKRROLQJ RQ (DUQLQJV 8VLQJ D 6RFLDO ([SHULPHQW :RUNLQJ SDSHU 6WRFNKROP 6FKRRORI(FRQRPLFV 3DOPH0DQG:ULJKW5&KDQJHVLQWKHUDWHRIUHWXUQ WRHGXFDWLRQLQ6ZHGHQ$SSOLHG(FRQRPLFV 3HUVVRQ,DQG:DGHQVM|(HGV.YLQQRUVRFKPlQVO|QHU YDUI|UVnROLND"628)ULW]HV6WRFNKROP 5HJQpU + 7UDLQLQJ DW WKH MRE DQG WUDLQLQJ IRU D QHZ MRE WZR 6ZHGLVK VWXGLHV 'LVVHUWDWLRQ WKHVLV DW WKH 6ZHGLVK ,QVWLWXWH IRU 6RFLDO 5HVHDUFK6WRFNKROP8QLYHUVLW\ 5LFKDUGVVRQ . (VWPDWLQJ WKH ,PSDFW RI :DJH 6WUXF WXUH RQ :DJH 'LIIHUHQWLDOV EHWZHHQ 7ZR *URXSV RI :RUNHUV LQ (VVD\V RQ )DPLO\ DQG /DERU (FRQRPLFV 6ZHGLVK ,QVWLWXWH IRU 6RFLDO 5HVHDUFK'LVVHUWDWLRQ6HULHV 6YHQVVRQ $ 5HODWLYH $FKLHYHPHQW ² 6FKRRO 3HUIRUPDQFH LQ 5HODWLRQ WR ,QWHOOLJHQFH 6H[ DQG +RPH (QYLURQPHQW $OPTXLVW :LN VHOO6WRFNKROP 7KRXUVLH $ ,QGLYLGXDO DQG 2FFXSDWLRQ6SHFLILF 'LIIHU HQFHVEHWZHHQ:RPHQDQG0HQ+RZ'R7KH\$IIHFWWKH*HQGHU :DJH *DS" LQ 6WXGLHV RQ 8QHPSOR\PHQW 'XUDWLRQ DQG WKH *HQGHU :DJH *DS 6ZHGLVK ,QVWLWXWH IRU 6RFLDO 5HVHDUFK 'LVVHUWDWLRQ 6HULHV 6WRFNKROP8QLYHUVLW\ :DGHQVM|(+|JUHXWELOGQLQJRFKLQNRPVWHULQ([SHUWUDS SRUWWLOO3URGXNWLYLWHWVGHOHJDWLRQHQ628QU =HWWHUEHUJ-/|QHVWUXNWXULSULYDWRFKRIIHQWOLJVHFWRU1DWLRQDO HNRQRPLVND6WXGLHU8SSVDOD8QLYHUVLW\ =HWWHUEHUJ-(IIHFWVRIFKDQJHGLQVWLWXWLRQDOFRQGLWLRQVRQ PDOHIHPDOH ZDJH GLIIHUHQWLDOV LQ WKH 6ZHGLVK SXEOLF VHFWRU 3XEOLF $GPLQLVWUDWLRQDQLQWHUQDWLRQDOTXDUWHUO\MRXUQDOSS 322 Sweden Appendix: Main data sources 7KH/HYHORI/LYLQJ6XUYH\V/18 /18FRQWDLQVDERXWUDQGRPO\VDPSOHGSHRSOHEHWZHHQDJHV DQG²IRUZKHUHWKHSULPDU\VDPSOHIURPFRQ VWLWXWHV WKH EDVH IRU WKHVH VXUYH\V DQG 7KH QRQ UHVSRQVH UDWH KDV LQFUHDVHG RYHU WLPH IURP SHU FHQW LQ WR URXJKO\SHUFHQWLQ18([DPSOHVRIWKHDYDLODEOHYDULDEOHVLQ /18DUH\HDUVRIVFKRROLQJKLJKHVWHGXFDWLRQDOOHYHODQGSURJUDPPH ZRUNH[SHULHQFHWHQXUHJURVVDQGQHWKRXUO\ZDJHFRQVWUXFWHGIURP ZHHNO\ PRQWKO\ RU DQQXDO HDUQLQJV ZRUNLQJ FRQGLWLRQV VHFWRU RI HPSOR\PHQWRFFXSDWLRQDOVWDWXVSDUHQWDORFFXSDWLRQDQGHGXFDWLRQ /18GDWDIURPDUHDOVRPDWFKHGZLWKGDWDRQILUPV·DQQXDODF FRXQWLQJGDWD7KHILUPGDWDFRQWDLQLQIRUPDWLRQRQSURILWVILUPVL]H FDSLWDOHWFRQD\HDUO\EDVLVIRUWKHSHULRG²7KHVDPSOHLQ FOXGHVSULYDWHVHFWRUQRQDJULFXOWXUDOHPSOR\HHVLQ&RPELQLQJ 6ZHGLVK(VWDEOLVKPHQW6XUYH\$38DQG6ZHGHQ6WDWLVWLFV6&%GDWD \LHOGVLQIRUPDWLRQRQSODQWVL]HIRUWKHZRUNHUVLQ&RXQW\DQG PXQLFLSDO XQHPSOR\PHQW LV IURP WKH 6ZHGLVK /DERXU 0DUNHW %RDUG $067KHPDWFKHGVDPSOHLQFOXGHVLQGLYLGXDOVLQILUPV 7KH+RXVHKROG0DUNHWDQG1RQPDUNHW$FWLYLWLHV6XUYH\V+86 +86FRQWDLQVLQIRUPDWLRQRQERWKWKHKRXVHKROGDQGWKHLQGLYLGXDOV ZKRPDNHXSWKHKRXVHKROG7KHVXUYH\ZDVEDVHGRQDVWUDWLILHG FOXVWHUVDPSOHRISHRSOHDJHG²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cEHUJ DQG )ULW]HOO DQG /XQGEHUJ Sweden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· DWWLWXGH WR KLJKHU HGXFDWLRQ SDUHQWV· DWWLWXGH WR KLJKHU HGXFDWLRQ DQG SDUHQWDO HGXFDWLRQ DQG RFFXSDWLRQ 'DWD ZHUH FROOHFWHG LQ DQG ZKHQWKHUHVSRQGHQWVZHUHEHWZHHQDQG\HDUVRIDJH19,QIRU PDWLRQRQWKHKLJKHVWHGXFDWLRQDOOHYHODQG\HDUO\HDUQLQJVDUHIURP 6&%UHJLVWHUVXWELOGQLQJVUHJLVWUHWDQGc56<6LQ 7KH7ZLQUHJLVWU\ 7KLVLVDODUJHVDPSOHRIWZLQVPRQR]\JRWLF DQG GL]\JRWLF ERUQ LQ 6ZHGHQEHWZHHQWKH\HDUVWR7KLVVDPSOHKDVEHHQOLQNHG WRWKHHGXFDWLRQDOUHJLVWU\DQGDQGWRc56<6'DWD RQ HDUQLQJVDUHDYDLODEOHIRUWKUHH\HDUVDQG 3URMHFWRQ&ODVV6WUXFWXUHDQG&ODVV&RQVFLRXVQHVV&6&& 7KLVGDWDVHWLQFOXGHVLQIRUPDWLRQRQEHIRUHWD[LQFRPHHGXFDWLRQDO VWDWXVDJHZRUNLQJFRQGLWLRQVRFFXSDWLRQDQGVHQLRULW\IRUDQXP EHURIFRXQWULHV7KH6ZHGLVKVXUYH\RIUHSUHVHQWVLWVHPSOR\HG SRSXODWLRQDJHG²$VDPSOHRIKRXVHKROGVZDVVHOHFWHG7KHUH DIWHURQHUHVSRQGHQWLQHDFKKRXVHKROGZDVFKRVHQWRDQVZHUTXHV WLRQV DERXW WKHLU RZQ ZRUN FKDUDFWHULVWLFV WKRVH RI WKHLU VSRXVHV KRXVHKROGFRPSRVLWLRQHWF7KHUHVSRQVHUDWHZDVSHUFHQW7KH VDPSOHIRU6ZHGHQLQFOXGHVLQIRUPDWLRQRQLQFRPHLQSUHYLRXV\HDUV GLIIHUHQW VRXUFHV NLQG RI HGXFDWLRQ REWDLQHG EXW LQIRUPDWLRQ RQ ZRUNH[SHULHQFHDQGWHQXUHLVPLVVLQJ7KHWRWDOVDPSOHVL]HLV 19 6HH 6YHQVVRQ DQG +lUQTYLVW DQG 6YHQVVRQ 324 Sweden 7DEOH$ 'DWD \HDU 'HSHQGHQW YDULDEOH $UDL $VSOXQG %M|UNOXQG %M|UNOXQG 5HJQp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p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weden 325
© Copyright 2026 Paperzz