Sitting on the fence: Swedish defence policy and the Baltic Sea region. OSW Point of View Number 33, April 2013

Sweden finds itself in the midst of the most heated debates about defence policy and the direction of military reforms since the end of the Cold War, as Stockholm faces the challenge of finding a new military security formula. From the Swedish point of view, the post-Cold War strategic timeout in Europe is coming to an end. The international environment is reverting to a situation in which the use of force among states is no longer an improbable scenario. Stockholm cannot rule out the emergence of crises or conflicts in Northern Europe in the future, which could directly or indirectly affect Sweden. In this context, the transformations of Sweden’s defence policy over the past twenty years have become a problem. Sweden has moved from neutrality, i.e. non-involvement on any side of an armed interstate conflict, to non-alignment, whereby it stays outside military alliances and freely shapes its policies during wartime. It has joined the European Union and co-operates closely with NATO on foreign missions. Its ability to defend its own territory, however, has diminished.

Rosyjski rewizjonizm wobec zachodu. Prace OSW 33/2009. = Russia's revisionist policy towards the west. OSW Study 33/2009

Russia’s actions so far have led to a kind of deadlock. Moscow has managed to stop NATO enlargement into the CIS area, persuade the USA not to deploy the missile shield in Poland and the Czech Republic, and avoid major consequences after the war with Georgia; nevertheless, the full implementation of its objectives remains unlikely.

Agricultural Credit Market Institutions: A Comparison of Selected European Countries. Factor Markets Working Paper No. 33, January 2013

This paper describes and compares the institutional framework of the agricultural credit markets in selected European countries. The institutions can be both formal (rules, regulations, authorities and actors) and informal (norms, values and relations). They also interact and in situations where the formal institutions are weak, the informal ones increase in importance. The study is based on a questionnaire sent to agricultural financial experts in selected countries. The case studies show that credit regulations are typically general, with no specific regulations for the agricultural credit market. On the other hand, several countries support agricultural credit in various forms, implying that the governments do not perceive the general credit market to function in the case of agricultural firms. In a risk assessment, the most frequent reasons for rejecting a loan application are all linked to economic performance and the situation of the farmer. Personal characteristics, such as educational level or lack of experience, were generally perceived as less influential. Another interesting point when it comes to risk assessment is that in some countries the importance of asset-based lending compared with cash flow-based lending seems to differ when concerning a first-time applicant and when there is an application to extend a loan. To get an idea of the availability of credit, the loan-to-value (LTV) ratio was calculated, and it showed remarkably low values for Poland and Slovakia. For all the countries, the calculated value was lower than what the financial experts would have expected. This might imply credit rationing in agriculture in some of the countries studied. The financial experts all judged the possibility of an agricultural firm obtaining a loan as higher than that for other small rural firms, implying that the latter are also credit-rationed.