Denmark, Norway and Sweden are all monarchies. Iceland and Finland are republics.
Regardless of the form of government, the heads of state in the Nordic countries have relatively little power. All the countries have a democratic constitution dating from the 19th century, and, with the exception of the Norwegian constitution, they have all been revised several times.
Summary ? ;)
Nordic Countries = Denmark, Finland, Iceland, Norway, Sweden.
Scandinavia = Denmark, Norway and Sweden.
There is often quite a bit of confusion about which countries and territories make up the Nordic Region, let us know what you think !