It's funny that you should mention this, because my '99 S70 T5M has the opposite problem, with the revs dropping too quickly. In the case of the 99 and later models, I'm sure that this is a programmable option in Bosch ME7 engine control computers, and I'm fairly convinced that Volvo didn't get it quite right in the programming revision in my car.
As for your car, which uses a prior version of a Bosch Motronic ECU and doesn't have electronic throttle control that goes with ME7, it might very well be an adjustable, mechanical control. My old Bosch L-Jetronic equipped Mazda RX-7 has such a mechanism, called a dash pot. I'm not familiar with your car's engine management, but I'd expect that there's something similar on your car.
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Jim Rothe, '99 S70 T5M, http://www.jimrothe.com/volvo/index.html
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