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Europe > Iceland

You are looking at 1 - 3 of 3 items for :

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Cover IMF Staff Country Reports
Iceland: 2014 Article IV Consultation and Fifth Post-Program Monitoring Discussions-Staff Report; Press Release; and Statement by the Executive Director for Iceland
International Monetary Fund. European Dept.
This 2014 Article IV Consultation highlights that Iceland has reached a relatively strong macroeconomic position with good growth prospects. Unemployment continues to trend down, now at 4 percent. Growth is expected to pick up to about 3 percent over 2015–17, supported by robust domestic demand and tourism. Consumption will be boosted by household debt relief and—together with net trade—will benefit from favorable commodity prices. Good progress has also been made in improving the financial stability framework, but gaps remain.
Keywords:
ISCR; CR; inflation expectation; balance of payments; crisis legacy; liberalization strategy; IMF staff projection; central bank; Capital account liberalization; Inflation; Income; Global; Europe
Cover IMF Working Papers
Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy: What Do the Data Say?
Jaejoon Woo
,
Ms. Elva Bova
,
Mr. Tidiane Kinda
, and
Ms. Yuanyan S Zhang
The 2007-09 Great Recession has led to an unprecedented increase in public debt in many countries, triggering substantial fiscal adjustments. What are the distributional consequences of fiscal austerity measures? This is an important policy question. This paper analyzes the effects of fiscal policies on income inequality in a panel of advanced and emerging market economies over the last three decades, complemented by a case study of selected consolidation episodes. The paper shows that fiscal consolidations are likely to raise inequality through various channels including their effects on unemployment. Spending-based consolidations tend to worsen inequality more significantly, relative to tax-based consolidations. The composition of austerity measures also matters: progressive taxation and targeted social benefits and subsidies introduced in the context of a broader decline in spending can help offset some of the adverse distributional impact of consolidation. In addition, fiscal policy can favorably influence long-term trends in both inequality and growth by promoting education and training among low- and middle-income workers.
Keywords:
WP; income; Gini coefficient; Inequality; Fiscal Consolidation; Fiscal Policy; Tax and Spending policy; inequality data; market income; income share; wage bill; income equality; low income; simple average; incomes database; correlation coefficient; order of magnitude; determinants of income inequality; income Gini coefficient; Income inequality; Income distribution; Disposable income; Personal income; Europe; Global; Sub-Saharan Africa; Western Europe; Asia and Pacific
Cover IMF Staff Country Reports
Spain: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes household savings ratio in Spain. The household savings ratio has fallen to its lowest historical rate in 2012, as households cut back savings to support consumption in response to negative income shocks. Household savings fell across all households, but the declines were likely more material among lower income and highly indebted groups. Declining household income and savings slowed deleveraging and put household balance sheets under pressure. Looking ahead, households may need to restrain consumption further to free resources for repaying debt. Household savings rates will likely stay below historical levels for some time then slowly increase.
Keywords:
ISCR; CR; insolvency; saving; Spain; household saving; AIReF; insolvency regime; financial market spillover; AIReF staffing; AIReF president; Solvency; Disposable income; Pension spending; Fiscal law; Personal income; Global; Europe; North America; Africa