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Europe > Iceland

You are looking at 1 - 7 of 7 items for :

  • Type: Journal Issue x
  • Budgeting & financial management x
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Cover IMF Staff Country Reports
Republic of Uzbekistan: 2021 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Uzbekistan embarked on an ambitious reform path in 2017, starting to liberalize its economy after years of state control. Incomes are still relatively low compared to other emerging economies. Uzbekistan entered the COVID-19 crisis with relatively strong macro-economic fundamentals.
Keywords:
Policy discussion; government transparency; Policy recommendation; IMF's transparency policy; macro-economic policies; Budget planning and preparation; Public and publicly-guaranteed external debt; COVID-19; Global
Cover IMF Working Papers
Deposit Insurance Database
Asli Demirgüç-Kunt
,
Edward Kane
, and
Mr. Luc Laeven
This paper provides a comprehensive, global database of deposit insurance arrangements as of 2013. We extend our earlier dataset by including recent adopters of deposit insurance and information on the use of government guarantees on banks’ assets and liabilities, including during the recent global financial crisis. We also create a Safety Net Index capturing the generosity of the deposit insurance scheme and government guarantees on banks’ balance sheets. The data show that deposit insurance has become more widespread and more extensive in coverage since the global financial crisis, which also triggered a temporary increase in the government protection of non-deposit liabilities and bank assets. In most cases, these guarantees have since been formally removed but coverage of deposit insurance remains above pre-crisis levels, raising concerns about implicit coverage and moral hazard going forward.
Keywords:
WP; insurance coverage; government guarantee; deposit account; insurance scheme; Deposit insurance; Financial institutions; Financial crises; low income; insurance arrangement; explicit deposit insurance scheme; government funding; deposit insurance arrangement; deposit insurance agency; guarantee scheme; government indebtedness; government debt-to-GDP ratio; protection scheme; Government liabilities; Bank deposits; Blanket guarantee; Banking crises; Global
Cover Policy Papers
The Fund's Capacity Development Strategy--Better Policies Through Stronger Institutions
International Monetary Fund
This paper outlines reforms to increase the effectiveness of the Fund’s capacity development (CD) program. It builds on the 2008 and 2011 reviews of technical assistance (TA) and the 2008 review of training, which set in motion important changes to make CD more valuable to member countries. Reforms will involve Board endorsement in a few areas and implementation by staff of related next steps.
Keywords:
PP; TA review; TA evaluation program; donor financing; TA department; assessment report; Cd activity; member country; monetary policy; TA advice; TA strategy paper; policy statement; planning process; employment growth; donor-financed CD activity; policy advice; program context; area department; IT RBM platform; Budget planning and preparation; Strategic planning for revenue administration; Employment; Monetary policy frameworks; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Iceland: Technical Assistance Report on a New Organic Budget Law
International Monetary Fund
This technical assistance report on Iceland focuses on a new organic budget law (OBL). In designing a new OBL, it is important to preserve good features of Iceland’s current legal framework for budgeting. At the same time, any new OBL should address the key weaknesses in the Financial Reporting Act 1997 that prevent it from providing a credible, integrated framework for budgeting. The institutional coverage of the OBL should be expanded to encompass the whole public sector and incorporate an integrated timetable for the entire budget process.
Keywords:
ISCR; CR; central government; annual budget; operating statement; budget year; balance sheet; Medium-term Fiscal Strategy; permanent secretary; net lending; Budget planning and preparation; Fiscal law; Financial statements; Australia and New Zealand
Cover IMF Staff Country Reports
Iceland: 2010 Article IV Consultation and Third Review under Stand-By Arrangement and Request for Modification of Performance Criteria-Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iceland.
International Monetary Fund
Iceland’s gross external debt rose above 600 percent of GDP, while households and corporations accumulated heavy debt burdens with large exposures to foreign exchange and inflation risk. The global banking crisis exposed Iceland’s vulnerabilities, triggering a balance-of-payments crisis, a collapse of the exchange rate and output, and the failure of financial and many nonfinancial firms. The importance of accelerating the restructuring of banks’ operations and balance sheets and also policy frameworks has been stressed. The downward trend in inflation is welcomed.
Keywords:
ISCR; CR; indexed loan contract; krona interest rates; upfront cash payment; monetary policy development; amount; capital requirement; Loans; Budget planning and preparation; Global
Cover IMF Working Papers
Toward a Robust Fiscal Framework for Iceland: Motivation and Practical Suggestions
Mr. Anthony M Annett
Expenditure in Iceland, especially related to the government wage bill, has tended to move in a procyclical manner, related to the fragmentation of political decision making. Iceland's elevated macroeconomic volatility reinforces these tendencies, as large booms unleash greater fiscal pressures as well as procyclical revenue elasticities that magnify these underlying strains. To improve its fiscal framework, Iceland could look to the experience of countries like Belgium and the Netherlands. In particular, it could adopt binding nominal expenditure rules, independent forecasts, and use representative committees to lay out medium-term targets across different levels of government.
Keywords:
WP; government; wage government consumption; government fractionalization
Cover IMF Staff Country Reports
Iceland: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in Iceland during 1990–95. It describes developments in the real economy, and examines monetary and exchange rate developments and policies and the transmission of monetary policy. The paper provides a detailed look at budgetary outcomes and the stance of fiscal policy for 1995. Determinants of past and present growth in Iceland are examined. Indicators of fiscal sustainability are used to argue for better public finances in Iceland. The paper also examines the Icelandic tax structure.
Keywords:
ISCR; CR; net; exchange rate; Iceland; treasury; rate; inflation rate; terms of trade; public finance; treasury note; facilities--repurchase facilities; Iceland interest rate differential; net treasury debt; Iceland interest; Exchange rates; Sovereign bonds; Budget planning and preparation; Exchange rate policy; Agroindustries; Europe