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Europe > Norway

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Cover IMF Staff Country Reports
Japan: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper analyzes the main drivers of persistent gender gaps in leadership in Japan and identifies public policies that can play a role in closing these gaps. Despite its economic relevance, analysis on the drivers of women leaders and managers in Japan is limited. There are a few existing studies, such as Yamaguchi (2013), that use firm level or survey-based data to identify the key constraints to women’s career advancement. Women are also underrepresented in policy-making positions. The availability of public childcare facilities has improved, and is positively associated with the share of female managers. As witnessed in the case of Japan, increasing female labor force participation is not sufficient to ensure that women have good jobs and good careers. In order to foster the advancement of women into managerial and leadership positions, policy efforts need acceleration. Reforming current employment practices and policies are essential for improving women’s quality of jobs. This will also help increase productivity, wages and advance an equal society. First, further progress should be made on work-style reforms, such as encouraging the use of flexible working schedules and teleworking options.
Keywords:
funding affect startup performance; labor market dualism; risk culture; childcare leave cause; wage income; Income inequality; Income; Women; Income distribution; Gender inequality; Global; East Asia
Cover IMF Working Papers
Sharing Resource Wealth Inclusively Within and Across Generations
Nathalie Pouokam
This paper discusses the main challenges faced by resource-rich nations in promoting equity; describes policy tools available for managing exhaustible natural resources; and analyzes the relationship between resource wealth and state fragility. It is argued that human capital accumulation, innovation, and technology diffusion can help escape the trap of low growth and resource dependence that plagues so many developing countries. But to make this possible, resource-rich nations must sustain strong citizen participation in the policy making to hold governments accountable and ensure the inclusive management of resource wealth.
Keywords:
resource curse; natural resource wealth; exhaustible natural resources; resource rent; resource wealth; natural resource; Natural resources; Fiscal rules; Income inequality; Exports; Global
Cover IMF Working Papers
Does a Wealth Tax Improve Equality of Opportunity? Evidence from Norway
Kristoffer Berg
and
Mr. Shafik Hebous
Does parental wealth inequality impact next generation labor income inequality? And does a tax on parental wealth affect the labor income distribution of the next generation? We tackle both questions empirically using detailed intergenerational data from Norway, focusing on effects on wages rather than capital income. Results suggest that a net wealth of NOK 1 million increases wages of the children by NOK 14,000. Children of wealthy parents also have a higher labor income mobility. The estimated hypothetical wage distribution without the wealth tax is more unequal. Moreover, suggestive evidence indicates parental wealth is associated with higher labor risk taking.
Keywords:
Wealth Tax; Equality of Opportunity; Parental Wealth; Income Mobility; Inequality; Redistribution; labor income dispersion; wealth tax tax rate; counterfactual income distribution; Wages; Income; Income distribution; Capital income
Cover IMF Research Perspectives
IMF Research Perspectives: Spring-Summer 2020
IMF Research Perspectives Spring-Summer 2020
Keywords:
IRB; worker; view IMF research; MARTINEZ PERIA interview
Cover IMF Working Papers
Heterogeneity and Persistence in Returns to Wealth
Andreas Fagereng
,
Luigi Guiso
,
Mr. Davide Malacrino
, and
Luigi Pistaferri
We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population data from Norway’s administrative tax records. We document a number of novel results. First, during our sample period individuals earn markedly different average returns on their financial assets (a standard deviation of 14%) and on their net worth (a standard deviation of 8%). Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and risky assets: returns are heterogeneous even within asset classes. Third, returns are positively correlated with wealth: moving from the 10th to the 90th percentile of the financial wealth distribution increases the return by 3 percentage points - and by 17 percentage points when the same exercise is performed for the return to net worth. Fourth, wealth returns exhibit substantial persistence over time. We argue that while this persistence partly reflects stable differences in risk exposure and assets scale, it also reflects persistent heterogeneity in sophistication and financial information, as well as entrepreneurial talent. Finally, wealth returns are (mildly) correlated across generations. We discuss the implications of these findings for several strands of the wealth inequality debate.
Keywords:
WP; private equity; expected return; long-term debt; wealth distribution; Wealth inequality; returns to wealth; net worth; heterogeneity; intergenerational mobility; financial wealth; wealth return regression; return heterogeneity; book value; portfolio return; assets return; heterogeneity channel; market value; risk tolerance; wealth share; return on assets; Income distribution; Stocks; Housing; Capital income; Income
Cover IMF Working Papers
The Distribution of Gains from Globalization
Valentin F. Lang
and
Ms. Marina Mendes Tavares
We study economic globalization as a multidimensional process and investigate its effect on incomes. In a panel of 147 countries during 1970-2014, we apply a new instrumental variable, exploiting globalization’s geographically diffusive character, and find differential gains from globalization both across and within countries: Income gains are substantial for countries at early and medium stages of the globalization process, but the marginal returns diminish as globalization rises, eventually becoming insignificant. Within countries, these gains are concentrated at the top of national income distributions, resulting in rising inequality. We find that domestic policies can mitigate the adverse distributional effects of globalization.
Keywords:
WP; economic globalization; globalization score; national income; Globalization; Growth; Inequality; globalization process; globalization index; income level; globalization's effect; income growth; globalization indicator; effect of globalization; globalization scores; Personal income; Income inequality; Income distribution; Global
Cover Finance & Development
Finance & Development, March 2015
International Monetary Fund. External Relations Dept.
This chapter discusses the impact of global recession on the working population and looks at the future of work in the global economy from a variety of angles. IMF economist Prakash Loungani leads off with an overview of the global jobs landscape and examines the reasons behind the slow recovery of jobs in the wake of the global financial crisis. The chapter also highlights an argument for a jobs- and wage-led global recovery, while IMF researchers probe the relationship between declining trade union membership and inequality.
Keywords:
FD; F&D; worker; firm; IMF-World Bank; job growth; income; household enterprise employment; jobs package; crisis level; Unemployment; Wages; Income inequality; Personal income; Global; Europe; Sub-Saharan Africa; Africa; Caribbean
Cover IMF Research Bulletin
IMF Research Bulletin, December 2014
International Monetary Fund
The December 2015 IMF Research Bulletin features a sampling of key research from the IMF. The Research Summaries in this issue look at “The Impact of Deflation and Lowflation on Fiscal Aggregates (Nicolas End, Sampawende J.-A. Tapsoba, Gilbert Terrier, and Renaud Duplay); and “Oil Exporters at the Crossroads: It Is High Time to Diversify” (Reda Cherif and Fuad Hasanov). Mahvash Saeed Qureshi provides an overview of the fifth Lindau Meeting in Economics in “Meeting the Nobel Giants.” In the Q&A column on “Seven Questions on Financial Frictions and the Sources of the Business Cycle, Marzie Taheri Sanjani looks at the driving forces of the business cycle and macroeconomic models. The top-viewed articles in 2014 from the IMF Economic Review are highlighted, along with recent IMF Working Papers, Staff Discussion Notes, and IMF publications.
Keywords:
IRB; IMF Team; IMF research bulletin; emerging market volatility; monetary policy interaction; IMF department; IMF research; Deflation; Oil prices; Financial frictions; Oil; Income inequality; Global
Cover IMF Staff Country Reports
Chile: Selected Issues
International Monetary Fund
The report gives details of the economic analysis for the implementation of Chile's inflation targeting framework. It reviews the current state of liquidity in the Chilean fixed-income markets and developments and impediments to the supply of corporate bonds to the market. The paper considers a number of microstructure issues, transparency in the Over-the-Counter (OTC) market, addresses the role of public debt in facilitating development of the financial markets, and discusses a potential debt management framework that would support the development of a liquid public debt market.
Keywords:
ISCR; CR; market; market participant; Chile; bond; fixed-income market; short-to-medium-run inflation; review market development; central bank staff; Poverty reduction; Pension spending; Securities markets; Europe; Africa; Australia and New Zealand; Southeast Asia; East Asia