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Europe > Norway

You are looking at 1 - 5 of 5 items for :

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Cover IMF Working Papers
Valuation of Unlisted Direct Investment Equity
Thomas Elkjaer
,
Jannick Damgaard
, and
Emmanuel O. Kumah
This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and estimation technique can have a highly significant impact on the international investment position, pointing to the need for further harmonization. The results show that the price-to-book value method generates more robust market value estimates than the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct Investment Survey - own funds at book value -will provide useful information for compiling the international investment position.
Keywords:
WP; accounting data; earnings before interest and taxes; risk premium; valuation model
Cover IMF Working Papers
Identifying Domestic and Imported Core Inflation
Hilde C. Bjørnland
This paper estimates core inflation in Norway, identified as that component of inflation that has no long-run effect on GDP. The model distinguishes explicitly between domestic and imported core inflation. The results show that (domestic) core inflation is the main component of CPI inflation. CPI inflation, however, misrepresents core inflation in some periods. The differences are well explained by the other shocks identified in the model, in particular the oil price shocks of the 1970s when Norway imported inflation, and the negative noncore (supply) shocks of the late 1980s, which pushed inflation up temporarily relative to core inflation.
Keywords:
WP; core inflation rate; oil price shock; price; Domestic and imported core inflation; inflation target; oil price shocks; structural VAR; CPI inflation; core inflation shock; VAR model; overpredicts core inflation; Inflation; Oil prices; Consumer price indexes; Inflation targeting; Vector autoregression
Cover IMF Working Papers
Fixed Capital Adjustment: Is Latin America Different? Evidence from the Colombian and Mexican Manufacturing Sectors
Mr. R. G Gelos
and
Mr. Alberto Isgut
This paper examines capital adjustment patterns using two large and largely novel data sets from the manufacturing sectors of Colombia and Mexico. The findings show that investment patterns in these countries resemble those reported for the United States to a surprising extent. Capital adjustments beyond maintenance investment occur only rarely, but large spikes account for a significant fraction of total investment. Although duration models do not provide strong evidence for the presence of substantial fixed costs, nonparametric adjustment function estimates reveal the presence of irreversibilities in investment. These irreversibilities are important for understanding aggregate investment behavior.
Keywords:
WP; investment rate; investment spike; capital stock; equipment investment; hazard function; Investment; lumpiness; irreversibilities; nonconvexities; manufacturing; panel data; investment episode; Stocks; Logit models; Producer price indexes; Productivity
Cover IMF Working Papers
Economic Determinants of Government Subsidies
Mr. Benedict J. Clements
,
Mr. Hugo Rodríguez
, and
Mr. Gerd Schwartz
The paper studies the economic determinants of government subsidies using panel data for 40 countries over 18 years (from 1975 to 1992) and finds that individual country-specific factors play a sizeable role in determining government subsidies. But it also suggests several characteristics—a small government, a small external current account deficit, and a productive structure geared more toward services and agriculture than manufacturing—may make it easier to keep subsidy expenditures down. The paper also suggests that globalization and the associated increase in openness are not impediments to reducing subsidies. In itself, an IMF-supported adjustment program is found not to be a significant determinant of government subsidy expenditures.
Keywords:
WP; government; subsidy equation; government subsidies; government expenditures; optimization problem; interest expenditures; subsidization policy; subsidy expenditure; non-resident government unit; government subsidy expenditure; government intervention; government subsidization policy; government transfer; government assistance; government interest expenditures; Total expenditures; Logit models
Cover IMF Working Papers
Saving-Investment Correlations: Immobile Capital. Government Policy or Endogenous Behavior?
International Monetary Fund
This paper analyzes reasons for the high post-war correlations of saving and investment, both across countries and over time. It is concluded that the main reason for the observed high correlations over the recent period is probably government policy.
Keywords:
WP; government; investment; government policy; capital; capital mobility; investment data; saving-investment regression; government saving; inventory investment; investment variable; private sector data; investment decision; investment rate; Private savings; Private investment; Public investment spending; Gold; Time series analysis