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Europe > Norway

You are looking at 1 - 4 of 4 items for :

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Cover IMF Working Papers
Swing Pricing and Fragility in Open-end Mutual Funds
Dunhong Jin
,
Marcin Kacperczyk
,
Bige Kahraman
, and
Felix Suntheim
How to prevent runs on open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces redemptions during stress periods. The positive impact of alternative pricing rules on fund flows reverses in calm periods when costs associated with higher tracking error dominate the pricing effect.
Keywords:
WP; swing pricing; pricing rule; fund investor; adjustment factor; liquidity mismatch; fund runs; fragility; strategic complementarity; pricing mechanism; Liquidity risk; Flow of funds; Mutual funds; Corporate bonds; Price structures; Global
Cover IMF Staff Country Reports
Norway: Report on the Observance of Standards and Codes (ROSC)—Data Module
International Monetary Fund
As will become apparent in the assessments, Norway’s membership in the European Statistical System shapes Norwegian official statistics and statistical policy in a number of ways. Norway produces and disseminates a significant share of its data consistent with the legal requirements of the system. Norway’s macroeconomic statistics are of generally high quality. They are adequate to conduct effective surveillance, although the mission (held in Oslo during November 11–26, 2002, by the IMF Statistics Department) identified some shortcomings that may detract from the accurate and timely analysis of economic and financial developments and the formulation of appropriate policy.
Keywords:
ISCR; CR; ROSC exercise; ROSC package; finalized Report on the Observance of Standards and Codes; IMF's website; IMF Statistics Department in Oslo; Balance of payments statistics; Consumer price indexes; Fiscal accounting and reporting; Europe
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 Macroeconomics and the Environment
Macroeconomics and the Environment

Abstract

Microeconomic policies, dealing with individual industries and economic sectors, have traditionally addressed environmental concerns, but increasingly the environment is being viewed in terms of the macro economy. To improve its understanding of the interrelationship between macroeconomics and the environment, the IMF held a seminar in May 1995 at which recognized experts from academic and research institutions, nongovernmental organizations, and staff from the World Bank and the IMF shared their views on how macroeconomic policies affect the environment and how environmental policies affect the macro economy. The present volume, edited by Ved P. Gandhi, contains the papers and proceedings of this seminar.

Keywords:
BOOK; fund staff; country; policy; session 2; sound environmental accounting; policy objective; economic policy failure; Natural resources; Environmental policy; Consumption; Global; Sub-Saharan Africa; Africa; East Asia; Caribbean; Environmental sustainability; South America