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Europe > Norway

You are looking at 1 - 10 of 13 items for :

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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 Technical Assistance Reports
Republic of Armenia: Technical Assistance Report-Strengthening State-Owned Enterprises Accountability Framework
International Monetary Fund. Fiscal Affairs Dept.
Over the past decades the Republic of Armenia has implemented significant reforms to reduce the state footprint in their economy and to improve the performance of the State Owned Enterprises (SOEs) where the Government intends to retain ownership. The Government has taken concrete steps focusing on improving the financial transparency and fiscal viability of SOEs. This report discusses how the Government can further strengthen the SOE financial accountability, transparency and oversight, and SOEs corporate governance in line with good international practices. These measures should be combined with further efforts in reducing the number of SOEs, focusing on those that do not align with the Government strategic priorities and the state ownership policy.
Keywords:
CD; Republic of Armenia; State-Owned Enterprises; Oversight; Corporate Governance; Accountability; Transparency.; state-owned enterprises accountability framework; I. SOE landscape; IMF resident Representative; IMF's Fiscal Affairs Department; Armenia's SOE portfolio; Public enterprises; Fiscal risks; Financial statements; Middle East and Central Asia; Global; Middle East; North Africa; Central Asia; Asia and Pacific
Cover IMF Staff Country Reports
Sweden: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes inflation developments, drivers, and risks in Sweden. Inflation in Sweden started rising sharply from June 2022. Using dynamic simulations of an estimated Sweden-specific Phillips curve (PC), the team assess the role of external factors in driving recent inflation. Several factors that are poorly captured in the PC analysis, may account for the rise in unexplained inflation. Illustrative risk scenarios confirm a wide range of possible inflation paths on either direction. Renewed commodity price shocks and smaller-than-estimated slack could delay the return of inflation to target. Increasing inflation expectations, including because of renewed exchange rate pressures, would also feed into higher inflation. Core inflation could be sticker if the price setting becomes de-anchored or more backward looking. Growth in the gross domestic product deflator (as one measure of inflation) can be decomposed into three components—profits, labor costs, and taxes—to assess inflationary pressures in the economy.
Keywords:
Citi Sweden inflation surprise Index; EA inflation driver; inflation expectation; monetary policy transmission; inflation development; Inflation; Unconventional monetary policies; Currencies; Consumer price indexes; Nominal effective exchange rate; Global
Cover IMF Staff Country Reports
Ireland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper provides an international perspective to the authorities’ two recent policy measures: setting up new savings and counter cyclical and climate infrastructure funds and reforming the judicial review of planning decisions in Ireland. The first essay presents international best practices in the design and operation of sovereign wealth funds that could inform the setup of the two new funds in Ireland. It highlights the importance of operating the funds within a strong fiscal policy framework. The second essay reviews Ireland’s planning and permitting system, underscoring the key elements that have hindered public investment. It also looks into the government’s proposed Bill to reform the planning system and contrasts its key features with those of other international jurisdictions. It finds that several issues may contribute to the inefficiencies in the planning and judicial review system, such as the loose standing requirements and lack of mandatory timelines related to judicial review, as well as institutional governance issues within the planning board, which the newly proposed reforms and legislative measures seek to address.
Keywords:
housing affordability; D. policy option; savings fund; modernizing judicial review; impulse response; Housing; Housing prices; Pension spending; Global
Cover High-Level Summary Technical Assistance Reports
Project Summary: Nordic-Baltic Technical Assistance Project – Financial Flows Analysis, AML/CFT Supervision, and Financial Stability
Ms. Grace Jackson
,
Maksym Markevych
,
Antoine Bouveret
,
Pierre Bardin
,
Alexander S Malden
,
Santiago Texidor Mora
, and
Indulekha Thomas
This paper focuses on the summary of Nordic-Baltic Regional Technical Assistance Project Financial Flows Analysis, Anti-Money Laundering and combating the Financing of Terrorism (AML/CFT) Supervision, and Financial Stability. Various international banking scandals concerning AML/CFT breaches have taken place in the Nordic Baltic region, with far-reaching financial and reputational consequences. Financial integrity issues could potentially present risks to financial stability in the short and medium term. The depth of geographic ML/TF risk analysis and understanding differs among the Nordic-Baltic countries. There has been clear investment in ML/TF risk models across the region, but some gaps remain, notably, advanced data collection and analysis. Quantifying the financial stability impact of money laundering shocks is an understudied area. AML/CFT regimes in the region would benefit from better understanding of the ML threats associated with cross-border financial flows and nonresident activities. In order to address cross-border AML vulnerabilities, efforts to enhance the supervisory understanding of ML risks, strengthen the risk-based supervision of banks and crypto asset service providers, and deepen cooperation should continue.
Keywords:
Anti-Money Laundering; Combatting the Financing of Terrorism; Money Laundering Shocks; Financial Stability; Illicit Financial Flows; Machine Learning; and Risk-Based Supervision
Cover IMF Staff Country Reports
Nordic-Baltic Regional Report: Technical Assistance Report-Nordic-Baltic Technical Assistance Project Financial Flows Analysis, AML/CFT Supervision, and Financial Stability
International Monetary Fund. Legal Dept.
This paper presents a regional report on Nordic-Baltic technical assistance project: financial flows analysis, Anti-Money Laundering and combating the Financing of Terrorism (AML/CFT) Supervision, and Financial Stability. The purpose of the project is to conduct an analysis of cross-border ML threats and vulnerabilities in the Nordic-Baltic region—encompassing Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden (the Nordic-Baltic Constituency or NBC)—and issue a final report containing recommendations for mitigating the potential risks. The financial flows analysis presented in this report is based on the IMF staff’s analysis of cross-border payments data. Six out of the eight Nordic-Baltic countries have seen an increase in aggregate flows since 2013. Monitoring cross-border financial flows provides countries with a deeper understanding of their external ML threat environment and evolving cross-border related risks they are facing. Leveraging broader analysis of ML/TF cross-border risk, the Nordic-Baltic countries should develop their own understanding of higher-risk countries reflecting country-specific ML/TF threats.
Keywords:
TF risk assessment; colleges participation; TF risk; EU Anti-Money Laundering Authority; supervisory cooperation; information Sharin; Anti-money laundering and combating the financing of terrorism (AML/CFT); Virtual currencies; Correspondent banking; Internal controls; Financial sector stability; Baltics; Global
Cover IMF Staff Country Reports
Norway: 2023 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. European Dept.
The 2023 Article IV Consultation discusses that Norway grew strongly in 2022 but the pace of output growth receded somewhat this year. Record-high energy and food prices together with much higher interest rates put pressure on households’ purchasing power. Nonetheless, mainland gross domestic product growth is still expected to be positive, supported by strong business investment and exports. Norway experienced one of the highest growth rates among advanced economies last year, and risks remain balanced. Growth is continuing but at a more modest pace. The country has experienced windfall gains from high petroleum and natural gas prices that have so far countered global headwinds. The banking system is strong but tightening global conditions pose risks. Risks to financial stability appear to be broadly manageable, but continued vigilance is needed given the heightened uncertainty. Progress on structural reforms has been piecemeal. Some steps have been taken in further upskilling the workforce, including increased vocational training and the planned introduction of a youth guarantee scheme.
Keywords:
money market rate; inflation risk; liability positions vis-a-vis nonresident; inflation expectation; mainland GDP growth; Inflation; Fiscal stance; Central bank policy rate; Consumption; Labor markets; Global
Cover IMF Staff Country Reports
Chile: Technical Assistance Report-Fiscal Considerations in Managing Stabilization Funds
International Monetary Fund. Fiscal Affairs Dept.
This technical assistance report on Chile highlights fiscal considerations in managing stabilization funds. Chile’s strong fiscal framework has served the country well. Cross-country experience shows that an adequate buffer in stabilization fund can facilitate governments’ response to shocks. Rebuilding fiscal buffers in a holistic framework can help Chile better manage tail risks. The quantitative models suggest that keeping debt well below the current prudent ceiling on central government gross debt at 45 percent of gross domestic product is appropriate. The government can reduce public debt to give space for future borrowing in adverse times or accumulate liquid assets to rebuild fiscal buffers. Fiscal efforts to achieve a broadly balanced fiscal position are an important way to rebuild buffers. The government should avoid borrowing more debt at high interest rates to save assets in the stabilization fund. Overall, the pace of building buffers should be tailored to economic conditions.
Keywords:
IMF's Fiscal Affairs Department; Tail risk; public treasury; Mexico budget revenues stabilization fund; support fund; size of stabilization funds; Fiscal risks; Fiscal stance; Natural disasters; Global
Cover IMF Staff Country Reports
Finland: Financial Sector Assessment Program-Technical Note on Crisis Management and Resolution
International Monetary Fund. Monetary and Capital Markets Department
This technical note focuses on Crisis Management and Resolution for the Finland Financial Sector Assessment Program. These recent developments reinforce the need for full operational readiness in the Finnish authorities’ crisis management arrangements. The authorities have made progress in developing crisis management capabilities and procedures, as well as gathering practical experience from recent events. Enhancing crisis management capacity within and between authorities is essential to ensure effective implementation in a coordinated manner of agreed crisis management plans, including for bank resolution. The authorities should increase the centralization of the coordination of the authorities’ respective preparation for, as well as management of, future crises in the Crisis Management Cooperation Group. On deposit guarantee arrangements, the Finnish Financial Stability Authority Deposit Guarantee Fund should ensure that it has sufficient funds under its direct control to ensure its financial autonomy, including through strengthened backstop funding arrangements.
Keywords:
implementing Resolution tool; crisis simulation exercise; EU bank recovery; resolution planning; C. authority crisis management capability; Crisis management; Bank resolution framework; Bank resolution; Crisis resolution; Baltics; Global
Cover IMF Staff Country Reports
Norway: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Norway
International Monetary Fund. European Dept.
The economy bounced back strongly from the first wave of Covid-19 pandemic, and the recovery is well entrenched in 2022. However, risks to the outlook are considerable, given the uncertainty over spillovers from the war in Ukraine, the intensity of the pandemic globally, and in Europe, in particular, and supply bottlenecks. Given the strong fundamentals, Norway is relatively shielded and there are both upside (higher energy prices and export volumes) and downside risks (lower demand from Europe for non-energy exports). The forecast is especially sensitive to where energy prices settle, whether energy supply to Europe will be disrupted, and Norway’s capacity to increase gas supplies to Europe.
Keywords:
liability positions vis-à-vis nonresident; money market rate; inflation pressure; normalising economy; core inflation; Inflation; Mortgages; Climate change; Global; Europe