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Europe > Norway

You are looking at 1 - 6 of 6 items for :

  • Type: Journal Issue x
  • National Budget, Deficit, and Debt: General x
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Cover IMF Working Papers
A New Fiscal Framework for Resource-Rich Countries
Mr. Luc Eyraud
,
William Gbohoui
, and
Mr. Paulo A Medas
This paper revisits the debate on the design of fiscal rules in resource-rich countries. Its main objective is to assess alternative systems of rules against their policy objectives, while taking into account country characteristics. One of the contributions of the paper is to propose fiscal frameworks that are centered around the principle of insurance against shocks and less reliant on estimating precisely resource wealth, which tends to be highly volatile.
Keywords:
Fiscal Policy; Fiscal Rules; Non-Renewable resources; Resource Funds; Nonrenewable Resource Exporting Countries; resource wealth; personal income hypothesis; financial assets floor; IMF working paper 23/230; net financial assets; policy objective; resource revenue; Natural resources; Commodity prices; Global
Cover IMF Working Papers
Public Sector Balance Sheet Strength and the Macro Economy
Mr. Seyed Reza Yousefi
This paper introduces concepts of public sector balance sheet (PSBS) strength, taking into account different aspects of what governments own in addition to what they owe. It develops measures of PSBS strength and investigates their macroeconomic implications. Empirical estimations show that in their pricing of sovereign bonds, financial markets account for government assets and net worth in addition to their liabilities. Furthermore, economies with stronger public sector balance sheets experience shallower recessions and recover faster in the aftermath of economic downturns. This faster return to growth can be explained by the greater space for countercyclical fiscal policy in countries with stronger balance sheets.
Keywords:
WP; balance sheet; debt; balance sheet strength; Public sector balance sheet; Fiscal policy; Net financial worth; Net worth; balance sheet indicator; balance sheet measure; government balance sheets; balance sheet strength measure; balance sheet variable; balance sheet data; Financial statements; Bond yields; Yield curve; Sovereign bonds
Cover IMF Working Papers
Counting the Oil Money and the Elderly: Norway's Public Sector Balance Sheet
Ezequiel Cabezon
and
Christian Henn
Based on a permanent income analysis, Gagnon (2018) has prominently suggested that Norway has saved too much, thereby free-riding on the rest of the world for demand. Our public sector balance sheet analysis comes to the opposite conclusion, chiefly because it also accounts for future aging costs. Unsurprisingly, we find that Norway’s current assets exceed its liabilities by some 340 percent of mainland GDP. But its nonoil fiscal deficits have grown very large (to almost 8 percent of mainland GDP) and aging pressures are only commencing. Therefore, Norway’s intertemporal financial net worth (IFNW) is negative, at about -240 percent of mainland GDP. As IFNW represents an intertemporal budget constraint, this implies that Norway’s savings are likely insufficient to address aging costs without additional fiscal action.
Keywords:
WP; mainland GDP; oil price; GPFG asset; asset price; asset stock; Public Sector Balance Sheet; Intertemporal Fiscal Balances; Debt Sustainability; Norway; statistics Norway; Norwegian krone; Norway's intertemporal financial net worth; Intertemporal public sector balance sheet; Norway's assets; Norway's IFNW; nonfinancial assets; GPFG consist; price development; Financial statements; Oil prices; Asset prices; Aging; Global
Cover IMF Staff Country Reports
Libya: Technical Assistance Report—Public Financial Management Reform Priorities in the New Environment
International Monetary Fund. Fiscal Affairs Dept.
Libya faces a number of challenges to establishing a robust, efficient, and transparent public financial management system. There is a need to establish a clear macrofiscal policy framework. The Sovereign Wealth Fund (SWF) should be a financing fund system with clear and rigid inflow and outflow rules and should be based on clear and regulated investment criteria. Under the existing legal and regulatory framework, budget expenditures cannot exceed the initial ceilings specified in the annual budget law. This should be strictly enforced.
Keywords:
ISCR; CR; cash management; reserve account; budget process; budget preparation; budget classification; commercial bank; internal audit; strategy paper; budget allocation; budget integration; execution report; fiscal year; budget decision making; natural resource; Budget planning and preparation; Fiscal accounting and reporting; Budget execution and treasury management; Global
Cover IMF Working Papers
Strengthening Russia's Fiscal Framework
Ms. Daria V Zakharova
and
Ms. Charleen A Gust
Though many aspects of Russia's fiscal policy framework are close to best practice on paper, actual practice in recent years has been moving away from best practice. In particular, the continued focus on the overall rather than the nonoil balance, and the regular use of supplemental budgets to spend windfall oil revenues contribute to procylicality of fiscal policy, risking costly boom-bust cycles. Against this background, this paper suggests several improvements to the framework for fiscal policy.
Keywords:
WP; oil price; budget code; oil funds; Nonoil deficit; exchange rate; oil revenue; fiscal policy; oil-producing countries; resource revenue management; accountability; oil-price rule; deficit target; futures price; economic policy response; oil-price stress tests; Oil prices; Oil; Reserve assets; gas and mining taxes; Global
Cover IMF Working Papers
Review of the Experience with Oil Stabilization and Savings Funds in Selected Countries
Mr. Ugo Fasano-Filho
The main purposes of this paper are to review the operational modalities and experience of oil funds currently in place in Norway, Chile (copper), the State of Alaska, Venezuela, Kuwait, and Oman, and to draw some preliminary conclusions on their contribution to enhance fiscal management. The outcome so far of their experience has been mixed, with differences among countries reflecting the variety of objectives attached to the funds, the challenges in adhering to established rules, the institutional set-up. and the soundness of the overall fiscal discipline in each country (or state).
Keywords:
WP; fund; stabilization fund; fund staff estimate; savings fund; stabilization objective; oil stabilization fund; oil savings fund; oil exporting countries; Chile’s copper fund; dividend program; SGRF assets; Oil; gas and mining taxes; Oil prices; Budget planning and preparation