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Europe > Norway

You are looking at 1 - 10 of 114 items for :

  • Type: Journal Issue x
  • Economic Theory; Demography x
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Cover Selected Issues Papers
Japan’s Fertility: More Children Please
Kohei Asao
,
Danila Smirnov
, and
TengTeng Xu
Japan’s fertility has declined in the past three decades. Raising Japan’s fertility rate is a key policy priority for the government. Using cross-country analysis and case studies, this paper finds that the most successful measure to support the fertility rate is the provision of childcare facilities, particularly for children aged 0-2. Offering stronger incentives for the use of paternity leave can alleviate the burden of childcare on mothers, supporting fertility. On the other hand, there is limited evidence that cash transfers are effective in supporting fertility, based on international experience.
Keywords:
Fertility; childcare; gender; labor market; fertility growth; TengTeng xu; Japan's fertility; fertility rate; fertility rate growth; Women; Gender inequality; Gender diversity; Employment; Aging; East Asia
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
Dissecting the Decline in Average Hours Worked in Europe
Diva Astinova
,
Romain A Duval
,
Niels-Jakob H Hansen
,
Ben Park
,
Ippei Shibata
, and
Frederik G Toscani
Three years after the COVID-19 crisis, employment and total hours worked in Europe fully recovered, but average hours per worker did not. We analyze the decline in average hours worked across European countries and find that (i) it is not cyclical but predominantly structural, extending a long-term trend that predates COVID-19, (ii) it mainly reflects reduced hours within worker groups, not a compositional shift towards lower-hours jobs and workers, (iii) men—particularly those with young children—and youth drive this drop, (iv) declines in actual hours match declines in desired hours. Policy reforms could help involuntary parttimers and women with young children raise their actual hours towards desired levels, but the aggregate impact on average hours would be limited to 0.5 to 1.5 percent. Overall, there is scant evidence of slack at the intensive margin in European labor markets, and the trend fall in average hours worked seems unlikely to reverse.
Keywords:
hours worked; working hours; labor market; Europe; policy reform; worker level; scant evidence; summary statistics; full time worker; Labor markets; Women; Labor supply; Labor force participation
Cover IMF Working Papers
Micro-Assessment of Macroprudential Borrower-Based Measures in Lithuania
Mantas Dirma
and
Jaunius Karmelavičius
Despite having introduced borrower-based measures (BBM), Lithuania's housing and mortgage markets were booming during the low-interest-rate period, casting doubt on the macroprudential toolkit's ability to contain excessive mortgage growth. This paper assesses the adequacy of BBMs’ parametrization in Lithuania. We do so by building a novel lifetime expected credit loss framework that is founded on actual loan-level default and household income data. We show that the BBM package effectively contains mortgage credit risk and that housing loans are more resilient to stress than in the preregulatory era. Our BBM limit calibration exercise reveals that (1) in the low-rate environment, income-based measures could have been tighter; and (2) borrowers taking out secondary mortgages rightly are and should be required to pledge a higher down payment.
Keywords:
macroprudential policy; borrower-based measures; LTV; mortgage credit risk; lifetime expected loss; probability of default.; calibration exercise; BBM package; modeling mortgage risk; Lithuania's housing market; Mortgages; Loans; Credit risk; Housing prices; Macroprudential policy instruments; Europe; Baltics; Global
Cover Policy Papers
Poverty Reduction and Growth Trust—2023 Borrowing Agreements with the Government of Australia, the People’s Bank of China, the Bank of Finland, the Banque De France, De Nederlandsche Bank NV, the Norwegian Ministry of Finance Representing the Kingdom of Norway, Sveriges Riksbank, and the Government of the United Kingdom
International Monetary Fund. Finance Dept.
and
International Monetary Fund. Legal Dept.
This paper presents the second set of PRGT borrowing agreements that have been finalized through April 2023 as part of the loan mobilization round launched in July 2021 to cover the cost of pandemic-related lending and support the self-sustainability of the Poverty Reduction and Growth Trust (PRGT). Seven of the eight agreements presented use SDRs in the context of SDR channeling. Together these agreements provide a total of SDR 5.1 billion in new PRGT loan resources for low-income countries (LICs).
Keywords:
PRGT Borrowing agreements; PRGT Loans; Poverty Reduction and Growth Trust (PRGT); Concessional financing; Resource adequacy; PRGT Funding; Contributions; Transparency policy; SDR equivalent; channeling pledge; totaling SDR; PRGT loan disbursement; loan resource; Loans; Poverty reduction strategy; SDR interest rate
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 Policy Papers
Implementation Plan in Response To The Board-Endorsed Recommendations From The IEO Evaluation Report On IMF Collaboration With The World Bank On Macro-Structural Issues
International Monetary Fund. Strategy, Policy, & Review Department
This Management Implementation Plan (MIP) focuses on further strengthening collaboration between the IMF and the World Bank on strategic macro-structural issues. In macro-structural areas, the Fund and the Bank have complementary roles. The Bank provides structural and development-focused assessments and recommendations, while the Fund focuses on integrating macro relevant structural issues in the macroeconomic frameworks and policies. In some areas, including financial sector and public debt sustainability assessments, Bank-Fund collaboration modalities are well established. In other areas, such as climate change, Fund staff is developing comprehensive strategies on how the IMF can step up its engagement and collaboration with external partners, including with the World Bank, to better serve its membership. This MIP proposes concrete steps aimed at further enhancing: • Bank-Fund collaboration on strategic macro-structural issues, with an initial focus on the climate workstream; • Fund staff’s incentives for collaboration with external partners, including the Bank • Access to and exchange of information and knowledge between Bank and Fund staff.
Keywords:
Bank-Fund collaboration; macro-structural policies; structural reforms; climate change; fund staff; climate strategy; transparency policy; IMF surveillance; Board paper; Climate change; Climate finance; Global
Cover IMF Staff Country Reports
Norway: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
aggregate emission saving; D. cost effectiveness; copyright page; electric vehicle ownership; one-off registration tax; Tax incentives; VAT exemptions; Greenhouse gas emissions; Income; Global
Cover IMF Working Papers
Electric Vehicles, Tax incentives and Emissions: Evidence from Norway
Youssouf Camara
,
Bjart Holtsmark
, and
Florian Misch
This paper empirically estimates the effects of electric vehicles (EVs) on passenger car emissions to inform the design of policies that encourage EV purchases in Norway. We use exceptionally rich data on the universe of cars and households from Norway, which has a very high share of EVs, thanks to generous tax incentives and other policies. Our estimates suggest that household-level emission savings from the purchase of additional EVs are limited, resulting in high implicit abatement costs of Norway’s tax incentives relative to emission savings. However, the estimated emission savings are much larger if EVs replace the dirtiest cars. Norway’s experience may also help inform similar policies in other countries as they ramp up their own national climate mitigation strategies.
Keywords:
emission savings; passenger car emission; savings from the purchase; car usage preference; purchased EVs; Tax incentives; Income; VAT exemptions; Greenhouse gas emissions
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