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Europe > Norway

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

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Cover IMF Working Papers
Fundamental Drivers of House Prices in Advanced Economies
Ms. Nan Geng
House prices in many advanced economies have risen substantially in recent decades. But experience indicates that housing prices can diverge from their long-run equilibrium or sustainable levels, potentially followed by adjustments that impact macroeconomic and financial stability. Therefore there is a need to monitor house prices and assess whether they are sustainable. This paper focuses on fundamentals expected to drive long run trends in house prices, including institutional and structural factors. The scale of potential valuation gaps is gauged on the basis of a cross-country panel analysis of house prices in 20 OECD countries.
Keywords:
WP; house price; price; housing price; Housing markets; House prices; Valuation gaps; OECD countries; understanding housing price development; asset price movement; price correction; valuation gap; interaction terms; housing investment; elasticities of housing supply; house price trend; long-run house price development; long-run house price trend; housing stock; Housing prices; Housing; Mortgages; Disposable income; Asset prices; Global
Cover IMF Staff Country Reports
Nordic Regional Report: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper elaborates findings and discussions of 2013 Cluster Consultation Nordic Regional report. The countries have close economic and financial ties and face some common challenges and shared risks, such as large banking sectors and high household debt. The economic performance of the four continental Nordic economies (Denmark, Finland, Norway, and Sweden—Nordic-4) ranks among the advanced economic development circle. It is analyzed that the large Nordic banking systems support relatively high levels of private sector debt. House price developments in the Nordic-4 pose a risk to broader macroeconomic stability in the context of strained household balance sheets.
Keywords:
ISCR; CR; fund staff calculation; banking system; house price; bank assets; valuation gap; parent bank; asset price approach; bank capital buffer; banking sector; bank lending; fiscal policy; Housing prices; Commercial banks; Covered bonds; Housing; Disposable income; 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
Cover IMF Staff Papers
IMF Staff Papers: Volume 1, No. 1
International Monetary Fund. Research Dept.
This paper highlights various problems and policies related to latent inflation. Disappointment will undoubtedly be widespread if, after 10 years of inflation control, latent inflation is permitted to become active and there is a considerable rise in prices. It is not unlikely that some governments will feel they simply cannot accept such a policy. However, the prospect of wiping out or working off latent inflation in any moderate period is very slight. There is every reason to deal with the latent inflation as far as possible by absorbing it through taxation and by measures to reduce liquidity. At the same time, with increased output it should be possible to work off part of the latent inflation. Even if it becomes generally recognized that all or most of such inflation cannot be wiped out or worked off, its immediate activation may be unwise. At some stage soon, governments must face the difficulties presented by latent inflation and recognize that a comprehensive program for dealing with it must be put into effect. Unless such programs are adopted, there can be no great confidence that international payments problems can be solved simply by imposing more rigorous and more extensive controls.
Keywords:
SP; currency proceeds; latent inflation; center; proceeds; export; currency; ECA shipment; import restriction; ITO charter; Imports; National income; International trade organizations; Exports; Agricultural commodities; Western Hemisphere; Western Europe; Middle East; Europe; North America; Inflation; import SurplusTerms; PoliciesThe measurement; export price