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Europe > Norway

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

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Cover IMF Working Papers
What’s Different about Monetary Policy Transmission in Remittance-Dependent Countries?
Mr. Adolfo Barajas
,
Mr. Ralph Chami
,
Mr. Christian H Ebeke
, and
Anne Oeking
Despite welfare and poverty-reducing benefits for recipient households, remittance inflows have been shown to entail macroeconomic challenges; producing Dutch Disease-type effects through their upward (appreciation) pressure on real exchange rates, reducing the quality of institutions, delaying fiscal adjustment, and ultimately having an indeterminate effect on long-run growth. The paper explores an additional challenge, for monetary policy. Although they expand bank balance sheets, providing a stable flow of interest-insensitive funding, remittances tend to increase banks’ holdings of liquid assets. This both reduces the need for an interbank market and severs the link between the policy rate and banks’ marginal costs of funds, thus shutting down a major transmission channel. We develop a stylized model based on asymmetric information and a lack of transparent borrowers and undertake econometric analysis providing evidence that increased remittance inflows are associated with a weaker transmission. As independent monetary policy becomes impaired, this result is consistent with earlier findings that recipient countries tend to favor fixed exchange rate regimes.
Keywords:
WP; monetary policy; bank balance; excess reserves; Worker’s Remittances; lending channel; banking sector; remittance inflow; bank lending channel; recipient country; threshold remittance ratio; remittance flow; bank competitiveness; Remittances; Central bank policy rate; Bank credit; Financial statements; Competition; Global
Cover IMF Staff Country Reports
Norway: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. European Dept.
A conservative minority government took office in October 2013, ending eight years of Labor party-led governments. No major policy shift has taken place so far, but the government’s economic policy platform emphasizes lower taxes, more infrastructure investment, greater private ownership, and measures to improve productivity and competitiveness. New challenges are emerging as oil-related investment is peaking and competitiveness concerns are becoming more pressing.
Keywords:
ISCR; CR; economy; mainland GDP; holding; liability positions vis-à-vis nonresident; SDR percent; terms of trade gain; IMF staff calculation; Housing prices; Mortgages; Oil; Competition; Loans; Global; Baltics
Cover IMF Staff Country Reports
Denmark: Financial Sector Assessment Program-Technical Note-Competition in the Banking Sector
International Monetary Fund
This technical note analyzes the competition in the banking sector in Denmark. It reveals that Denmark has a fairly competitive and efficient banking sector. Measured by various indicators, efficiency of banking intermediation has been improving in recent years. The banking sector has become concentrated, and profitability of banks is relatively high and growing. The Danish Bankers Association and the Danish Consumers Association, in collaboration with the Danish Financial Supervisory Authority, should continue efforts to promote the transparency of pricing and quality of different products and services offered by banks.
Keywords:
ISCR; CR; break; bank; banking sector; Denmark; barrier to entry; EU bank; bank client; EU country; bank concentration ratios; bank substitute; bank depositor; Commercial banks; Personal income; Competition; Deposit insurance; Foreign banks; Northern Europe; Western Europe
Cover IMF Staff Country Reports
Norway: Staff Report for the 2003 Article IV Consultation
International Monetary Fund
In 2003, domestic and external factors in Norway slowed real GDP growth to an estimated 0.5 percent. With inflation pressures waning, Norges Bank cut interest rates aggressively. The non-oil fiscal position has deteriorated somewhat over the past two years, only partly reflecting the cycle. Discussions covered the short-term outlook and policy options, the monetary and fiscal policy frameworks, aging and long-term fiscal sustainability, and structural reform. The financial system has weathered the downturn, though with some weakening of profitability.
Keywords:
ISCR; CR; mainland GDP growth; growth estimate; estimate; monetary policy; growth; IMF staff estimate; third-quarter growth; inflation expectation; Inflation; Inflation targeting; Fiscal stance; Global; Asia and Pacific
Cover IMF Working Papers
Globalization, Tax Competition and the Future of Tax Systems
Mr. Vito Tanzi
This paper discusses the implications for tax systems of globalization of capital markets and of economies. It shows the extent to which particular taxes are affected by the globalization process. It speculates on future developments in this area and on tax competition.
Keywords:
WP; enterprise; country; tax rate; tax competition; tax-haven country; multinational enterprise; tax authorities; net effect; closed economy; enterprise's branch; intra-firm trade; Income and capital gains taxes; Income tax systems; Competition; Corporate income tax; Global
Cover IMF Working Papers
The Impact of the EC's Internal Marketon Nonmember Countries: The Case of EFTA
International Monetary Fund
This paper presents an overview of the impact of the EC’s Internal Market on the EFTA countries. It starts by examining the history of EC-EFTA relations; the institutional and legal changes that closer cooperation may require; and the general implications of the Internal Market Program for EFTA countries. This is followed by an exploration of specific issues relating to the goods trade, transport services, labor mobility, financial services and capital flows. Subsequent chapters focus on the potential impact of the EC’s proposed monetary unification on EFTA countries and the implications of the EC’s efforts in the area of tax harmonization.
Keywords:
WP; EFTA country; EFTA member; EC country; EC-EFTA relation; exchange rate; EFTA firm; terms of trade; EC-EFTA cooperation; EC firm; EC standard; trading partner; Transportation; Competition; Monetary unions; Western Europe; Europe