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Europe > Norway

You are looking at 1 - 3 of 3 items for :

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  • Sovereign wealth funds x
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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 Working Papers
Spillovers in the Nordic Countries
Mr. Dirk V Muir
Denmark, Finland, Norway, and Sweden form a tightly integrated region which has strong ties with the euro area as well as some exposure to Russia. Using the IMF’s Global Integrated Monetary and Fiscal model (GIMF), we examine spillovers the region could face, focusing on possible scenarios from the rest of the euro area and Russia, and the fall in global oil prices. We show that the spillovers from these scenarios differ in magnitude and impact, regardless of the high degree of integration among the four Nordic economies. These differences are driven by the fact that Denmark and Finland have no independent monetary policy, and Denmark and Norway are net energy exporters while Finland and Sweden are energy importers. We infer lessons for policy from the outcomes.
Keywords:
WP; real GDP; Finland; price; euro area; euro; Spillovers; monetary policy; fiscal policy; dynamic stochastic general equilibrium models; Nordic countries; area imports; real GDP trough; mainland real GDP; oil price drop; monetary policy response; demand share; Norway's mainland real GDP trough; demand share of the oil price decrease; investment demand; mainland real GDP trough; monetary policy in Denmark; GDP reduction; Energy pricing; Energy prices; Consumption; Oil prices; Sovereign wealth funds; Europe; Global
Cover IMF Research Bulletin
IMF Research Bulletin, March 2009
International Monetary Fund. Research Dept.
IMF research summaries on measures of financial integration (by Martin Schindler) and on sovereign wealth funds and financial stability (by Tao Sun and Heiko Hesse); regional study on cross-border labor flows in new European Union member states (by Rudolfs Bems); listing of contents of Vol. 56 No. 1 of IMF Staff Papers, a special issue on frontiers of research on financial globalization; a listing of visiting scholars at the IMF during December 2008–March 2009; and a listing of recent IMF Working Papers.
Keywords:
IRB; IMF research bulletin; bulletin; recipient country; outflow; outflow distinction; financial globalization; e-mail notification; critical analysis; Financial integration; Financial sector stability; Sovereign wealth funds; Asset allocation; Global; Australia and New Zealand; Sub-Saharan Africa