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Europe > Norway

You are looking at 1 - 9 of 9 items for :

  • Type: Journal Issue x
  • Nonwage Labor Costs and Benefits; Private Pensions x
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Cover IMF Working Papers
Public Sector Balance Sheet Database: Overview and Guide for Compilers and Users
Mr. Miguel A Alves
,
Mrs. Sage De Clerck
, and
Juliana Gamboa-Arbelaez
This paper provides an overview of the Public Sector Balance Sheet (PSBS) Database, a dataset developed in the context of the October 2018 Fiscal Monitor. The dataset provides a comprehensive picture of public wealth for 38 countries, and a narrower picture for further 37 countries and territories. Comprehensive PSBSs bring together all the accumulated assets and liabilities that governments control, including public corporations, natural resources, and pension liabilities. They therefore account for the entirety of what the state owns and owes, offering a broader fiscal picture beyond debt and deficits. This is particularly relevant in the current context of record and still rising debts and heightened risks to the balance sheet of the public sector. PSBSs bring about greater transparency and allow closer scrutiny of government’s financial position. They also allow better balance sheet management, thereby potentially increasing return on assets, reducing risks and the costs of borrowing, and improving fiscal policymaking. The paper also elaborates on the conceptual framework and methodology used in compiling the data, and provides some practical guidelines on the compilation, validation, and dissemination of such data.
Keywords:
WP; accounts payable; PSBS database; low income; return on assets; accounts receivable; fair value; investment fund; net present value; capital stock; central bank; Financial statements; Public sector; Business enterprises; Pensions; Pension spending; Global; Assets; balance sheet; converting financial statements; liabilities; mineral and energy resources; net worth; public corporations; public sector balance sheet; public wealth; government asset; historical cost; book value; reserve account; deposit assets; heritage assets
Cover IMF Staff Country Reports
Republic of Lithuania: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes the fiscal challenges in Lithuania. Lithuania’s fiscal position has strengthened in recent years. However, medium term challenges are significant given the severe demographic pressures from population aging and net emigration. Lithuania’s net financial worth of the general government is relatively strong compared with other countries in the region although contingent liabilities from the pension system are sizable. The recent reform of the pension system will help make the system more fiscally sustainable. Upcoming reforms should be carefully designed, considering their trade-offs, to ensure social sustainability; reduce old-age poverty; and limit adverse impact on labor supply and informality.
Keywords:
ISCR; CR; Lithuania; expenditure; pensioner; household expenditure; spending gap; population structure; Pillar II; employment income; households of pensioner; retirement age; loan-deposit ratio; consumption expenditure; case of Lithuania; Macroprudential policy; Pension spending; Fiscal rules; Pensions; Global; Europe
Cover IMF Working Papers
Governance and Fund Management in the Chinese Pension System
Yu-Wei Hu
,
Gregorio Impavido
, and
Xiaohong Li
The Chinese pension system is highly fragmented and decentralized, with governance standards, pension fund management practices, their regulation and supervision varying considerably both across the funded components of the Chinese pension system and across provinces. This paper describes the key components of the system, highlights the progress made to date and identifies remaining weaknesses, in regard to information disclosure, the governance framework and pension fund management standards.
Keywords:
WP; asset manager; NSSF assets; fixed income; bank deposit; investment fund; NSSF staff; private equity
Cover IMF Staff Country Reports
New Zealand: Selected Issues
International Monetary Fund
This Selected Issues paper conducts a comparative analysis of the main determinants of GDP per capita growth in New Zealand and in other OECD countries to assess the relative importance of macroeconomic factors, institutional settings, and geographical location in New Zealand’s growth performance during the last 30 years. The estimation results find strong support for the view that geographical isolation has significantly hampered growth in New Zealand. The paper also reviews the international experience with prefunding public defined-benefit pension schemes, with a focus on recent reforms in industrial countries—Canada, Ireland, Norway, and Sweden.
Keywords:
ISCR; CR; monetary policy; fiscal policy action; GDP; discretionary fiscal policy; fiscal policy rule; fiscal policy mechanism; policy credibility; Pension spending; Pensions; Inflation; Marginal effective tax rate; Australia and New Zealand
Cover IMF Staff Country Reports
Norway: Staff Report for the 2000 Article IV Consultation
International Monetary Fund
Norway, one of the world's richest economies and the second largest oil exporter, has been a model of prudent economic management of resource wealth. Executive Directors commended the impressive economic performance, marked by sustained solid growth, low inflation, unemployment, and strong fiscal and external positions. They noted that countercyclical fiscal management was a key pillar of the strategy, and stressed the need to tighten fiscal and monetary policies, accelerate structural reforms, increase labor supply, restrain public expenditure, and move forward with privatization initiatives.
Keywords:
ISCR; CR; state; mainland GDP; consumer price inflation; staff appraisal; euro; exchange rate; mainland GDP growth; cost inflation; Oil; Oil prices; Fiscal stance; Wages; Pensions; Europe
Cover IMF Staff Country Reports
Norway: Selected Issues
International Monetary Fund
This Selected Issues paper presents the projections on the fiscal and external profiles for Norway, and discusses the long-term prospects and policy options. The study evaluates the details and implications of the system of social insurance schemes; and long-term profile of oil-related exports and income. The paper highlights the economics behind long-term projections for the non-oil current account. The study focuses on the implications of centralized bargaining for the labor market, and explores its continued viability.
Keywords:
ISCR; CR; private sector; occupational pension; wage increase; Dutch disease; exchange rate; wage scale; financial assets; wage compression; Labor markets; Oil; Wages; Employment; Pension spending; Europe
Cover IMF Staff Country Reports
Norway: Staff Report for the 1999 Article IV Consultation
International Monetary Fund
Norway showed exemplary economic performance over the past decade, as reflected in the strong economic growth and low inflation. Executive Directors commended this development, and stressed the need to maintain monetary and fiscal stances, improve efficiency, and corporate governance. They appreciated the Solidarity Alternative policy framework for preserving the competitiveness of the non-oil economy, and employment through a combination of incomes policy and prudent management of the country's oil wealth. They agreed that the country's economic statistics are adequate for surveillance purposes in their coverage, quality, and timeliness.
Keywords:
ISCR; CR; differential vis-à-vis Germany; consumer price inflation; inflation; inflation report; key interest rate; staff appraisal; electricity price; Fiscal stance; Wages; Oil; Pensions; Europe
Cover IMF Staff Country Reports
Norway: Selected Issues
International Monetary Fund
This Selected Issues paper reviews the main elements of the National Insurance Scheme (NIS) and the Family Allowance Scheme (FAS) in Norway and provides projections of future pension expenditures. All persons residing or working in Norway are insured under the NIS, and the system is financed on a pay-as-you-go basis through contributions and from general tax revenue. The paper demonstrates that indexing pensions to wages, in line with recent practice, would result in a large net liability by the year 2050, which could be reduced by indexing pensions instead to consumer prices.
Keywords:
ISCR; CR; pension; exchange rate; SPF assets; import price equation; asset ratio; import-price deflator; exchange rate targeting; export-price deflator; SPF currency basket; Pensions; Pension spending; Exchange rates; Inflation targeting; Aging; Global; Europe; Central and Eastern Europe; North America; Northern Europe
Cover IMF Staff Country Reports
Norway: Background Paper
International Monetary Fund
This Background Paper examines the medium-term economic outlook (1997–99) for Norway. The central feature of Norges Bank’s reference case projection for the medium term is that the expansion of mainland output will slow from 3.3 percent in 1995 and 2.8 percent in 1996 to an annual average of 2 percent in 1997–99. Overall GDP growth will also slow from about 4 percent in each of 1995 and 1996 to 2 percent in 1997–99. Inflation is forecast to remain low, at 2 percent in 1996 and on average 2.3 percent per year in 1997–99.
Keywords:
ISCR; CR; pension; financial asset; Norway; state; petroleum sector; EU membership; NIS pension entitlement; labor market program; gas export; Pension spending; Oil; Pensions; Commercial banks; Income; Europe