Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Europe > Norway

You are looking at 1 - 10 of 31 items for :

  • Type: Journal Issue x
  • Budgeting & financial management x
Clear All Modify Search
Cover IMF Working Papers
Cash Flow Analysis of Fiscal Regimes for Extractive Industries
Thomas Benninger
,
Dan Devlin
,
Eduardo Camero Godinez
, and
Nate Vernon
Mining and petroleum projects share characteristics distinguishing them from other sectors of the economy, which has led to the use of dedicated fiscal regimes for these projects. The IMF’s Fiscal Affairs Department uses fiscal modeling to evaluate extractive industry fiscal regimes for its member countries, and trains country officials on key modeling concepts. This paper outlines important preconditions needed for effective fiscal modeling, key evaluation metrics, and emphasizes the importance of transparent modeling practices. It then examines the modeling of commonly-used fiscal instruments and highligts where their economic impact differs, and how fiscal models can inform fiscal regime design.
Keywords:
Natural resource taxation; extractive industries; progressivity; economic rents; fiscal modeling; investment analysis; mining; petroleum.; D. resource rent tax; cash flow; petroleum project; regime design; Corporate income tax; Production sharing; Fiscal Analysis of Resource Industries (FARI); Oil; Carbon tax; Global
Cover IMF Working Papers
Financial Crises, Macroeconomic Shocks, and the Government Balance Sheet: A Panel Analysis
Matteo Ruzzante
Government financial assets are increasingly recognized as playing an important role in assessing fiscal sustainability. However, very little research has been done on the dynamics of government financial assets compared to liabilities. In this paper, we investigate the impact of recent financial crises and macroeconomic shocks on government balance sheets, decomposing the separate effects on financial assets and liabilities. Using quarterly Government Finance Statistics (GFS) data, we analyze a panel of 27 countries over the period 1999Q1-2017Q1 through fixed effects and panel VAR techniques. Financial crises are shown to deteriorate the net financial worth of governments, but no significant impact is found on assets suggesting that they are not being used as fiscal buffers in bad times. On the contrary, countries that suffered both financial and banking crises experienced an “artificial” increase of their asset position through bank bailouts. Macroeconomic shock analyses reveal that government balance sheet items are countercyclical, but important asymmetries are found in their dynamics.
Keywords:
WP; interest rate; exchange rate; Government Financial Assets; Government Debt; Financial Crisis; Banking Crisis; Debt Sustainability Analysis; government balance sheet variable; foreign currency; market value; government balance sheet; capital structure; financial crisis intensity; government balance sheets of EME; transmission mechanism; dynamics of financial assets and liability; stabilization policy; gross debt; Financial statements; Government liabilities; Global
Cover Staff Discussion Notes
Second-Generation Fiscal Rules: Balancing Simplicity, Flexibility, and Enforceability
Luc Eyraud
,
Mr. Xavier Debrun
,
Andrew Hodge
,
Victor Duarte Lledo
, and
Ms. Catherine A Pattillo
Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
Keywords:
SDN; fiscal rule; business cycle; deficit bias; Fiscal policy; debt; fiscal rules; fiscal governance; balance rule; expenditure rule; rule effectiveness; rule adoption; Fiscal stance; Budget planning and preparation; Global; Europe
Cover IMF Working Papers
Commodity-based Sovereign Wealth Funds: Managing Financial Flows in the Context of the Sovereign Balance Sheet
Abdullah Al-Hassan
,
Sue Brake
,
Mr. Michael G. Papaioannou
, and
Martin Skancke
Commodity-based sovereign wealth funds (SWFs) have been at a crossroads following the recent fall in commodity prices. This paper provides a framework for commodity-based SWF management, focusing on stabilization and savings funds, by (i) examining macrofiscal linkages for SWFs; (ii) presenting an integrated sovereign asset and liability management (SALM) approach to SWF management; and (iii) applying this framework to a scenario where assets are being accumulated and to a scenario where the SWF is drawn on to cover a financing gap due to lower commodity prices.
Keywords:
WP; asset; price; financial asset; liquidity; commodity; sovereign wealth funds; sovereign asset and liability management; financing gap; investment management; risk management; macroeconomic coordination; SWF assets; SWF management; investment strategy; asset accumulation; net asset position; SWF balance sheet; asset allocation perspective; negative carry; SWF inflow; SWF performance; SWF owner country; opportunity cost; Financial statements; Government debt management; Government asset and liability management; Global
Cover Fiscal Monitor, October 2015
Fiscal Monitor, October 2015
The Commodities Roller Coaster - A Fiscal Framework for Uncertain Times
International Monetary Fund. Fiscal Affairs Dept.

Abstract

This issue of the Fiscal Monitor examines the conduct of fiscal policy under the uncertainty caused by dependence on natural resource revenues. It draws on extensive past research on the behavior of commodity prices and their implications for macroeconomic outcomes, as well as on extensive IMF technical assistance to resource-rich economies seeking to improve their management of natural resource wealth.

Keywords:
FM; def; country abbreviation; statistics manual; commodity exporter; commodity price; resource revenue windfall; Fiscal stance; Macroeconomic and fiscal forecasts; Commodity prices; Global; Middle East; North Africa; Asia and Pacific; Africa; commodity revenue; oil price shock; commodity cycle; commodity dependence; price dynamics; commodity price swing; commodity price upturn; price-smoothing rule; price windfall; commodity price cycle; unexpected commodity price swing; Natural resources; Commodity price fluctuations
Cover IMF Staff Country Reports
European Union: Publication of Financial Sector Assessment Program Documentation—Technical Note on European Securities and Markets Authority
International Monetary Fund. Monetary and Capital Markets Department
This article reviews the European Securities and Markets Authority (ESMA) of the European Union. ESMA performed a role in the regulation and supervision of the securities market. ESMA was created to supervise the financial system to enhance financial markets. In crisis management, ESMA focused on coordination, and identified and monitored risks. It also played an important role in the single rule book credit rating agency supervision. The assessment of the ESMA in the European Union is a next level in economic development.
Keywords:
ISCR; CR; ESMA staff; ESMA regulation; ESMA official; ESMA chair; governance structure; simulation exercise; Securities markets; Financial sector stability; Budget planning and preparation; Crisis management; Europe; Global
Cover IMF Staff Country Reports
Libya: Technical Assistance Report—Public Financial Management Reform Priorities in the New Environment
International Monetary Fund. Fiscal Affairs Dept.
Libya faces a number of challenges to establishing a robust, efficient, and transparent public financial management system. There is a need to establish a clear macrofiscal policy framework. The Sovereign Wealth Fund (SWF) should be a financing fund system with clear and rigid inflow and outflow rules and should be based on clear and regulated investment criteria. Under the existing legal and regulatory framework, budget expenditures cannot exceed the initial ceilings specified in the annual budget law. This should be strictly enforced.
Keywords:
ISCR; CR; cash management; reserve account; budget process; budget preparation; budget classification; commercial bank; internal audit; strategy paper; budget allocation; budget integration; execution report; fiscal year; budget decision making; natural resource; Budget planning and preparation; Fiscal accounting and reporting; Budget execution and treasury management; Global
Cover IEO Annual Report 2012
IEO Annual Report 2012
International Monetary Fund. Independent Evaluation Office

Abstract

This Independent Evaluation Office (IEO) Annual Report 2012 presents an overview of overall developments in FY2012. In FY2012, the IEO expended approximately 97 percent of its total budgetary resources, including the approved budget amount and the resources carried forward from FY2011 as authorized. Vacancies amounted to about one and one-half staff years over the course of the financial year. This level of vacancies is within the range of what could be expected in a small organization with structural difficulties in recruitment and retention.

Keywords:
IEOR; IEO; evaluation; IEO expenditure; IMF research; IEO evaluation; IMF surveillance; Board-endorsed IEO recommendation; IMF performance; Budget planning and preparation; Macrofinancial linkages; International reserves; Global; Sub-Saharan Africa; Central America; Africa; Caribbean; IEO recommendation
Cover IMF Staff Country Reports
Papua New Guinea: Selected Issues Paper and Statistical Appendix
International Monetary Fund
This Article IV Consultation reports that the main challenge is to maintain macroeconomic stability in substantial demand shock from the construction of two major liquefied natural gas projects. The global downturn had only a mild impact, as growth was supported by still strong terms of trade, a financial sector insulated from global capital markets, and an increase in public expenditure. IMF staff stressed that monetary policy needed to be focused on emerging inflation pressures and act preemptively to avoid high inflation from becoming entrenched in expectations.
Keywords:
ISCR; CR; inflation process; inflation expectation; inflation data; drivers of inflation; inflation in Papua New Guinea; Inflation; Natural resources; Fiscal governance; Pacific Islands; Global
Cover IMF Working Papers
A Public Financial Management Framework for Resources-Producing Countries
Jean-Luc Hélis
and
Ms. Teresa Daban Sanchez
This working paper overviews the challenges posed by resource revenues management and the policy prescriptions to meet them, and focuses on the Public Financial Management (PFM) framework and reforms that resource-producing countries should adopt. The paper outlines a PFM framework and reform path that take into account the institutional diversity of resource-producing countries. In the short term, the proposed reforms highlights the tools that could be implemented even where the PFM system is rather basic, while over the medium and long term they aim at converging with best international PFM practices.
Keywords:
WP; resource revenue; resource-producing country; investment strategy; country experience; PFM framework; resource curse; Resource revenue management; public financial management; transparency; accountability; resource-producing countries; PFM system; management law; Budget planning and preparation; Resource management in revenue administration; Fiscal law; Eastern Europe