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Ezequiel Cabezon and Christian Henn
Based on a permanent income analysis, Gagnon (2018) has prominently suggested that Norway has saved too much, thereby free-riding on the rest of the world for demand. Our public sector balance sheet analysis comes to the opposite conclusion, chiefly because it also accounts for future aging costs. Unsurprisingly, we find that Norway’s current assets exceed its liabilities by some 340 percent of mainland GDP. But its nonoil fiscal deficits have grown very large (to almost 8 percent of mainland GDP) and aging pressures are only commencing. Therefore, Norway’s intertemporal financial net worth (IFNW) is negative, at about -240 percent of mainland GDP. As IFNW represents an intertemporal budget constraint, this implies that Norway’s savings are likely insufficient to address aging costs without additional fiscal action.
Maren Brede and Christian Henn
We construct a comprehensive public sector balance sheet for Finland from 2000 to 2016 by complementing general government statistics with data on public corporations and public pensions. We show that exposure to valuation changes in equity markets through asset holdings and increases in pension liabilities relative to GDP amplify crisis impacts on public finances. We expand the balance sheet by including present value estimates of future fiscal flows; this allows us to perform fiscal stress tests and policy experiments. These analyses suggest that Finland’s public finances will remain sound provided ongoing reform and consolidation efforts to address aging pressures are implemented as planned.
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses key findings of the Financial System Stability Assessment concerning Finland. It reveals that Finland’s banking system remains well capitalized and profitable. Although low interest rates have squeezed net interest income, banks have increased income from trading and insurance and reduced cost-income ratios, helping to maintain profitability. Nonperforming loans have remained low and capitalization ratios are well above requirements, though buffers may be exaggerated by the aggressive use of risk weights. The Net Stable Funding Ratio suggests that vulnerabilities from maturity mismatches are limited in aggregate. Nevertheless, previously identified vulnerabilities remain, and some have increased.
International Monetary Fund. Fiscal Affairs Dept.
This paper discusses key findings of fiscal transparency evaluation for Finland. It highlights that Finland meets most of the principles of the Fiscal Transparency Code at good or advanced level. Some areas, notably related to the analysis and management of fiscal risks, are still rated as basic or below, but with a few exceptions the importance of these areas for fiscal management in Finland is relatively low. Overall, the Finnish authorities produce an impressive amount of data and information related to all three pillars of the Code. It is also highlighted that fiscal reporting in Finland is transparent and meets good or advanced practice in all areas.
International Monetary Fund. European Dept.

This Selected Issues paper examines external developments and competitiveness in France. Over the past decade, the current account has deteriorated from a surplus of 1.2 percent of GDP in 2002 to a deficit of about 2.3 percent in 2012, as France lost ground in goods trade and services recorded just a slight increase in global market shares. The slight improvement of the trade deficit seen in 2012 may suggest a change in trend, although it is still too early to determine. Past deterioration in export performance points to competitiveness weaknesses, rooted in significant rigidities in labor and product markets.

International Monetary Fund

Abstract

This paper provides an analysis of the Tribunal’s jurisprudence for the period is provided in an introductory chapter “Developments in the Jurisprudence of the International Monetary Fund Administrative Tribunal: 2006.” In deciding on an application, the Tribunal shall apply the internal law of the IMF, including generally recognized principles of international administrative law concerning judicial review of administrative acts. The guidelines provide for performance assessments at prescribed intervals during the fixed term and impose obligations on both the fixed-term appointee and supervisors. The Tribunal emphasized that the provisions governing the mandatory resignation and possible subsequent reemployment of staff who serve as Advisors to Executive Directors indicate that a staff member who so resigns has no assured right to resume employment as a member of the IMF’s staff. In order to assess whether an Applicant has initiated administrative review procedures on a timely basis, the Administrative Tribunal may be required to determine when the Applicant was on notice that he had been adversely affected by an administrative act of the IMF.

International Monetary Fund
The economic restructuring and expansion after the crisis reflected a combination of private sector initiative, solid macroeconomic management, including the shift from large deficits to significant surpluses of the general government, and structural reforms. High unemployment is one indication that structural rigidities continue to hamper Finland's output potential. In the face of high unemployment and rapid population aging, the discussions focused on supporting medium-term growth while securing long-term fiscal sustainability. Reflecting concerns about slowing growth, front-loaded expenditure increases, and tax cuts were at the center of the fiscal policy debate.
International Monetary Fund

The economic restructuring and expansion after the crisis reflected a combination of private sector initiative, solid macroeconomic management, including the shift from large deficits to significant surpluses of the general government, and structural reforms. High unemployment is one indication that structural rigidities continue to hamper Finland's output potential. In the face of high unemployment and rapid population aging, the discussions focused on supporting medium-term growth while securing long-term fiscal sustainability. Reflecting concerns about slowing growth, front-loaded expenditure increases, and tax cuts were at the center of the fiscal policy debate.

International Monetary Fund
The Selected Issues paper examines policy challenges for inflation targeting in Hungary. It highlights that inflation targeting has been met with much initial success. A well-defined policy framework helped guide inflation expectations and provided an initial impetus toward resuming disinflation. The paper also focuses on the impact of aging on the public pension system. It describes the background underlying Hungary’s current pension system, and provides a review of some of the recent work assessing Hungary’s pension system viability.
International Monetary Fund
This Selected Issues paper discusses the issues related to reforms and growth in New Zealand. The paper analyzes the record on growth and productivity outcomes in a comparative perspective. The study provides a brief history of the industrial relations in New Zealand leading up the passage of the employment contracts act. The paper assesses the monetary policy framework, central bank decision-making processes, and also reviews the possible extensions to full funding of the country's future superannuation expenditures.