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Alternative Fiscal Rules for Norway
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Author/Editor: |
Jafarov, Etibar | Leigh, Daniel |
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October 1, 2007 |
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Electronic Access: |
Free Full Text (PDF file size is 791KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: This paper considers long-term fiscal policy options in Norway, the world's fifth largest oil exporter, in light of the substantial expected increase in pension outlays. It compares the current fiscal rule, which targets a (central government structural) non-oil deficit equal to 4 percent of Government Pension Fund assets, with three alternatives that save a larger share of oil revenue and accumulate more assets to pay for aging costs. It also analyzes the macroeconomic consequences of accumulating more assets, finding that the additional income generated from more assets allows lower tax rates, with positive effects on long-term output.
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Series: |
Working Paper No. 07/241 |
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Subject(s): |
Fiscal policy | Norway | Oil revenues | Pensions |
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Author's keyword(s): |
Fiscal rules | Norway |
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Published: |
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October 1, 2007 |
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Format: |
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Paper |
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Stock No: |
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WPIEA2007241 |
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Pages: |
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30 |
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Price: |
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US$18.00
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