{
  "title": "Kingdom of the Netherlands-Netherlands: Selected Issues",
  "publication": "IMF Staff Country Reports, April 3, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/04/03/kingdom-of-the-netherlands-netherlands-selected-issues-44789",
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  "summary": "This Selected Issues paper focuses on a steady increase in current account surpluses in ”Surplus 3” countries—Germany, the Netherlands, and Switzerland—since the mid-1990s. In Germany and the Netherlands, nonfinancial corporations seem to be behind the rising surpluses.",
  "publishDate": "2017-04-03",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Focus: steady increase in current account surpluses in “Surplus 3” countries—Germany, the Netherlands, and Switzerland—since the mid-1990s.\n- Mechanism differences by country:\n  - Germany and the Netherlands: nonfinancial corporations appear to be behind the rising surpluses.\n  - Switzerland: household savings explain the bulk of the current account surplus; both mandatory and voluntary savings have been on an increasing trend since 2000."
    },
    {
      "heading": "Key findings on drivers of current account surpluses",
      "content": "- Germany and the Netherlands:\n  - Increasing corporate profits have not been converted into dividends, keeping a lid on consumption.\n  - Nonfinancial corporations are implicated as primary contributors to the rising surpluses.\n- Switzerland:\n  - Household savings (mandatory and voluntary) have been on an increasing trend since 2000.\n  - Trending net contributions to pension funds since 2000 are likely drivers.\n  - Rising equity contribution for housing purchases is also likely a driver."
    },
    {
      "heading": "Analytical themes and concepts covered",
      "content": "- Balance of payments\n- Current account and current account surpluses\n- Savings-investment dynamics (government savings-investment balance; savings-investment surplus)\n- Income and income effect\n- Substitution effect\n- Trade balance and international trade\n- Real effective exchange rates\n- Labor supply and labor tax wedge\n- Foreign exchange\n- Lending-borrowing balance\n- Elasticity assumption and elasticity case\n- NICs, ISCR\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/04/03/kingdom-of-the-netherlands-netherlands-selected-issues-44789"
    }
  ],
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    "[Markdown version](/en/publications/cr/issues/2017/04/03/kingdom-of-the-netherlands-netherlands-selected-issues-44789/index.md)",
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    "Published: April 3, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475591507.002",
    "Focus: steady increase in current account surpluses in “Surplus 3” countries—Germany, the Netherlands, and Switzerland—since the mid-1990s.",
    "Mechanism differences by country:",
    "Germany and the Netherlands:",
    "Switzerland:",
    "Balance of payments",
    "Current account and current account surpluses",
    "Savings-investment dynamics (government savings-investment balance; savings-investment surplus)",
    "Income and income effect",
    "Substitution effect",
    "Trade balance and international trade",
    "Real effective exchange rates",
    "Labor supply and labor tax wedge",
    "Foreign exchange",
    "Lending-borrowing balance",
    "Elasticity assumption and elasticity case",
    "NICs, ISCR",
    "**Country Report**"
  ],
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