{
  "title": "Alternative Fiscal Rules for Norway",
  "publication": "IMF Working Papers, October 1, 2007",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/alternative-fiscal-rules-for-norway-21395",
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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.",
  "sections": [
    {
      "heading": "Overview and research question",
      "content": "- Authors: Daniel Leigh, Etibar Jafarov\n- Date: October 1, 2007\n- Core question: Long-term fiscal policy options in Norway in light of the substantial expected increase in pension outlays.\n- Context: Norway is described as the world's fifth largest oil exporter."
    },
    {
      "heading": "Current rule and alternatives analyzed",
      "content": "- Current fiscal rule:\n  - Targets a (central government structural) non-oil deficit equal to 4 percent of Government Pension Fund assets.\n- Alternatives:\n  - Three alternative fiscal rules that save a larger share of oil revenue and accumulate more assets to pay for aging costs (each alternative is intended to increase asset accumulation relative to the current rule)."
    },
    {
      "heading": "Key findings and macroeconomic consequences",
      "content": "- Increased asset accumulation:\n  - Accumulating more assets generates additional income.\n  - The additional income generated from more assets allows lower tax rates.\n  - Lower tax rates have positive effects on long-term output.\n- Comparative implication:\n  - The three alternatives save a larger share of oil revenue and accumulate more assets compared with the current rule targeting a 4 percent non-oil deficit."
    },
    {
      "heading": "Policy implications and recommendations (implied by analysis)",
      "content": "- Consider adopting fiscal rules that save a larger share of oil revenue to build assets for future pension outlays.\n- Use additional asset income to reduce tax rates to support higher long-term output."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Series: Working Paper No. 2007/241\n- Issue: 241\n- Volume: 2007\n- Pages: 30\n- DOI: https://doi.org/10.5089/9781451868043.001\n- Stock No: WPIEA2007241\n- ISBN: 9781451868043\n- ISSN: 1018-5941\n- Subjects: Aging, Oil, Oil prices, Oil, gas and mining taxes, Pension spending\n- Keywords: budget, GDP, GPF assets, WP\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/alternative-fiscal-rules-for-norway-21395\n\n---\n\n Content in this bundle\n\n- Alternative Fiscal Rules for Norway, by Etibar Jafarov and Daniel Leigh, IMF Working Paper 07/241\n  - Alternative Fiscal Rules for Norway, by Etibar Jafarov and Daniel Leigh, IMF Working Paper 07/241 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Alternative Fiscal Rules for Norway, by Etibar Jafarov and Daniel Leigh, IMF Working Paper 07/241 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/alternative-fiscal-rules-for-norway-21395"
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    "Authors: Daniel Leigh, Etibar Jafarov",
    "Published: October 1, 2007",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451868043.001",
    "Authors: Daniel Leigh, Etibar Jafarov",
    "Date: October 1, 2007",
    "Core question: Long-term fiscal policy options in Norway in light of the substantial expected increase in pension outlays.",
    "Context: Norway is described as the world's fifth largest oil exporter.",
    "Current fiscal rule:",
    "Alternatives:",
    "Increased asset accumulation:",
    "Comparative implication:",
    "Consider adopting fiscal rules that save a larger share of oil revenue to build assets for future pension outlays.",
    "Use additional asset income to reduce tax rates to support higher long-term output.",
    "Series: Working Paper No. 2007/241",
    "Issue: 241",
    "Volume: 2007",
    "Pages: 30",
    "DOI: https://doi.org/10.5089/9781451868043.001",
    "Stock No: WPIEA2007241",
    "ISBN: 9781451868043",
    "ISSN: 1018-5941",
    "Subjects: Aging, Oil, Oil prices, Oil, gas and mining taxes, Pension spending",
    "Keywords: budget, GDP, GPF assets, WP",
    "**Alternative Fiscal Rules for Norway, by Etibar Jafarov and Daniel Leigh, IMF Working Paper 07/241**"
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