This paper describes the institutional changes that have induced a decline in the vertical fiscal imbalance (VFI) - defined as the share of sub-national own spending not financed through own revenues - in four European countries: Belgium, Italy, Norway, and Spain. The decline in VFI was achieved...

Norway’s near-term macroeconomic priority is to reduce risks arising from high-household debt by tightening macroprudential standards for mortgage lending while undertaking tax reforms to gradually reduce incentives for excessive leverage. Creating a stronger institutional framework for...

This paper examines the development of general government finances in Norway during 1988–96. The paper looks at general government revenue and expenditure in detail, examines the importance of revenue from the petroleum sector for general government finances, and reviews developments in the...

This paper reviews economic developments in Norway during the 1990s, with an emphasis on developments in 1993 and 1994. The paper covers developments in the real economy, in the public finances, and in the monetary and exchange rate area. The private consumption in Norway remained weak through...

This Background Paper examines the medium-term economic outlook (1997–99) for Norway. The central feature of Norges Bank’s reference case projection for the medium term is that the expansion of mainland output will slow from 3.3 percent in 1995 and 2.8 percent in 1996 to an annual average of...

This paper presents the staff report for Norway’s 2009 Article IV Consultation on economic developments and policies. Unemployment remains low, and key short-term indicators point to a continued recovery. Norway’s resilience has been underpinned by substantial macroeconomic stimulus, buoyant...

This Selected Issues paper examines Kenya’s growth performance during 1980–2004. It considers the stylized facts on Kenya’s growth performance in the past two decades, in comparison with other Sub-Saharan African countries. The paper examines main sources of economic growth in Kenya, in...

The main purposes of this paper are to review the operational modalities and experience of oil funds currently in place in Norway, Chile (copper), the State of Alaska, Venezuela, Kuwait, and Oman, and to draw some preliminary conclusions on their contribution to enhance fiscal management. The...

Norway adopted an inflation targeting framework in early 2001, thus concluding its gradual but consistent move toward greater exchange rate flexibility. This paper assesses the institutional and technical design of the framework, as well as its potential implications for the practical...

Norway showed exemplary economic performance over the past decade, as reflected in the strong economic growth and low inflation. Executive Directors commended this development, and stressed the need to maintain monetary and fiscal stances, improve efficiency, and corporate governance. They...