OECD economic surveys : Iceland 1997-1998 / Organisation for Economic Co-operation and Development.

Format:

Book

Author/Creator:

Organisation for Economic Co-operation and Development, issuing body.

Series:

OECD Economic Surveys: Iceland

Language:

English

Subjects (All):

Economic history.

Iceland--Economic conditions.

Iceland.

Iceland--Economic policy.

Physical Description:

1 online resource (133 pages)

Edition:

1st ed.

Place of Publication:

Paris, France : OECD Publishing, [1998]

Language Note:

English

Summary:

Assessment and recommendations I. Recent trends and prospects -The economy is approaching capacity limits -... as business investment strengthens -... personal demand expands... -... and public spending increases -As a result, the labour market is tightening, and wages are accelerating -... but price inflation remains subdued -The current account deficit has widened as imports surged... -... and the mix of fish exports became unfavourable... -... though the stock of cod is recovering -Short-term outlook -Medium-term prospects II. Macroeconomic policies -Monetary management -The fiscal stance III. Deregulation of the financial sector -Reforming financial markets -Reforming financial institutions -Scope for further action IV. Other structural policy developments -Labour market -Competition policy and deregulation -Privatisation -Modernisation of the public sector -Other structural initiatives -Concluding remarks Bibliography Annex -Calendar of main economic events Statistical annex and structural indicators.

Contents:

Intro

Table of contents

Assessment and recommendations

I. Recent trends and prospects

The economy is approaching capacity limits...

Figure 1. GROWTH PERFORMANCE

... as business investment strengthens...

Table 1. Output and demand

Figure 2. CATEGORIES OF INVESTMENT

... personal demand expands...

Table 2. Household income and balance sheet

Figure 3. REAL DISPOSABLE INCOME AND WAGES

... and public spending increases

Figure 4. PUBLIC SECTOR DEMAND

As a result, the labour market is tightening, and wages are accelerating...

Figure 5. UNEMPLOYMENT

Figure 6. WAGE DEVELOPMENTS

... but price inflation remains subdued

Figure 7. PRICE DEVELOPMENTS

Table 3. Productivity growth by industry

The current account deficit has widened as imports surged...

Table 4. Current account

Figure 8. EXTERNAL BALANCE AND ITS DOMESTIC COUNTERPARTS

... and the mix of fish exports became unfavourable...

Table 5. Marine catch

... though the stock of cod is recovering

Figure 9. ICELANDIC COD

Short-term outlook

Table 6. Short-term projections

Table 7. Large-scale investment projects

Medium-term prospects

Figure 10. MACROECONOMIC EFFECTS OF LARGE-SCALE INVESTMENT PROJECTS

II. Macroeconomic policies

Monetary management

Policy formulation in the 1990s

Figure 11. EXCHANGE RATE AND INFLATION DEVELOPMENTS SINCE THE EARLY 1980's

Interest and exchange rate developments

Figure 12. INTEREST RATE DEVELOPMENTS

Table 8. Capital account of the balance of payments

Figure 13. INTEREST RATE DIFFERENTIALS AND THE EXCHANGE RATE

Table 9. Foreign reserves of the Central Bank

The behaviour of money and credit aggregates

Table 10. Money growth and credit

The challenges ahead

Figure 14. REAL EXPORT REVENUES AND THE REAL EXCHANGE RATE

The fiscal stance.

A successful consolidation process

Figure 15. FISCAL INDICATORS

Moving towards a budget surplus

The 1997 and 1998 central government budgets

Table 11. Treasury finances in 1997 and 1998

Table 12. 1997 Budget: initial projections and outcomes

Local authority budgets

Table 13. Local government finances

General government financial position

Table 14. General government financial balance

Implications for public debt

Multi-year tax reform

Achieving increased budget transparency

Figure 16. THE DISTRIBUTION OF GOVERNMENT GUARANTEES BY SECTOR

Prospects and policy implications

III. Deregulation of the financial sector

Reforming financial markets

Foreign exchange market

Table 15. Chronology of liberalisation measures in the foreign exchange and money markets

Money market

Table 16. Chronology of measures concerning the banking sector and bond markets

Indexation

Bond market

Equity market

Impact of the reforms

Figure 17. GROWTH OF QUOTED FIXED INTEREST SECURITIES

Reforming financial institutions

The basic structure

Figure 18. SOURCES OF CREDIT

Banking sector

Industrial credit funds

Table 17. Lending by housing funds and industrial investment credit funds

Figure 19. THE EVOLUTION OF LENDING BY THE GOVERNMENT INVESTMENT FUNDS

Housing funds

Pension funds

Figure 20. EVOLUTION OF PENSION FUNDS

Recent changes

Scope for further action

IV. Other structural policy developments

Labour market

Table 18. Volatility of economic variables in selected small countries

Table 19. Implementing the OECD Jobs Strategy - an overview of progress

Table 19. Implementing the OECD Jobs Strategy - an overview of progress (cont.)

Competition policy and deregulation

Privatisation

Table 20. Employment in public sector and public enterprises.

Table 21. Iceland's privatisation programme

Table 22. Privatisations envisaged in 1998

Modernisation of the public sector

Other structural initiatives

Agriculture

Figure 21. PRODUCER SUBSIDY EQUIVALENTS

Fishing

Environment

Figure 22. PER CAPITA CARBON DIOXIDE EMISSIONS

Concluding remarks

Box 1. Reaching emission goals

Figure 23. CARBON EMISSIONS BY END USE

Notes

Bibliography

Annex

Calendar of main economic events

STATISTICAL ANNEX AND STRUCTURAL INDICATORS

Table A. Supply and use of resources

Table B. Supply and use of resources

Table C. Production and employment

Table D. Gross fixed asset formation and national wealth

Table E. Gross fixed asset formation and national wealth

Table F. Central government and social security income and expenditure

Table G. Fish catch, wages and prices

Table H. Foreign trade, total and by area

Table I. Foreign trade by commodity group

Table J. Money and credit

Table K. Public sector

Table L. Labour market

BASIC STATISTICS: INTERNATIONAL COMPARISONS

BASIC STATISTICS: INTERNATIONAL COMPARISONS (cont'd)

Box

Tables

Table 14. General government financial balance.

Table 15. Chronology of liberalisation measures in the foreign exchange and money markets

Table 20. Employment in public sector and public enterprises

Table 21. Iceland's privatisation programme

Figures

Figure 23. CARBON EMISSIONS BY END USE.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Description based on print version record.

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-15142-7

OCLC:

1225549853