OECD economic surveys Iceland Iceland /

Special features: Promoting stability and resilience; supporting long-run growth.

Detalles Bibliográficos
Autor principal:	Organisation for Economic Co-operation and Development (author)
Autor Corporativo:	Organisation for Economic Co-operation and Development, author (author)
Formato:	Libro electrónico
Idioma:	Inglés
Publicado:	Paris : OECD [2015]
Materias:	Iceland > Economic conditions > 21st century.
Ver en Biblioteca Universitat Ramon Llull:	https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009706102506719

Tabla de Contenidos:

Intro
Table of contents
Basic statistics of Iceland, 2014
Executive summary
Main findings
Iceland's economic prospects are good, but capital controls and wage increases are key challenges
Output has recovered
Fiscal policy has become more sustainable, but contingent liabilities remain a risk
The budget deficit has been eliminated
Barriers to entrepreneurship, lack of competition and weaknesses in education undermine productivity
Barriers to entrepreneurship are high
Key recommendations
Lifting capital controls while preserving stability
Securing fiscal sustainability
Setting the course for productivity growth
Assessment and recommendations
Figure 1. Output is recovering comparatively strongly
The recovery from the crisis is well underway
Figure 2. Investment slumped after the crisis
Figure 3. Wage and price inflation
Figure 4. The economy is normalising
Table 1. Iceland: Macroeconomic indicators and projections
Box 1. Vulnerabilities for the outlook
Box 2. Collective bargaining in Iceland
Lifting capital controls while preserving financial stability
Low inflation is threatened by high wage settlements
Bolstering macro-prudential policy and prudential regulation
Recommendations for lifting capital controls while preserving financial stability
Securing long-term fiscal sustainability
Figure 5. Public finances have improved
Figure 6. Simulations of public debt paths
Sizeable pressures on fiscal policy remain
Adopting a new fiscal framework
Better targeting fiscal policy
Figure 7. VAT performance could be improved
Figure 8. Disability rolls are rising
Recommendations for fiscal policy sustainability
Supporting long-term productivity growth
Figure 9. GNI per capita is slightly above average
Box 3. Well-being in Iceland.
Figure 10. Well-being is high in Iceland
Figure 11. Productivity developments in Iceland
Improving product market regulation
Figure 12. Barriers to entrepreneurship is relatively restrictive in areas
Figure 13. Firm creation has slowly recovered and bankruptcies increased
Harnessing competitive pressures
Figure 14. Iceland's service trade restrictiveness index across sectors
Strengthening corporate governance
Strengthening skills on the labour market
Figure 15. Education: Room for improvement
Remuneration and the business environment
Figure 16. Wages are compressed
Using natural resources while respecting the environment
Figure 17. GHG emissions are beginning to fall
Recommendations for strengthening long-term productivity growth
Bibliography
Annex. Progress in structural reform
Economic rebalancing
Capital controls, monetary policy framework and financial stability
Fiscal consolidation
Government expenditure efficiency
Green growth
Thematic chapters
Chapter 1. A policy framework to promote stability and resilience
Promoting stability and improving resilience without capital controls
Figure 1.1. The financial boom and its aftermath reshuffled resources between sectors
Figure 1.2. Business cycles produce considerable swings in economic outcomes
Box 1.1. Iceland's status under the OECD Codes of Liberalisation
Figure 1.3. Iceland is recovering comparatively strongly
Figure 1.4. The króna has been trading at a discount in offshore markets
Figure 1.5. Capital controls have pushed down pension funds' foreign asset holdings
The road forward
Figure 1.6. Offshore króna holdings remain large in relation to GDP
Figure 1.7. Composition of the failed banks' assets
Figure 1.8. Iceland's international investment position has improved markedly.
Monetary policy after the removal of capital controls
Figure 1.9. Icelandic inflation has generally been high
Figure 1.10. Macroeconomic outcomes have been comparatively volatile
Figure 1.11. Inflation is sensitive to fluctuations in the króna exchange rate
Figure 1.12. Domestic foreign exchange borrowing surged before the crisis
Figure 1.13. Inflation targeting does not appear to have anchored expectations
Fine-tuning the inflation-targeting framework
Figure 1.14. Real-time estimates of the Icelandic output gap can be misleading
Figure 1.15. Breakeven inflation measures suggest that expectations are not firmly anchored
Figure 1.16. Official reserves have been bolstered
Building a prudential framework to support macroeconomic stability
Authorities have made progress in strengthening the financial stability framework
Figure 1.17. Iceland's financial stability framework
Figure 1.18. Higher capital adequacy requirements have had little influence on bank lending rates
Additional steps to strengthen the prudential environment
Macroprudential policy tools and implementation
Figure 1.19. House prices are accelerating relative to valuation benchmarks
Fiscal policy
Figure 1.20. Spreads for Icelandic treasuries have narrowed
Figure 1.21. Public finances are recovering from the crisis
A fiscal framework is needed to lock in budgetary discipline
Box 1.2. Main provisions of the Organic Budget Law
Figure 1.22. Simulations of public debt paths
Recommendations for promoting macroeconomic stability and resiliency
Bibliography
Chapter 2. Supporting long-term growth by improving the business environment
Figure 2.1. GNI per capita is slightly above average
Iceland's business sector
Table 2.1. Share of different sectors in GDP.
Figure 2.2. Marine products are shrinking as a share of exports
Regulation is uneven
Figure 2.3. Product market regulation
Barriers to entry
Figure 2.4. Barriers to entry are somewhat more restrictive than the OECD average
Foreign direct investment
Regulatory burdens should be reduced further
Competition can boost productivity
Figure 2.5. GDP per hour worked has stagnated since the crisis
Box 2.1. Limits to public policy in a small open economy
Figure 2.6. Iceland's services trade restrictiveness index by sector
Strengthening corporate governance
Labour and human capital influences on productivity
Financing remains difficult
Interest rates
Table 2.2. Long-term interest rates in various countries
Figure 2.7. Corporate debt mushroomed before the crisis
Public policies to foster innovation and start-ups
Innovation activities of Icelandic firms
Figure 2.8. Small firms are often innovative
Table 2.3. R&D activity in Nordic countries
Figure 2.9. Administrative burdens and opportunity entrepreneurs
Motivations for starting a business
Supporting firm creation and entrepreneurship
Figure 2.10. Public funding of business R&D is high
Recommendations: Setting the course for productivity growth
References.

OECD economic surveys Iceland Iceland /

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