European Parliament Library

Iceland :, Selected Issues

This Selected Issues paper estimates the gap between the real effective exchange rate (REER) and its equilibrium (medium-term) value. The paper explores certain features of fiscal policy in Iceland, and examines various aspects of fiscal frameworks in other European countries that are possibly worthy of emulation. It provides a detailed summary of the key issues affecting fiscal policy in Iceland. It argues that political economy factors lead to procyclical fiscal trends, and this is exacerbated by macroeconomic volatility. The paper also provides an overview of the structure of the banking sector of Iceland
Table Of Contents
Cover; Contents; I. Estimating Iceland's Real Equilibrium Exchange Rate; A. Background; B. CGER Methodologies and Results; C. Limitations and Caveats; D. Conclusion; References; II. Towards A Robust Fiscal Framework for Iceland: Motivation and Practical Suggestions; A. Introduction; B. Fiscal Policy in Iceland: Political Economy, Procyclicality, and Volatility; Figures; 1. International Comparisons of Fiscal Policy I; 2. International Comparisons of Fiscal Policy II; 3. Iceland: Cyclicality and Revenue Elasticities; C. Institutional Fiscal Reform and Lessons for Iceland
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (45 p.)
Specific Material Designation
Form Of Item

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