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The Budgetary Rule
The budgetary rule ( no, handlingsregelen) is a rule concerning the usage of capital gains from The Government Pension Fund of Norway#The Government Pension Fund – Global, The Government Pension Fund - Global of Norway. The rule states that a maximum of 3% of the fund's value should be allocated to the yearly government budget. Its main stated justification is to avoid the Dutch disease in the Norwegian economy due to the large influx of oil-sourced revenue. It is believed that the fund will grow with more than 3% yearly over time, which makes it possible to allocate up to 3% to the yearly budget without decreasing the value of the fund. The rule was introduced in 2001 during the First cabinet Stoltenberg, First cabinet Jens Stoltenberg, Stoltenberg, and has a broad cross-party support. The rule was last changed from 4% to 3% February 2017. Every party in the parliament was in favour of the change, except the right wing Progress Party (Norway). See also *Golden Rule (fiscal po ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Handlingsregelen
The budgetary rule ( no, handlingsregelen) is a rule concerning the usage of capital gains from The Government Pension Fund of Norway#The Government Pension Fund – Global, The Government Pension Fund - Global of Norway. The rule states that a maximum of 3% of the fund's value should be allocated to the yearly government budget. Its main stated justification is to avoid the Dutch disease in the Norwegian economy due to the large influx of oil-sourced revenue. It is believed that the fund will grow with more than 3% yearly over time, which makes it possible to allocate up to 3% to the yearly budget without decreasing the value of the fund. The rule was introduced in 2001 during the First cabinet Stoltenberg, First cabinet Jens Stoltenberg, Stoltenberg, and has a broad cross-party support. The rule was last changed from 4% to 3% February 2017. Every party in the parliament was in favour of the change, except the right wing Progress Party (Norway). See also *Golden Rule (fiscal po ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Gain
Capital gain is an economic concept defined as the profit earned on the sale of an asset which has increased in value over the holding period. An asset may include tangible property, a car, a business, or intangible property such as shares. A capital gain is only possible when the selling price of the asset is greater than the original purchase price. In the event that the purchase price exceeds the sale price, a capital loss occurs. Capital gains are often subject to taxation, of which rates and exemptions may differ between countries. The history of capital gain originates at the birth of the modern economic system and its evolution has been described as complex and multidimensional by a variety of economic thinkers. The concept of capital gain may be considered comparable with other key economic concepts such as profit and rate of return, however its distinguishing feature is that individuals, not just businesses, can accrue capital gains through everyday acquisition a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Government Pension Fund Of Norway
The Government Pension Fund of Norway ( no, Statens pensjonsfond) comprises two entirely separate sovereign wealth funds owned by the government of Norway. The Government Pension Fund Global, also known as the Oil Fund, was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector. It has over US$1.19 trillion in assets, and holds 1.4% of all of the world’s listed companies, making it among the world’s largest sovereign wealth funds. In December 2021, it was worth about $250,000 per Norwegian citizen. It also holds portfolios of real estate and fixed-income investments. Many companies are excluded by the fund on ethical grounds. The Government Pension Fund Norway is smaller and was established in 1967 as a type of national insurance fund. It is managed separately from the Oil Fund and is limited to domestic and Scandinavian investments and is therefore a key stock holder in many large Norwegian companies, predominantly via the Oslo Stock Exchange. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Norway
Norway, officially the Kingdom of Norway, is a Nordic country in Northern Europe, the mainland territory of which comprises the western and northernmost portion of the Scandinavian Peninsula. The remote Arctic island of Jan Mayen and the archipelago of Svalbard also form part of Norway. Bouvet Island, located in the Subantarctic, is a dependency of Norway; it also lays claims to the Antarctic territories of Peter I Island and Queen Maud Land. The capital and largest city in Norway is Oslo. Norway has a total area of and had a population of 5,425,270 in January 2022. The country shares a long eastern border with Sweden at a length of . It is bordered by Finland and Russia to the northeast and the Skagerrak strait to the south, on the other side of which are Denmark and the United Kingdom. Norway has an extensive coastline, facing the North Atlantic Ocean and the Barents Sea. The maritime influence dominates Norway's climate, with mild lowland temperatures on the se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Budget
A government budget is a document prepared by the government and/or other political entity presenting its anticipated tax revenues (Inheritance tax, income tax, corporation tax, import taxes) and proposed spending/expenditure (Healthcare, Education, Defence, Roads, State Benefit) for the coming financial year. In most parliamentary systems, the budget is presented to the legislature and often requires approval of the legislature. Through this budget, the government implements economic policy and realizes its program priorities. Once the budget is approved, the use of funds from individual chapters is in the hands of government ministries and other institutions. Revenues of the state budget consist mainly of taxes, customs duties, fees and other revenues. State budget expenditures cover the activities of the state, which are either given by law or the constitution. The budget in itself does not appropriate funds for government programs, hence need for additional legislative measur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dutch Disease
In economics, the Dutch disease is the apparent causal relationship between the increase in the economic development of a specific sector (for example natural resources) and a decline in other sectors (like the manufacturing sector or agriculture). The term was coined in 1977 by ''The Economist'' to describe the decline of the manufacturing sector in the Netherlands after the discovery of the large Groningen natural gas field in 1959. The presumed mechanism is that as revenues increase in the growing sector (or inflows of foreign aid), the given nation's currency becomes stronger (appreciates) compared to currencies of other nations (manifest in an exchange rate). This results in the nation's other exports becoming more expensive for other countries to buy, and imports becoming cheaper, making those sectors less competitive. While it most often refers to natural resource discovery, it can also refer to "any development that results in a large inflow of foreign currency, includ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
First Cabinet Stoltenberg
Stoltenberg's First Cabinet governed Norway between 17 March 2000 and 19 October 2001. The Labour Party cabinet was led by Prime Minister Jens Stoltenberg Jens Stoltenberg (born 16 March 1959) is a Norwegian politician who has been serving as the 13th secretary general of NATO since 2014. A member of the Norwegian Labour Party, he previously served as the 34th prime minister of Norway from 2000 to .... It had the following composition. Cabinet members State Secretaries ReferencesJens Stoltenbergs første regjering 2000-2001- Regjeringen.no Notes {{Norwegian Labour Party Stoltenberg 1 Stoltenberg 1 2000 establishments in Norway 2001 disestablishments in Norway Cabinets established in 2000 Cabinets disestablished in 2001 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jens Stoltenberg
Jens Stoltenberg (born 16 March 1959) is a Norwegian politician who has been serving as the 13th secretary general of NATO since 2014. A member of the Norwegian Labour Party, he previously served as the 34th prime minister of Norway from 2000 to 2001, and again from 2005 until 2013. Born in Oslo as the son of the prominent diplomat and politician Thorvald Stoltenberg and Karin Stoltenberg (née Heiberg), Stoltenberg attended Oslo Waldorf School and Oslo Cathedral School before graduating with a degree in economics from the University of Oslo in 1987. During his studies, he worked as a journalist, and led Labour's youth wing from 1985 to 1989. He started his career in government as a State Secretary in the Ministry of the Environment in 1990 and was elected to the Storting in 1993. He served as Minister of Industry and Energy from 1993 to 1996 and Minister of Finance from 1996 to 1997. He was Prime Minister from 2000 to 2001, was leader of the Labour Party from 2002 to 2014, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Progress Party (Norway)
The Progress Party ( nb, Fremskrittspartiet; nn, Framstegspartiet; se, Ovddádusbellodat), commonly abbreviated as FrP, is a right-wing political party in Norway. The FrP has traditionally self-identified as classical-liberal and as a libertarian party but is generally positioned to the right of the Conservative Party, and is considered the most right-wing party to be represented in parliament. It is often described as moderately right-wing populist; this characterization has also been disputed in both academic and public discourse. By 2020, the party attained a growing national conservative faction. After the 2017 parliamentary election, it was Norway's third largest political party, with 26 representatives in the Storting. It was a partner in the government coalition led by the Conservative Party from 2013 to 2020. The Progress Party focuses on law and order, downsizing the bureaucracy and the public sector; the FrP self-identifies as an economic liberal party which competes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Golden Rule (fiscal Policy)
The Golden Rule is a guideline for the operation of fiscal policy. The Golden Rule states that ''over the economic cycle, the Government will borrow only to invest and not to fund current spending''. In layman's terms this means that on average over the ups and downs of an economic cycle the government should only borrow to pay for investment that benefits future generations. Day-to-day spending that benefits today's taxpayers should be paid for with today's taxes, not with leveraged investment. Therefore, over the cycle the current budget (i.e., net of investment) must balance or be brought into surplus. The core of the 'golden rule' framework is that, as a general rule, policy should be designed to maintain a stable allocation of public sector resources over the course of the business cycle. Stability is defined in terms of the following ratios: # The ratio of public sector net worth to national income # The ratio of public current expenditure to national income # The ratio of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Energy Economics
Energy economics is a broad scientific subject area which includes topics related to supply and use of energy in societies. Considering the cost of energy services and associated value gives economic meaning to the efficiency at which energy can be produced. Energy services can be defined as functions that generate and provide energy to the “desired end services or states”. The efficiency of energy services is dependent on the engineered technology used to produce and supply energy. The goal is to minimise energy input required (e.g. kWh, mJ, see Units of Energy) to produce the energy service, such as lighting ( lumens), heating (temperature) and fuel (natural gas). The main sectors considered in energy economics are transportation and building, although it is relevant to a broad scale of human activities, including households and businesses at a microeconomic level and resource management and environmental impacts at a macroeconomic level. Due to diversity of issues a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Energy In Norway
Norway is a large energy producer, and one of the world's largest exporters of oil. Most of the electricity in the country is produced by hydroelectricity. Norway is one of the leading countries in the electrification of its transport sector, with the largest fleet of electric vehicles per capita in the world (see plug-in electric vehicles in Norway and electric car use by country). Since the discovery of North Sea oil in Norwegian waters during the late 1960s, exports of oil and gas have become very important elements of the economy of Norway. With North Sea oil production having peaked, disagreements over exploration for oil in the Barents Sea, the prospect of exploration in the Arctic, as well as growing international concern over global warming, energy in Norway is currently receiving close attention. Overview Fossil fuels In 2011, Norway was the eighth largest crude oil exporter in the world (at 78 Mt), and the 9th largest exporter of refined oil (at 86&nbs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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