01938cas a2200253 a 4500 AALejournalIMF018679 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484370117 1018-5941 BD-DhAAL BD-DhAAL Cabezon, Ezequiel. Counting the Oil Money and the Elderly : Norway's Public Sector Balance Sheet / Ezequiel Cabezon, Christian Henn. Washington, D.C. : International Monetary Fund, 2018. 1 online resource (55 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Based on a permanent income analysis, Gagnon (2018) has prominently suggested that Norway has saved too much, thereby free-riding on the rest of the world for demand. Our public sector balance sheet analysis comes to the opposite conclusion, chiefly because it also accounts for future aging costs. Unsurprisingly, we find that Norway's current assets exceed its liabilities by some 340 percent of mainland GDP. But its nonoil fiscal deficits have grown very large (to almost 8 percent of mainland GDP) and aging pressures are only commencing. Therefore, Norway's intertemporal financial net worth (IFNW) is negative, at about -240 percent of mainland GDP. As IFNW represents an intertemporal budget constraint, this implies that Norway's savings are likely insufficient to address aging costs without additional fiscal action. Mode of access: Internet Henn, Christian. IMF Working Papers; Working Paper ; No. 2018/190 Full text available on IMF http://elibrary.imf.org/view/journals/001/2018/190/001.2018.issue-190-en.xml IMF e-Library