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Kingdom of the Netherlands—Netherlands: Selected Issues
Kingdom of the Netherlands–the Netherlands: Selected Issues
Selected Issues
This Selected Issues paper examines the long-term issues with pension expenditures in the Netherlands. The paper highlights that the public pension for a single person is equal to 70 percent of the (statutory) minimum wage. The minimum wage and public pensions thus move in lock-step; they are both by law indexed to contract wages in the private sector. This paper examines the structural policies of the Netherlands. Real wages and employment growth are also analyzed.
Kingdom of the Netherlands–The Netherlands: Selected Issues
This 2016 Article IV Consultation highlights broad-based economic recovery in the Netherlands, which has been gathering speed. Real growth is forecast to reach 2.1 percent in 2016 owing to strong consumption and investment, reflecting improving confidence and rising housing prices, while net exports are expected to slow as a result of weak external demand. Unemployment has been rapidly declining against the backdrop of an increasing labor supply. The economy is expected to keep its momentum in the coming years. Domestic consumption and investment are forecast to remain the main drivers of growth, prompting a gradual decline in the current account surplus. Inflation is expected to pick up along with the closing of the output gap.
This Selected Issues papers provide details of the sources and uses of the non-financial corporation saving and highlights the role of multinational corporations (MNCs). The paper also discusses the implications to the external sector assessment and policy recommendations. The large Dutch international investment position reflects its status as an international corporate center. The study shows that large trade surpluses and small primary income balances are consistent with the dominance of MNCs in the Netherlands’ external positions. Separating MNCs’ activities from the Dutch current account for the external sector assessment is expected to help identify underlying policy distortions. Separating MNCs’ activities would help identify imbalances of other economic sectors. The small and medium enterprises are stagnant and remain financially constrained. Small household net saving hides the fact that households are still highly leveraged, and their consumption constrained by a stagnating disposable income. Therefore, improving statistics and separating MNCs’ activities from both internal and external accounts would help identify domestic policy distortions and address imbalances effectively.
This Technical Note discusses the findings and recommendations of the Financial Sector Assessment Program for the Netherlands regarding auditor oversight, collective investment fund management, and regulatory issues. The legal regime and the day-to-day supervision activities conducted by the Netherlands Authority for the Financial Markets and the Dutch central bank are extensive and consistent with international expectations. The approach to the supervision of the small but growing crowd-funding sector strikes a fair balance between enhancing innovation and protecting investors. The Dutch regime for audits and auditor oversight also complies with the expectations of the International Organization of Securities Commissions and appears to work well in practice.
Balance sheets convey vital information about economic prospects and risks. Balance sheet analysis captures the role that financial frictions and mismatches play in creating fragility and amplifying shocks. This is key to understanding the macroeconomic outlook, identifying vulnerabilities, and tracing the transmission of potential shocks and policies. This paper reviews the use of balance sheet analysis in the Fund’s bilateral surveillance and introduces some practical examples of how it can be deepened. Recent evaluations of IMF surveillance––including the 2014 TSR––have emphasized the importance of strengthening balance sheet analysis and coverage of macro-financial issues. This paper is a first step that highlights useful examples of such analysis conducted by staff over the last decade, documents the data and tools that have been used, and mentions some limitations. In addition, it discusses recent improvements in the coverage and quality of balance sheet data through initiatives launched in the wake of the global crisis, as well as key remaining gaps, addressing which requires international collaboration.