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A Sketch of an Evaluation

In: Norway’s Sovereign Wealth Fund

Author

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  • Ole Bjørn Røste

    (Norwegian University of Science and Technology)

Abstract

To evaluate is to judge outcomes, often within a policy framework. This chapter is on what Norway has to show for her windfall resource gains, which is at least the GPF-G. How well has one done under the circumstances? Windfall gains from oil set in train mechanisms that countries differ in their ability to address. Norway had developed good institutions before the oil was discovered. Social democrats with frugal spending attitudes ruled for decades based on majorities in Parliament. The 1970s saw infrastructure investments, partly financed by debt. The SWF signaled a net asset position from the 1990s: When debts were paid off, both oil production and prices soared. An opportunity to invest heavily was seized by the government. There are no signs of low growth due to resource curse. However, fiscal populism is present, and spending habits have changed. The wealth may have changed Norwegians. Many things could still go wrong. Perhaps most fundamentally, government spending could take off.

Suggested Citation

  • Ole Bjørn Røste, 2021. "A Sketch of an Evaluation," Natural Resource Management and Policy, in: Norway’s Sovereign Wealth Fund, chapter 0, pages 209-250, Springer.
    • Handle: RePEc:spr:nrmchp:978-3-030-74107-5_7
    DOI: 10.1007/978-3-030-74107-5_7
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