| Popis: |
The economic history of Norway has been characterised by periods of large factor flows to and from other countries. In the latter part of the nineteenth century and the early parts of this century, a large share of the Norwegian population (and labour force) migrated overseas. In Europe, only Ireland had higher emigration rates. From the 1890s up to the First World War, capital imports covered a fairly large part of gross domestic investment, and in the 1920s and the 1970s, capital imports were again substantial. Compared with most other developed countries (cf. Kuznets, 1966, tables 5.3 and 5.5) Norway has financed a larger part of its gross domestic capital formation by capital imports. In fact, Canada and Australia had even higher shares of foreign financing but, as Marris (1985) notes, these countries share with Norway the characteristics of sparse population and large unexploited natural resources. |
