Download or read book Finland s Public Sector Balance Sheet written by Maren Brede and published by International Monetary Fund. This book was released on 2018-04-06 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We construct a comprehensive public sector balance sheet for Finland from 2000 to 2016 by complementing general government statistics with data on public corporations and public pensions. We show that exposure to valuation changes in equity markets through asset holdings and increases in pension liabilities relative to GDP amplify crisis impacts on public finances. We expand the balance sheet by including present value estimates of future fiscal flows; this allows us to perform fiscal stress tests and policy experiments. These analyses suggest that Finland’s public finances will remain sound provided ongoing reform and consolidation efforts to address aging pressures are implemented as planned.
Download or read book Finland written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2017-12-13 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Finland’s public sector balance sheet. The public sector balance sheet approach expands analysis of public finances beyond government debt to also include government assets, public corporations, and pension liabilities. For Finland, it shows that static public sector net worth is negative at some 160 percent of GDP. This implies that Finland’s future fiscal balances and policies will have to be sufficiently strong to compensate, and also to address future spending pressures from rising health and long-term care. The intertemporal balance sheet shows that Finland’s current medium-term fiscal framework meets this criterion—but only if health and social services reform achieves the targeted savings in public spending during the 2020s. In light of numerous risks it would be prudent to use the present economic upswing to make early headway in rebuilding buffers. Finland has a track record of prudent fiscal policy. During good economic times, the authorities have run sizable fiscal surpluses.
Download or read book Finland Public Sector Balance Sheet written by Maren Brede and published by . This book was released on 2018 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: We construct a comprehensive public sector balance sheet for Finland from 2000 to 2016 by complementing general government statistics with data on public corporations and public pensions. We show that exposure to valuation changes in equity markets through asset holdings and increases in pension liabilities relative to GDP amplify crisis impacts on public finances. We expand the balance sheet by including present value estimates of future fiscal flows; this allows us to perform fiscal stress tests and policy experiments. These analyses suggest that Finland’s public finances will remain sound provided ongoing reform and consolidation efforts to address aging pressures are implemented as planned.
Download or read book Counting the Oil Money and the Elderly Norway s Public Sector Balance Sheet written by Ezequiel Cabezon and published by International Monetary Fund. This book was released on 2018-08-27 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Finland written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2015-03-11 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key findings of fiscal transparency evaluation for Finland. It highlights that Finland meets most of the principles of the Fiscal Transparency Code at good or advanced level. Some areas, notably related to the analysis and management of fiscal risks, are still rated as basic or below, but with a few exceptions the importance of these areas for fiscal management in Finland is relatively low. Overall, the Finnish authorities produce an impressive amount of data and information related to all three pillars of the Code. It is also highlighted that fiscal reporting in Finland is transparent and meets good or advanced practice in all areas.
Download or read book Fiscal Monitor October 2018 written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2018-10-10 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public sector balance sheets provide the most comprehensive picture of public wealth. They bring together all the accumulated assets and liabilities that the government controls, including public corporations, natural resources, and pension liabilities. They thus account for the entirety of what the state owns and owes, offering a broader fiscal picture beyond debt and deficits. Most governments do not provide such transparency, thereby avoiding the additional scrutiny it brings. Better balance sheet management enables countries to increase revenues, reduce risks, and improve fiscal policymaking. There is some empirical evidence that financial markets are increasingly paying attention to the entire government balance sheet and that strong balance sheets enhance economic resilience. This issue of the Fiscal Monitor presents a new database that shows comprehensive estimates of public sector assets and liabilities for a broad sample of 31 countries, covering 61 percent of the global economy, and provides tools to analyze and manage public wealth. Estimates of public wealth reveal the full scale of public assets and liabilities. Assets are worth US$101 trillion or 219 percent of GDP in the sample. This includes 120 percent of GDP in public corporation assets. Also included are natural resources that average 110 percent of GDP among the large natural-resource-producing countries. Recognizing these assets does not negate the vulnerabilities associated with the standard measure of general government public debt, comprising 94 percent of GDP for these countries. This is only half of total public sector liabilities of 198 percent of GDP, which also includes 46 percent of GDP in already accrued pension liabilities. Once governments understand the size and nature of public assets, they can start managing them more effectively. Potential gains from better asset management are considerable. Revenue gains from nonfinancial public corporations and government financial assets alone could be as high as 3 percent of GDP a year, equivalent to annual corporate tax collections across advanced economies. In addition, considerable gains could be realized from government nonfinancial assets. Public assets are a significant resource, and how governments use and report on them matters, not just for financial reasons, but also in terms of improving service delivery and preventing the misuse of resources that often results from a lack of transparency.
Download or read book Public Sector Balance Sheet Database Overview and Guide for Compilers and Users written by Miguel A. Alves and published by . This book was released on 2020-07-17 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of the Public Sector Balance Sheet (PSBS) Database, a dataset developed in the context of the October 2018 Fiscal Monitor. The dataset provides a comprehensive picture of public wealth for 38 countries, and a narrower picture for further 37 countries and territories. Comprehensive PSBSs bring together all the accumulated assets and liabilities that governments control, including public corporations, natural resources, and pension liabilities. They therefore account for the entirety of what the state owns and owes, offering a broader fiscal picture beyond debt and deficits. This is particularly relevant in the current context of record and still rising debts and heightened risks to the balance sheet of the public sector. PSBSs bring about greater transparency and allow closer scrutiny of government's financial position. They also allow better balance sheet management, thereby potentially increasing return on assets, reducing risks and the costs of borrowing, and improving fiscal policymaking. The paper also elaborates on the conceptual framework and methodology used in compiling the data, and provides some practical guidelines on the compilation, validation, and dissemination of such data.
Download or read book The Public Sector s Balance Sheet written by John Hills and published by . This book was released on 1984 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Public Wealth of Nations written by Dag Detter and published by Springer. This book was released on 2016-02-05 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: We have spent the last three decades engaged in a pointless and irrelevant debate about the relative merits of privatization or nationalization. We have been arguing about the wrong thing while sitting on a goldmine of assets. Don’t worry about who owns those assets, worry about whether they are managed effectively. Why does this matter? Because despite the Thatcher/ Reagan economic revolution, the largest pool of wealth in the world – a global total that is much larger than the world’s total pensions savings, and ten times the total of all the sovereign wealth funds on the planet – is still comprised of commercial assets that are held in public ownership. If professionally managed, they could generate an annual yield of 2.7 trillion dollars, more than current global spending on infrastructure: transport, power, water, and communications. Based on both economic research and hands-on experience from many countries, the authors argue that publicly owned commercial assets need to be taken out of the direct and distorting control of politicians and placed under professional management in a ‘National Wealth Fund’ or its local government equivalent. Such a move would trigger much-needed structural reforms in national economies, thus resurrect strained government finances, bolster ailing economic growth, and improve the fabric of democratic institutions. This radical, reforming book was named one of the "Books of the Year".by both the FT and The Economist.
Download or read book Public Sector Accounting and Auditing in Europe written by I. Brusca and published by Springer. This book was released on 2016-02-03 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides an overview of the governmental accounting status quo in Europe by analysing the public sector accounting, budgeting and auditing systems in fourteen European countries. IT sheds light on the challenges faced by European countries as they move towards adoption of the European Public Sector Accounting Standards (EPSAS).
Download or read book The Cost of Future Policy Intertemporal Public Sector Balance Sheets in the G7 written by Yugo Koshima and published by International Monetary Fund. This book was released on 2021-05-06 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compiles the Intertemporal Public Sector Balance Sheets for all G7 countries and examines their relationship with government borrowing costs. In 2018, all G7 countries have negative Intertemporal Net Financial Worth (INFW), falling short of their intertemporal budget constraint. A decomposition of the evolution of INFW shows that short-term fluctuations are mainly driven by fiscal policy changes, while in the long run demographic changes and health and pension obligations play a larger role. We find that on average a 10 percentage point of GDP increase in INFW reduces the (future) 10-1 year sovereign yield curve spread by 2.8 basis points. This results suggest that financial markets pay attention to governments’ future policy obligations, in addition to its current assets and liabilities.
Download or read book Public Sector Balance Sheet Strength and the Macro Economy written by Mr.Seyed Reza Yousefi and published by International Monetary Fund. This book was released on 2019-08-06 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper introduces concepts of public sector balance sheet (PSBS) strength, taking into account different aspects of what governments own in addition to what they owe. It develops measures of PSBS strength and investigates their macroeconomic implications. Empirical estimations show that in their pricing of sovereign bonds, financial markets account for government assets and net worth in addition to their liabilities. Furthermore, economies with stronger public sector balance sheets experience shallower recessions and recover faster in the aftermath of economic downturns. This faster return to growth can be explained by the greater space for countercyclical fiscal policy in countries with stronger balance sheets.
Download or read book The Public Sector Balance Sheet written by Great Britain. Treasury and published by . This book was released on 1997 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Japan s Public Sector Balance Sheet written by Yugo Koshima and published by International Monetary Fund. This book was released on 2019-10-04 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compiles and reviews the evolution of Japan’s Public Sector Balance Sheet (PSBS). In the past, large crossholdings of assets and liabilities within the public sector played a role in sustaining a high level of public debt and low interest rates. The Fiscal Investment and Loan Fund (FILF) channeled all postal deposits and pension savings to financing of public sector borrowing. After the FILF refrom in 2000, however, the Post Bank and pension funds shifted their assets to the portfolio investments and are seeking to maximize risk-adjusted returns. This has changed the implications of crossholdings for public debt management. In the future, population aging is expected to add more pressures on the PSBS, which already saw a considerable decrease of net worth over the last three decades.
Download or read book Finland written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2017-12-13 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Finland’s public sector balance sheet. The public sector balance sheet approach expands analysis of public finances beyond government debt to also include government assets, public corporations, and pension liabilities. For Finland, it shows that static public sector net worth is negative at some 160 percent of GDP. This implies that Finland’s future fiscal balances and policies will have to be sufficiently strong to compensate, and also to address future spending pressures from rising health and long-term care. The intertemporal balance sheet shows that Finland’s current medium-term fiscal framework meets this criterion—but only if health and social services reform achieves the targeted savings in public spending during the 2020s. In light of numerous risks it would be prudent to use the present economic upswing to make early headway in rebuilding buffers. Finland has a track record of prudent fiscal policy. During good economic times, the authorities have run sizable fiscal surpluses.
Download or read book Republic of Uzbekistan written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2019-05-01 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Fiscal Transparency Evaluation report highlights that Uzbekistan is embarking on a comprehensive reform program to strengthen public financial management and fiscal transparency. Wide-ranging reforms to improve the coverage, reliability, quality, and accessibility of fiscal reports are being developed and implemented, and some good progress already made. This assessment of fiscal transparency practices has been undertaken to support the government’s efforts to increase transparency by identifying priority areas for reform. An evaluation of practices against the IMF’s Fiscal Transparency Code (the Code) finds that tangible gains have been made over 2017 and 2018. In several areas where Uzbekistan’s practices do not currently meet the basic standard required under the Code, quick progress can be made. The report also provides a more detailed evaluation of Uzbekistan’s fiscal transparency practices and recommended reform priorities. Strengthening legislative oversight of the state budget with a view to reducing the extent to which in-year changes can be made to aggregate expenditures without prior parliamentary approval.
Download or read book Transparency in Government Operations written by Mr.J. D. Craig and published by International Monetary Fund. This book was released on 1998-02-03 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transparency in government operations is widely regarded as an important precondition for macroeconomic fiscal sustainability, good governance, and overall fiscal rectitude. Notably, the Interim Committee, at its April and September 1996 meetings, stressed the need for greater fiscal transparency. Prompted by these concerns, this paper represents a first attempt to address many of the aspects of transparency in government operations. It provides an overview of major issues in fiscal transparency and examines the IMF's role in promoting transparency in government operations.
