Government Financial Assets And Debt Sustainability

DOWNLOAD

Download Government Financial Assets And Debt Sustainability PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Government Financial Assets And Debt Sustainability book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page

Government Financial Assets And Debt Sustainability

DOWNLOAD

Author : Ms.Camila Henao Arbelaez
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-25

Government Financial Assets And Debt Sustainability written by Ms.Camila Henao Arbelaez and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-25 with Business & Economics categories.

Do government financial assets help improve public debt sustainability? To answer this question, we assemble a comprehensive dataset on government assets using multiple sources and covering 110 advanced and emerging market economies since the late 1980s. We then use this rich database to estimate the impact of assets on two key dimensions of debt sustainability: borrowing costs and the probability of debt distress. Government financial assets significantly reduce sovereign spreads and the probability of debt crises in emerging economies but not in advanced economies, and the effect varies with asset characteristics, notably liquidity. Government finacial assets also help discriminate countries across the distribution of sovereign spreads, thus signaling information about emerging economies’ creditworthiness.

Government Financial Assets And Debt Sustainability

DOWNLOAD

Author : Camila Henao Arbelaez
language : en
Publisher:
Release Date : 2017

Government Financial Assets And Debt Sustainability written by Camila Henao Arbelaez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.

Do government financial assets help improve public debt sustainability? To answer this question, we assemble a comprehensive dataset on government assets using multiple sources and covering 110 advanced and emerging market economies since the late 1980s. We then use this rich database to estimate the impact of assets on two key dimensions of debt sustainability: borrowing costs and the probability of debt distress. Government financial assets significantly reduce sovereign spreads and the probability of debt crises in emerging economies but not in advanced economies, and the effect varies with asset characteristics, notably liquidity. Government finacial assets also help discriminate countries across the distribution of sovereign spreads, thus signaling information about emerging economies' creditworthiness.

The Demand For Base Money And The Sustainability Of Public Debt

DOWNLOAD

Author : Valeriano F. García
language : en
Publisher: World Bank Publications
Release Date : 1997

The Demand For Base Money And The Sustainability Of Public Debt written by Valeriano F. García and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Debt categories.

Public Debt Sustainability And Management In A Compound Option Framework

DOWNLOAD

Author : Mr.Jorge A. Chan-Lau
language : en
Publisher: International Monetary Fund
Release Date : 2010-01-01

Public Debt Sustainability And Management In A Compound Option Framework written by Mr.Jorge A. Chan-Lau and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-01 with Business & Economics categories.

This paper introduces the Asset and Liability Management (ALM) compound option model. The model builds on the observation that the public sector net worth in a multi-period setting corresponds to the value of an option on an option on total government assets. Hence, the ALM compound option model is better suited for analyzing and evaluating the risk profile of public debt than existing one-period models, and is especially useful for analyzing the soundness of exit strategies from the large fiscal expansions undertaken by G-20 countries in the wake of the recent financial crisis. As an illustration, the model is used to analyze the risk profile and sustainability of Australia's public debt under different policies.

Financial Crises Macroeconomic Shocks And The Government Balance Sheet A Panel Analysis

DOWNLOAD

Author : Matteo Ruzzante
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-24

Financial Crises Macroeconomic Shocks And The Government Balance Sheet A Panel Analysis written by Matteo Ruzzante and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-24 with Business & Economics categories.

Government financial assets are increasingly recognized as playing an important role in assessing fiscal sustainability. However, very little research has been done on the dynamics of government financial assets compared to liabilities. In this paper, we investigate the impact of recent financial crises and macroeconomic shocks on government balance sheets, decomposing the separate effects on financial assets and liabilities. Using quarterly Government Finance Statistics (GFS) data, we analyze a panel of 27 countries over the period 1999Q1-2017Q1 through fixed effects and panel VAR techniques. Financial crises are shown to deteriorate the net financial worth of governments, but no significant impact is found on assets suggesting that they are not being used as fiscal buffers in bad times. On the contrary, countries that suffered both financial and banking crises experienced an “artificial” increase of their asset position through bank bailouts. Macroeconomic shock analyses reveal that government balance sheet items are countercyclical, but important asymmetries are found in their dynamics.

Assessing Fiscal Sustainability In Theory And Practice

DOWNLOAD

Author : Nigel Andrew Chalk
language : en
Publisher: International Monetary Fund
Release Date : 2000-04

Assessing Fiscal Sustainability In Theory And Practice written by Nigel Andrew Chalk and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-04 with Business & Economics categories.

The main purpose of this paper is to provide an overview of approaches to assessing fiscal sustainability. It summarizes the general analytical background, focusing on the present value budget constraint, which is the benchmark against which solvency is determined, tests of sustainability (including sustainability indicators), and sustainability and uncertainty. The paper then looks at the way in which fiscal sustainability has been assessed in different types of IMF work. Finally the link between fiscal and external sustainability is discussed.

Modernizing The Framework For Fiscal Policy And Public Debt Sustainability Analysis

DOWNLOAD

Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2011-05-08

Modernizing The Framework For Fiscal Policy And Public Debt Sustainability Analysis written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-05-08 with Business & Economics categories.

Modernizing the framework for fiscal policy and public debt sustainability analysis (DSA) has become necessary, particularly in light of the recent crisis and rising sustainability concerns in some advanced economies. While recognizing the inherently challenging nature of such analysis, this paper highlights areas where improvements are needed and makes both general and specific proposals on how this could be achieved. It also proposes to move to a risk-based approach to DSAs for all market-access countries, where the depth and extent of analysis would be commensurate with concerns regarding sustainability, while a reasonable level of standardization would be maintained.

Fiscal Policy Sustainability In Oil Producing Countries

DOWNLOAD

Author : Ms.Sheila Bassett
language : en
Publisher: International Monetary Fund
Release Date : 1994-11-01

Fiscal Policy Sustainability In Oil Producing Countries written by Ms.Sheila Bassett and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-11-01 with Business & Economics categories.

Assessing the sustainability of a given fiscal policy is especially important for countries that depend on income from exhaustible resources. Political and growth pressures may push governments to raise expenditure when revenue from exhaustible resources rises, but cutting outlays when price swings reduce income is often difficult. Traditional fiscal accounting may give a misleading view of policy sustainability. This paper argues that for countries in which a significant proportion of government revenue is derived from the exploitation of an exhaustible natural resource, fiscal policy sustainability can best be assessed within a permanent income framework that takes into account total government wealth, including the imputed wealth from reserves of natural resources. Using this framework, the paper takes a sample of six countries where government revenue from petroleum extraction is significant and draws conclusions about the sustainability of their fiscal policies during 1980-92.

Fiscal Sustainability With Non Renewable Resources

DOWNLOAD

Author : Mr.Nigel Andrew Chalk
language : en
Publisher: International Monetary Fund
Release Date : 1998-03-01

Fiscal Sustainability With Non Renewable Resources written by Mr.Nigel Andrew Chalk and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-03-01 with Business & Economics categories.

This paper assesses sustainable fiscal behavior in an economy where wealth is derived predominantly from a non-renewable resource. It explores the issue in a simple dynamic framework that highlights the structural weaknesses in the underlying budgetary position, takes into account the rate of depletion of a country’s natural resource base, and examines the impact of changes in a country’s terms of trade. An alternative indicator of fiscal sustainability is derived, and the principal factors determining sustainability are identified. The results of the analysis are applied to Venezuela and Kuwait.

Sustainability And Optimality Of Public Debt

DOWNLOAD

Author : Michael Carlberg
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Sustainability And Optimality Of Public Debt written by Michael Carlberg and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

Public debt seems to be one of the great issues of the nineties. The United States have turned from the largest creditor of the world to the largest debtor, due to dramatic budget deficits. The European Union tries to build dams against the flood, see the treaty of Maastricht. And in Germany, public debt tends to explo de, doubling within a few years. The reason for this is the immense cost of Ger man unification. I had many helpful talks with my colleague Michael Schmid (now at Bam berg). In addition, Michael Brauninger and Philipp Lichtenauer carefully discus sed with me all parts of the manuscript. Last but not least, Doris Ehrich typed the manuscript as excellently as ever. I would like to thank all of them. Contents INTRODUCTION 3 5 BRIEF SURVEY OF THE LITERATURE PART I. CLOSED ECONOMY 9 CHAPTER I. SOLOW MODEL 11 1. Fixed Deficit Ratio 11 1. 1. Simple Model 11 1. 2. Short-Run Equilibrium 12 1. 3. Long-Run Equilibrium 14 1. 4. Optimal Deficit Ratio 18 1. 5. Optimal Saving Ratio 20 1. 6. Stability 21 1. 7. Shocks 23 1. 8. Budget Surplus 29 1. 9. Numerical Example 32 1. 10. Summary 37 2. Fixed Tax Rate 38 2. 1. Simple Model 38 2. 2. Short-Run Equilibrium 39 2. 3. Long-Run Equilibrium 40 2. 4. Stability 45 2. 5. Shocks 48 2. 6. Optimal Tax Rate 56 2. 7. Optimal Saving Ratio 57 2. 8. Numerical Example 58 2. 9.