Public Wealth in the United States

Gonguet, Fabien; Hellwig, Klaus-Peter

doi:10.5089/9781498312219.001

Cited by 2 publications

(4 citation statements)

References 7 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…27 Table 3 presents the public 27 Other examples can be found in the October 2018 Fiscal Monitor, and related country-specific working papers including for Indonesia (El Rayess et. al., 2019), Finland (Brede and Henn, 2018), Norway (Cabezon and Henn, 2018)., United States (Gonguet et. al., 2019).…”

Section: Single Country Analysis: the Example Of Australiamentioning

confidence: 99%

Public Sector Balance Sheet Database

Alves¹,

Clerck²,

Gamboa-Arbelaez³

2020

IMF Working Papers

View full text Add to dashboard Cite

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.

show abstract

Section: Single Country Analysis: the Example Of Australiamentioning

confidence: 99%

Public Sector Balance Sheet Database

Alves¹,

Clerck²,

Gamboa-Arbelaez³

2020

IMF Working Papers

View full text Add to dashboard Cite

show abstract

“…The accompanying database (IMF, 2019) has since been enlarged to now cover 38 countries comprising some two-thirds of global GDP. The Monitor and accompanying papers showed how balance sheet analysis can be used for fiscal risk assessment and management (Gonguet and Hellwig, 2019). Crucially, it highlighted the role of public assets, documenting how these assets (that contribute directly balance sheet strength) matter, as countries with stronger public sector balance sheet positions on average face shallower and shorter recession and pay lower interest rates on their borrowing (Yousefi, 2019).…”

mentioning

confidence: 99%

“…Changes in static NFW over time have been driven by different factors in the seven countries. In particular, Gonguet and Hellwig (2019) and Koshima (2019) document the importance of asset revaluation in net worth developments for the US and Japan. In all seven countries, static NFW has improved between 2016 and 2018 (Figure 7).…”

mentioning

confidence: 99%

See 1 more Smart Citation

The Cost of Future Policy: Intertemporal Public Sector Balance Sheets in the G7

Tieman¹,

Harris²,

Koshima³

et al. 2021

IMF Working Papers

View full text Add to dashboard Cite

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.

show abstract

Public Wealth in the United States

Cited by 2 publications

References 7 publications

Public Sector Balance Sheet Database

Public Sector Balance Sheet Database

The Cost of Future Policy: Intertemporal Public Sector Balance Sheets in the G7

Contact Info

Product

Resources

About