Sovereign Asset and Liability Management (SALM): Perspective of Pandemic COVID-19 Outbreak in Oecd Countries, Including Poland

Abstract

The COVID-19 pandemic is global and affects all countries in the world. The difference in the financial impact assessment of its outbreak concerns, inter alia, the state of preparation of the public sector in the previous period. The article assumes that countries which coordinated the structure of sovereign assets and liabilities before 2020 were less exposed to the negative effects of financial risks resulting from the COVID-19 pandemic. The study uses data and methodology of the International Monetary Fund and the authors’ measures dedicated to the public sector to assess the sovereign asset and liability management (SALM). As part of the results, the negative value of net worth and the national net welfare index for the studied countries, including Poland in the period before the pandemic crisis, were indicated. In addition, the level of the loans mismatch on the public balance sheet and the scale of the increase in financial risk in the first year of COVID-19 are presented. Conclusions of research make it possible to assess the impact of COVID-19 on Sovereign Asset and Liability Management.

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“…Na podstawie badania ankietowego z 2018 roku stwierdzono, że 84% spośród 28 badanych krajów (w tym Polski) stosuje to podejście, jednak tylko 25% z nich dokonuje oceny w zakresie koordynacji aktywów i pasywów 526 . Nadmienić należy, że po kryzysie finansowym z 2008 roku wiele państw zwiększyło zainteresowanie koncepcją bilansową w zakresie oceny ryzyka na potrzeby makroostrożnościowe 527 .…”