Australian government balance sheet management:
Since almost eliminating net debt, the Australian Governmentﾒs attention has turned to the financing of broader balance sheet liabilities, such as public sector superannuation. Australia will be developing a significant financial asset portfolio in the ﾑFuture Fundﾒ to smooth the financing of expens...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2006
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
12302 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Since almost eliminating net debt, the Australian Governmentﾒs attention has turned to the financing of broader balance sheet liabilities, such as public sector superannuation. Australia will be developing a significant financial asset portfolio in the ﾑFuture Fundﾒ to smooth the financing of expenses through time. This raises the significant policy question of how best to manage the government balance sheet to reduce risk. This paper provides a framework for optimal balance sheet management. The major conclusions are that: ﾖ fiscal sustainability depends on both the expected path of future taxation and the risks around that path; ﾖ optimal balance sheet management requires knowledge of how risks affect the balance sheet (and therefore volatility in tax rates); and ﾖ the governmentﾒs financial investment strategy should reduce the risk to government finances from macroeconomic shocks that permanently affect the budget. Based on this framework, we find that a Future Fund portfolio that included (amongst other potential investments) domestic nominal securities and equities of selected countries would reduce overall balance sheet risk. |
| Beschreibung: | Literaturverz. S. 32 - 34 |
| Beschreibung: | 40 S. 22 cm |
Internformat
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| 520 | |a Since almost eliminating net debt, the Australian Governmentﾒs attention has turned to the financing of broader balance sheet liabilities, such as public sector superannuation. Australia will be developing a significant financial asset portfolio in the ﾑFuture Fundﾒ to smooth the financing of expenses through time. This raises the significant policy question of how best to manage the government balance sheet to reduce risk. This paper provides a framework for optimal balance sheet management. The major conclusions are that: ﾖ fiscal sustainability depends on both the expected path of future taxation and the risks around that path; ﾖ optimal balance sheet management requires knowledge of how risks affect the balance sheet (and therefore volatility in tax rates); and ﾖ the governmentﾒs financial investment strategy should reduce the risk to government finances from macroeconomic shocks that permanently affect the budget. Based on this framework, we find that a Future Fund portfolio that included (amongst other potential investments) domestic nominal securities and equities of selected countries would reduce overall balance sheet risk. | ||
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Datensatz im Suchindex
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| id | DE-604.BV023592234 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T22:41:29Z |
| indexdate | 2024-07-09T21:25:12Z |
| institution | BVB |
| language | English |
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| physical | 40 S. 22 cm |
| publishDate | 2006 |
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| publisher | National Bureau of Economic Research |
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| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Au-Yeung, Wilson 1980- Verfasser (DE-588)132296926 aut Australian government balance sheet management Wilson Au-Yeung ; Jason McDonald ; Amanda Sayegh Cambridge, Mass. National Bureau of Economic Research 2006 40 S. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 12302 Literaturverz. S. 32 - 34 Since almost eliminating net debt, the Australian Governmentﾒs attention has turned to the financing of broader balance sheet liabilities, such as public sector superannuation. Australia will be developing a significant financial asset portfolio in the ﾑFuture Fundﾒ to smooth the financing of expenses through time. This raises the significant policy question of how best to manage the government balance sheet to reduce risk. This paper provides a framework for optimal balance sheet management. The major conclusions are that: ﾖ fiscal sustainability depends on both the expected path of future taxation and the risks around that path; ﾖ optimal balance sheet management requires knowledge of how risks affect the balance sheet (and therefore volatility in tax rates); and ﾖ the governmentﾒs financial investment strategy should reduce the risk to government finances from macroeconomic shocks that permanently affect the budget. Based on this framework, we find that a Future Fund portfolio that included (amongst other potential investments) domestic nominal securities and equities of selected countries would reduce overall balance sheet risk. McDonald, Jason Verfasser (DE-588)131849921 aut Sayegh, Amanda Verfasser (DE-588)132296969 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 12302 (DE-604)BV002801238 12302 http://papers.nber.org/papers/w12302.pdf kostenfrei Volltext |
| spellingShingle | Au-Yeung, Wilson 1980- McDonald, Jason Sayegh, Amanda Australian government balance sheet management |
| title | Australian government balance sheet management |
| title_auth | Australian government balance sheet management |
| title_exact_search | Australian government balance sheet management |
| title_exact_search_txtP | Australian government balance sheet management |
| title_full | Australian government balance sheet management Wilson Au-Yeung ; Jason McDonald ; Amanda Sayegh |
| title_fullStr | Australian government balance sheet management Wilson Au-Yeung ; Jason McDonald ; Amanda Sayegh |
| title_full_unstemmed | Australian government balance sheet management Wilson Au-Yeung ; Jason McDonald ; Amanda Sayegh |
| title_short | Australian government balance sheet management |
| title_sort | australian government balance sheet management |
| url | http://papers.nber.org/papers/w12302.pdf |
| volume_link | (DE-604)BV002801238 |
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