Narrow Your Choices

Refine By Countries

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Business and Economics > Investments: Stocks

You are looking at 1 - 5 of 5 items for :

  • Type: Journal Issue x
  • Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts x
Clear All Modify Search
Cover IMF Working Papers
Sustainable Development Goals (SDGs) and GDP: What National Accounts Bring to the Table
Mr. Thomas F Alexander
,
Ms. Claudia H Dziobek
, and
Tadeusz Galeza
The Sustainable Development Goals (SDGs) adopted by the UN General Assembly in 2015 represent a new global consensus to end poverty, promote prosperity, and protect the environment. Goal 8 seeks to improve global resource efficiency in consumption and production and to decouple economic growth (GDP) from environmental degradation while Goal 12 focuses on sustainable consumption and production. While GDP does not capture these broader goals, we suggest that the System of National Accounts which incorporates but goes well beyond GDP, can be used for the measurement of these SDGs and to support policy. We construct a conceptual “super balance sheet” with an expanded asset boundary to include durable consumer goods used to produce services, human capital, and access to resources such as clean water and air, education, health, and infrastructure, to produce an expanded household net worth.
Keywords:
WP; balance sheet; consumer durables; asset; GDP; production; SDGs; Beyond GDP; National Accounts; Balance Sheets; SNA production boundary; SNA framework; SNA asset boundary; household sector balance sheet; SNA prototype; Financial statements; Sustainable Development Goals (SDG); Stocks; Human capital; Global
Cover IMF Working Papers
The Financial Wealth of Corporations: A First Look at Sectoral Balance Sheet Data
Ms. Yuko Hashimoto
and
Mr. Noriaki Kinoshita
This paper analyzes the nonfinancial corporation (NFC) sector’s financial balance sheets using data available from the OECD. In our sample of 20 advanced economies, corporate debt in percent of GDP—a frequently used indicator in the context of corporate balance sheet adjustments—has remained high since the global financial crisis, with significant differences in the level and the trend between the high-debt and low-debt groups. Looking at financial balance sheets more broadly, including net financial wealth, the NFC sector’s balance sheet conditions have improved recently, particularly reflecting accumulation of corporate cash and valuation gains on financial assets. Longer time series and more granular data for Japan, which has been experiencing a prolonged period of balance sheet adjustments, indicate that a continued strengthening of balance sheets might occur even after debt levels are reduced.
Keywords:
WP; debt; economy; balance sheet adjustment; cash; balance sheet data; Nonfinancial corporation; financial balance sheet; net financial wealth; NFC sector; balance sheet condition; cash holding; financial asset accumulation; Financial statements; Currencies; Stocks; Global financial crisis of 2008-2009; Business enterprises; Global
Cover IMF Working Papers
Trends in Fiscal Transparency: Evidence from a New Database of the Coverage of Fiscal Reporting
Rachel F Wang
,
Mr. Timothy C Irwin
, and
Lewis K Murara
Although there are several measures of fiscal transparency, none provides satisfactory information on certain issues of macroeconomic relevance, including whether fiscal data are available for all of general government, whether the government reports a balance sheet, and whether spending and revenue are reported on a cash or accrual basis. Drawing on government finance statistics reported to the IMF, this paper presents a new database of fiscal transparency for 186 countries in 2003–13 and derives from it indices of the overall comprehensiveness of fiscal statistics as well as specific indices of the coverage of public institutions, fiscal flows, and fiscal stocks, respectively. It finds evidence of gradual improvement, most notably in the coverage of institutions, but most countries’ reporting remains far from comprehensive
Keywords:
WP; government; government operation; country; central government; government Finance Statistics Manual; public finance; budgets; accounts; fiscal transparency; fiscal reporting; government finance statistics; General government; local government; government assets; government statistics; government's account; budgetary central government; correlation coefficient; balance-sheet subtotal; Financial statements; Stocks; Europe; Global
Cover IMF Working Papers
The Tax-adjusted Q Model with Intangible Assets: Theory and Evidence from Temporary Investment Tax Incentives
Sophia Chen
and
Estelle Dauchy
We propose a tax-adjusted q model with physical and intangible assets and estimate it with a self-collected comprehensive database of intangible assets. The presence of intangibles changes the accounting and economic measures of q. We show that when tax changes are temporary, the q model can be estimated by adjusting for the firm’s intangible stock and intangible intensity. We estimate our model using temporary investment tax incentive policies in the United States in the early 2000s. When the q-model accounts for intangible assets, the estimated investment elasticity to tax incentives is generally larger than otherwise. It is also larger for intangible-intensive firms, and increases with firm size.
Keywords:
WP; book value; cash flow; market value; investment tax incentives; intangible assets; q model of investment; bonus depreciation; intangible intensity; intangible-intensive firm; investment rate; firm level; firm face; Tax incentives; Asset valuation; Investment incentives; Depreciation; Stocks; North America
Cover IMF Working Papers
Capital Income Taxation and Economic Growth in Open Economies
Mr. Geremia Palomba
Do reductions in capital income taxes attract foreign capital and, at the same time, foster economic growth? This paper examines the effect of capital income taxation on the international allocation of capital and on economic growth in a two-country overlapping generations model with endogenous growth and internationally mobile capital. It shows that domestic capital taxes affect both the international allocation of capital and the rate of economic growth and that these two effects are not necessarily the same. A country can increase its share of the existing world capital by changing its taxes but, depending on the elasticity of saving to after-tax returns, this may reduce the rate of capital accumulation and economic growth.
Keywords:
WP; economic growth