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Europe > Norway

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Corporate Finance x
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Cover IMF Working Papers
Public Sector Balance Sheet Database: Overview and Guide for Compilers and Users
Mr. Miguel A Alves
,
Mrs. Sage De Clerck
, and
Juliana Gamboa-Arbelaez
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.
Keywords:
WP; accounts payable; PSBS database; low income; return on assets; accounts receivable; fair value; investment fund; net present value; capital stock; central bank; Financial statements; Public sector; Business enterprises; Pensions; Pension spending; Global; Assets; balance sheet; converting financial statements; liabilities; mineral and energy resources; net worth; public corporations; public sector balance sheet; public wealth; government asset; historical cost; book value; reserve account; deposit assets; heritage assets
Cover IMF Working Papers
Investment Objectives of Sovereign Wealth Funds: A Shifting Paradigm
Iva Petrova
,
Jukka Pihlman
,
Mr. Peter J Kunzel
, and
Miss Yinqiu Lu
While SWF investment objectives to some extent reflect inherent characteristics, notable differences in strategic asset allocation (SAA) exist even amongst SWFs of similar types. Even so, this paper shows that the global crisis may have changed SWF’s asset allocations in ways that may not be ideal or justified in all cases and that a review of investment objectives may be warranted. It also argues for regular macro-risk assessments for the sovereign, the continued importance of SWFs as a stabilizer in international capital markets, as well as the active role they could play in international regulatory reform.
Keywords:
WP; sovereign wealth fund; SWF; investment; asset; investment horizon; Sovereign Wealth Funds; Portfolio Choice; Investment and Risk Management; Government Policy and Regulation; savings SWF; SWF resource; SWF's ability; SWF objective; SWF website; cross-border operation; reserve investment corporation; savings-type SWF; stabilization SWF; SWF performance; asset-liability management consideration; Asset allocation; Reserve assets; Pension spending; Stocks; Business enterprises; Global