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Sovereign Net Worth: An Analytical Framework

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Author Info
Simon Bradbury
Jim Brumby
David Skilling
Abstract

The Fiscal Responsibility Act requires the Crown to articulate targets for a series of fiscal variables, including net worth. Given the dramatic improvement in the fiscal position in recent years, a critical policy question relates to how (and which) measures of Crown net worth should be targeted. This paper sets out a framework for targeting Crown net worth. It does so by supplementing the GAAP-based measure with forward-looking information about spending and tax revenue. The paper argues that targeting net worth for the Crown requires the estimation of a path, rather than a static level.

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File URL: http://www.treasury.govt.nz/publications/research-policy/wp/1999/99-03/twp99-03.pdf
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Paper provided by New Zealand Treasury in its series Treasury Working Paper Series with number 99/03.

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Length: 45 pages
Date of creation: 1999
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Handle: RePEc:nzt:nztwps:99/03

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Postal: New Zealand Treasury, PO Box 3724, Wellington, New Zealand
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Web page: http://www.treasury.govt.nz
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  1. Lucas, Robert Jr. & Stokey, Nancy L., 1983. "Optimal fiscal and monetary policy in an economy without capital," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 55-93. [Downloadable!] (restricted)
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  2. Alberto Alesina & Roberto Perotti, 1995. "Fiscal Expansions and Fiscal Adjustments in OECD Countries," NBER Working Papers 5214, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Henning Bohn, . "Budget Balance Through Revenue or Spending Adjustments ? Some Historical Evidence for the United States (Reprint 013)," Rodney L. White Center for Financial Research Working Papers 3-91, Wharton School Rodney L. White Center for Financial Research.
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  4. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May. [Downloadable!] (restricted)
  5. Barro, Robert J, 1979. "On the Determination of the Public Debt," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 940-71, October. [Downloadable!] (restricted)
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  6. Bohn, H., 1991. "Budget Balance Through Revenue or Spending Adjustments? Some Historical Evidence for the United States," Weiss Center Working Papers 3-91, Wharton School - Weiss Center for International Financial Research.
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  7. Dehejia, Vivek H & Rowe, Nicholas, 1995. "The Laffer Curve and Precautionary Taxation: A Rationale for Paying Down the National Debt," Australian Economic Papers, Blackwell Publishing, vol. 34(65), pages 322-31, December.
  8. Mankiw, N. Gregory, 1987. "The optimal collection of seigniorage : Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 20(2), pages 327-341, September. [Downloadable!] (restricted)
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  9. Alesina, A. & Perotti, R., 1995. "Fiscal Expansions and Adjustments in OECD Countries," Discussion Papers 1995_25, Columbia University, Department of Economics.
  10. Auerbach, Alan J & Gokhale, Jagadeesh & Kotlikoff, Laurence J, 1994. "Generational Accounting: A Meaningful Way to Evaluate Fiscal Policy," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 73-94, Winter. [Downloadable!] (restricted)
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  1. Kenji Moriyama & Gian Maria Milesi-Ferretti, 2004. "Fiscal Adjustment in EU Countries: A Balance Sheet Approach," IMF Working Papers 04/143, International Monetary Fund. [Downloadable!]
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  2. Nick Davis, 2001. "Does Crown Financial Portfolio Composition Matter?," Treasury Working Paper Series 01/34, New Zealand Treasury. [Downloadable!]
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