Stock-Flow Adjustments, Government’s Integrated Balance Sheet and Fiscal Transparency / Mike Seiferling.

Format:

Book

Government document

Author/Creator:

Seiferling, Mike.

Series:

IMF Working Papers; Working Paper ; No. 2013/063

IMF Working Papers

Language:

English

Subjects (All):

Stock-flow analysis.

Finance, Public--Statistics.

Finance, Public.

Physical Description:

1 online resource (26 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2013.

Language Note:

English

Summary:

This paper re-examines the stock-flow discrepancies of government debt and deficits and correlation with fiscal transparency. Applying the fully integrated relationship between financial stocks and flows allows for a more refined analysis of the deterministic components that make up the ‘stock-flow’ residual. Using partial measures of these stock-flow residuals, several empirical studies have found them to be significantly correlated with fiscaltransparency, inflation, fiscal rules, and banking crisis. Using fully integrated public finance data from the IMF Government Finance Statistics Yearbook for a sample of 22 countries, the findings in this paper suggest that stock-flow residuals have a significantly smaller magnitude than previously assumed and are, in fact, not correlated with fiscal transparency. A stronger determinant of fiscal transparency scores appears to be the actual reporting of fiscal data covering general government, especially a full financial balance sheet.

Contents:

Cover; Abstract; Contents; I. Introduction; II. Accounting Illusions and Fiscal Transparency; III. The Stock-Flow Adjustment Identity; IV. Empirical Considerations; Figures; 1a. and 1b. Partial and Complete Stock-Flow Residuals (1996-2010); 2. Partial and Complete Stock Flow Residuals in Greece, Norway and the United Kingdom; Tables; 1. Partial and Complete Stock-Flow Data Summary Statistics; V. Stock-Flow Adjustments and Fiscal Transparency: A Re-Examination; 3. Reporting of Government Finance Statistics to the IMF and Fiscal Transparency

2. Determinants of Partial and Complete Stock-Flow ResidualsVI. Conclusion; 4. Partial and Complete Stock-Flow Fixed Effects and Fiscal Transparency; Appendices; I. Summary Statistics and Data Sources; II. Flows, Transactions, Net Worth, and Debt in Fiscal Statistics; REFERENCES

Notes:

March 2013.

Includes bibliographical references.

Description based on online resource; title from PDF title page (ebrary, viewed September 26, 2014).

ISBN:

9781475513349

1475513348

9781475570359

147557035X

9781299395442

1299395449

9781475513370

1475513372