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Stock-flow adjustments are typically measured as the difference between changes in gross debt and deficits. These are interpreted as a proxy for unexplained fiscal discrepancies, and often associated with a lack of fiscal transparency. However, such measures fail to capture the role of financial assets and valuation changes and therefore do not correctly predict fiscal transparency. The purpose of this paper is to provide a more detailed exposition of stock-flow residuals and the relationship with fiscal transparency, highlighting government acquisition of equities and investment fund shares and their performance in secondary markets. The results suggest that the performance of government equity portfolios correlates with fiscal transparency to the extent that fully transparent governments are expected to generate between 6 and 8 percent higher returns on their equity portfolios than others. These findings suggest that the performance of government assets may be a promising area for future research of fiscal transparency and stock-flow residuals.
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A New Architecture for the U.S. National Accounts brings together a distinguished group of contributors to initiate the development of a comprehensive and fully integrated set of United States national accounts. The purpose of the new architecture is not only to integrate the existing systems of accounts, but also to identify gaps and inconsistencies and expand and incorporate systems of nonmarket accounts with the core system. Since the United States economy accounts for almost thirty percent of the world economy, it is not surprising that accounting for this huge and diverse set of economic activities requires a decentralized statistical system. This volume outlines the major assignments among institutions that include the Bureau of Economic Analysis, the Bureau of Labor Statistics, the Department of Labor, the Census Bureau, and the Governors of the Federal Reserve System. An important part of the motivation for the new architecture is to integrate the different components and make them consistent. This volume is the first step toward achieving that goal.
Finance, Public. --- Finance, Public - Econometric models. --- National income - Accounting - Mathematical models. --- National income - United States - Accounting. --- National income. --- Economic History --- Business & Economics --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 339.0 --- Algemeenheden. Nationale rekeningen. --- Conferences - Meetings --- National income --- Finance, Public --- Accounting --- Econometric models --- Mathematical models --- Net national product --- Cameralistics --- Public finance --- Flow of funds --- Gross national product --- Income --- Currency question --- U.S. national accounts --- E-books --- Algemeenheden. Nationale rekeningen --- Public finances --- national accounts, economy, economics, finance, accounting, united kingdom, australia, canada, nonmarket account, industry, capital, integration, macroeconomics, bea, bls, aggregation, gdp, commerce, federal reserve system, census bureau, department of labor, economic analysis, decentralization, business, capitalism, profit.
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