Another Look at Governments’ Balance Sheets The Role of Nonfinancial Assets.docVIP

Another Look at Governments’ Balance Sheets: The Role of Nonfinancial Assets Elva Bova, Robert Dippelsman, Kara Rideout, and Andrea Schaechter 换个角度看政府的资产负债表：非金融资产的作用 艾娃·波瓦（Elva Bova），罗伯特·迪佩尔斯曼（Robert Dippelsman），卡拉·里德奥特（Kara Rideout）和安德里亚·舍希特（Andrea Schaechter） 国际货币基金组织（IMF）2013年5月 Abstract When discussing debt reduction strategies, little attention has been given to the role of governments’ nonfinancial assets. This is in part because data are scarce. Drawing on various data sources, this paper looks at the size, composition, and management of state-owned nonfinancial assets across 32 economies, with particular focus on the advanced G-20 economies. We find that reported nonfinancial assets comprise mostly structures (such as roads and buildings) and, when valued, land. These assets have increased over time, mostly due to higher property and commodity prices, and are, in large part, owned by subnational governments. Many countries have launched reforms with a view to streamlining public administrations, but receipts and savings have been rather small so far. Governments tend to consider relatively small sets of assets to be disposable, though preferences could change in the future. A potential source for future revenues could be greater reliance on user charges, such as road tolls. In most cases, a first step for more effective asset management has to be the expansion and improvement of data compilation. Keywords: Fiscal risk, government statistics, fiscal policy, debt sustainability 摘要 当讨论债务削减战略时，很少有人注意到政府的非金融资产的作用。部分原因是数据稀少。本文利用各种数据源，考察了32个经济体（特别侧重于20国集团的先进经济体）的国有非金融资产的规模、构成和管理。我们发现所报告的非金融资产主要包括建筑物（如道路和房屋）和（经过估价的）土地。随着时间的推移，这些资产不断增加，主要因为房地产和大宗商品价格上涨，而且这些资产大部分由地方政府所有。很多国家推行了旨在精简公共管理部门的改革，但到目前为止产生的收益和储蓄都相当少。政府通常把相对小套的资产视为可支配资产，尽管政府偏好未来可能发生改变。一个潜在的未来收入来源可能是更多地依赖使用者收费，如道路通行费。大多数情况下，更有效的资产管理的第一步是扩展和改善数据编纂。 关键词：财政风险，政府统计，财政政策，债务可持续性 I. INTRODUCTION1 Identifying new options to manage government assets and liabilities requires gaining a complete picture of a governme