Accounting for One-off Operations when Assessing Underlying Fiscal Positions [electronic resource] / Isabelle Joumard ... [et al] = Évaluer les positions budgétaires sous-jacentes en présence de mesures ponctuelles / Isabelle Joumard ... [et al]

By:

Joumard, Isabelle

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Material type: Article

ArticleSeries: OECD Economics Department Working Papers ; no.642.Publication details: Paris : OECD Publishing, 2008.Description: 33 p. ; 21 x 29.7cmOther title:

Évaluer les positions budgétaires sous-jacentes en présence de mesures ponctuelles

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Economics

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Abstract: Frequent recourse to large one-off operations in a number of OECD countries has undermined the accuracy of cyclically adjusted fiscal balances as a measure of both the sustainability of public finance and the fiscal stance. This paper first provides detailed information on the nature and amount of these one-offs for 9 OECD countries. The paper then presents a new indicator - the "underlying" fiscal balance - which effectively eliminates the impact of one-offs and cyclical developments. One-offs are derived as the deviations from trend in net capital transfers, i.e. from widely available national account data. This approach provides a consistent treatment of one-offs both across countries and over time, avoiding the potential information biases which could result from an individual identification of one-offs.

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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección OECD	OECD 236220765316 (Browse shelf(Opens below))	Not For Loan

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Frequent recourse to large one-off operations in a number of OECD countries has undermined the accuracy of cyclically adjusted fiscal balances as a measure of both the sustainability of public finance and the fiscal stance. This paper first provides detailed information on the nature and amount of these one-offs for 9 OECD countries. The paper then presents a new indicator - the "underlying" fiscal balance - which effectively eliminates the impact of one-offs and cyclical developments. One-offs are derived as the deviations from trend in net capital transfers, i.e. from widely available national account data. This approach provides a consistent treatment of one-offs both across countries and over time, avoiding the potential information biases which could result from an individual identification of one-offs.

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