TY  - GEN
AU  - Joumard,Isabelle
AU  - Minegishi,Makoto
AU  - André,Christophe
AU  - Nicq,Chantal
AU  - Price,Robert
TI  - Accounting for One-off Operations when Assessing Underlying Fiscal Positions
T2  - OECD Economics Department Working Papers,
PY  - 2008///
CY  - Paris
PB  - OECD Publishing
KW  - Economics
N2  - 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
UR  - https://s443-doi-org.br.lsproxy.net/10.1787/236220765316
ER  -