This paper proposes an alternative methodology to assess fiscal sustainability. Our balance-sheet approach (BSA) relies on estimating separately all of a government's assets and liabilities as opposed focusing only the burden explicit liabilities. In our approach, are primarily present discounted value taxes, include but also expenditures. Using liabilities, we compute balance sheet, therefore ...

This paper deals with the prediction of the amount of outstanding claims that an insurance company will pay in the near future. We consider various competing models using Bayesian theory and Markov chain Monte Carlo methods. Claim counts are used in order to add a further hierarchical stage in the usual log-normaland state-space models. By this way, we incorporate information from both the outs...

E conomics is fundamentally concerned with how people maximise their well being with limited resources. Economists are, therefore, interested in measuring these resource, or wealth, constraints. Some statistics are more useful for this purpose than others. GDP per capita is a commonly used measure of real living standards. With some qualifications, an increase in GDP per capita is generally reg...

The HILDA Survey is a panel survey of around 7 000 households conducted annually since 2001, the latest being in 2010. Every four years the survey includes a wealth module that asks respondents detailed questions about their holdings of assets and liabilities; the wealth module was included in the survey in 2002, 2006 and 2010. These data are especially interesting because they can shed light o...

In this paper we study the pricing and hedging of a very general class of life insurance liabilities by means of the risk-minimization approach. We find the price and risk-minimizing strategy in two cases, first in the case when the financial market consists only of one risky asset, e.g. a stock, and a bank account, and second in an extended financial market, allowing for investments in two add...

4 Antoniewicz compared estimates of total household liabilities from the 1989 and 1992 surveys to estimates from the flow of funds accounts (FFA). For 1989, SCF total household liabilities equal $3.1 trillion, whereas the FFA estimate is about $29 billion less, and for 1992, the SCF estimate is $3.6 trillion, while FFA is about $116 billion higher. Estimates of consumer credit from the SCF are ...

Between late 2010 and early 2013, Australia’s net income deficit narrowed to its lowest point since the early 1990s. this article examines the reasons for this narrowing and finds that it was mainly due to declines in the average yields paid by Australian entities on their foreign debt and equity liabilities. the lower average yield paid on foreign debt liabilities reflects a combination of dec...

The theory of pricing to acceptability developed for incomplete markets is applied to marking one’s own default risk. It is observed in agreement with Heckman (2004), that assets and liabilities are not to be valued in …nancial reporting at the same magnitude. Liabilities are to be marked at the ask prices of two price economies that are above the asset mark at the bid prices for such economies...