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 ...

Juan Carlos Berganza, Roberto Chang and Alicia García Herrero October 15 2003 Abstract This paper investigates empirically whether there is a negative relationship between a country’s risk premium and its net worth, as implied by recent theories emphasizing financial imperfections, balance sheet effects, and liability dollarization. We find evidence that balance sheet effects, given by the incr...

The international investment position (IIP) is the balance sheet of a country’s external assets and liabilities. It can be used to measure the degree of financial openness of a country and to provide indications on the sustainability of its external debt. As such, it is a helpful tool for monitoring financial stability. Although studies of the IIP are fairly new, we shall review some mechanisms...

We empirically analyze the effects of monetary policy shocks on real fixed investment using panel data on Japanese manufacturing firms to examine the existence of a balance sheet channel. We find that contractionary monetary policy statistically significantly increases the firms’ liquidity constraint. Especially, the smaller the firm size, the greater the effects of contractionary monetary poli...

We quantify the effects of lending and balance sheet channels on corporate investment during large crises in emerging markets. The depreciated currency creates investment opportunities in the tradable sector but firms might be financially constrained due to: 1) a deterioration of their balance sheet via un-hedged foreign currency debt (balance sheet channel) and 2) a decline in the supply of cr...

The current state of balance of the terrestrial ice sheets and glaciers is poorly known. What little data are available suggest that, worldwide, mountain glaciers have receded since about the mid-nineteenth century, with occasional interruptions of the retreat. The interior part of the Greenland ice sheet appears to be thickening or in near equilibrium, but this ice sheet may be thinning in the...