Public Wealth in the United States
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Summary:
We analyze the US public sector balance sheet and project it forward under the assumption that current policies remain in place. We first document the history of the balance sheet and its components since World War II, with a detailed account of its evolution during and after the global financial crisis. While, based on assets and liabilities alone, public sector net worth is negative, additional challenges arise from commitments to future spending implied by current legislation and demographic trends. To quantify the risks to the balance sheet, we then apply the macroeconomic scenarios from the Federal Reserve’s bank stress test to the public sector balance sheet.
Series:
Working Paper No. 2019/139
Subject:
Economic sectors Expenditure Financial institutions Financial statements Global financial crisis of 2008-2009 Pension spending Public debt Public financial management (PFM) Public sector Securities
English
Publication Date:
July 2, 2019
ISBN/ISSN:
9781498312219/1018-5941
Stock No:
WPIEA2019139
Pages:
49
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