Public Sector Borrowing and the Public Sector Balance Sheet

1987 ◽  
Vol 121 ◽  
pp. 64-66
Author(s):  
Andrew Britton
Keyword(s):  
Public Sector ◽  
Balance Sheet ◽  
Medium Term ◽  
Financial Strategy ◽  
The Public ◽  
Recent Trends

In his Budget Statement this year the Chancellor restated his medium-term financial strategy (MTFS) and in particular his objectives for the public sector borrowing requirement (PSBR). He said, ‘Since its inception in 1980 the MTFS has indicated a steadily declining path for the PSBR expressed as a percentage of GDP. We have now reached what I judge to be its appropriate destination: a PSBR of 1 per cent of GDP. My aim will be to keep it there over the years ahead. This note considers the implications of that scale of borrowing for the balance sheet position of the public sector. We are able to do this with more confidence thanks to recent publication by the CSO of new figures for the balance sheet positions of all sectors of the economy up to the end of 1985. Prior to that publication, the latest figures available for the overall balance sheet position of the public sector had referred to 1975. The new data modify the picture of recent trends, without changing their character fundamentally.

Fiscal Consolidation and the Public Sector Balance Sheet in South Africa

2016 ◽  
Vol 84 (4) ◽  
pp. 501-519
Author(s):  
Philippe Burger ◽  
Krige Siebrits ◽  
Estian Calitz
Keyword(s):  
South Africa ◽  
Public Sector ◽  
Balance Sheet ◽  
Fiscal Consolidation ◽  
The Public

scholarly journals Trends and determinants of top pay in the New Zealand public and private sectors, 1995–2014

2017 ◽  
Vol 13 (4) ◽  
Author(s):  
Tim Hazeldine ◽  
Michael Wang ◽  
Kar Yew Lee
Keyword(s):  
New Zealand ◽  
Public Sector ◽  
Private Sector ◽  
Listed Company ◽  
Chief Executive ◽  
Senior Managers ◽  
Public And Private ◽  
The Public ◽  
Ceo Pay ◽  
Recent Trends

This article analyses recent trends and determinants of chief executive (CEO) pay in the New Zealand public sector, and of numbers and pay of senior managers in the sector. Comparisons are made with the listed company private sector. It turns out that both CEO pay growth and numbers of senior managers in the public sector have lagged behind those in the private sector, while senior manager pay has moved ahead.

Triple Talaq Verdict and Uniform Civil Code

LAW REVIEW ◽  
2018 ◽  
Vol 37 (01) ◽  
Author(s):  
Shuchi Misra
Keyword(s):  
Public Sector ◽  
Growth And Development ◽  
Balance Sheet ◽  
Civil Code ◽  
Business Activity ◽  
Efficient Manner ◽  
The Public ◽  
Long Period ◽  
Management Positions ◽  
Managerial Staff

Since independence, we have witnessed a tremendous growth of organized industrial and business activity in the public sector enterprise with a commensurate growth of management talent to administer these enterprises in a sound and efficient manner. It has been observed that lack of qualified and competent managerial personnel is an important factor prejudicing the success of an enterprise. Executive talent is the most important aspect of an enterprise. It is not shown on the corporate balance sheet, but it influences appreciably the growth, progress, profits and the share values, than any other corporate asset. An organization has to develop the potential of all those who are in the management positions. No modern organization can be successful for a long period without planned attention to the growth and development of its managerial staff.

scholarly journals Public Sector Balance Sheet Database

2020 ◽  
Vol 20 (130) ◽  
Author(s):  
Miguel Alves ◽  
Sage De Clerck ◽  
Juliana Gamboa-Arbelaez
Keyword(s):  
Public Sector ◽  
Balance Sheet ◽  
Return On Assets ◽  
The Public ◽  
Financial Position ◽  
Public Corporations ◽  
Comprehensive Picture ◽  
Practical Guidelines ◽  
Current Context ◽  
Pension Liabilities

This paper provides an overview of the Public Sector Balance Sheet (PSBS) Database, a dataset developed in the context of the October 2018 Fiscal Monitor. The dataset provides a comprehensive picture of public wealth for 38 countries, and a narrower picture for further 37 countries and territories. Comprehensive PSBSs bring together all the accumulated assets and liabilities that governments control, including public corporations, natural resources, and pension liabilities. They therefore account for the entirety of what the state owns and owes, offering a broader fiscal picture beyond debt and deficits. This is particularly relevant in the current context of record and still rising debts and heightened risks to the balance sheet of the public sector. PSBSs bring about greater transparency and allow closer scrutiny of government’s financial position. They also allow better balance sheet management, thereby potentially increasing return on assets, reducing risks and the costs of borrowing, and improving fiscal policymaking. The paper also elaborates on the conceptual framework and methodology used in compiling the data, and provides some practical guidelines on the compilation, validation, and dissemination of such data.

scholarly journals Public sector undertakings: Bharat’s other Ratnas

2018 ◽  
Vol 31 (2) ◽  
pp. 113-127 ◽  
Author(s):  
Ajay Chhibber ◽  
Swati Gupta
Keyword(s):  
Public Sector ◽  
Private Equity ◽  
Service Sector ◽  
Emerging Market ◽  
Balance Sheet ◽  
Public Enterprises ◽  
Content Type ◽  
The Public ◽  
Performance Contracts ◽  
Better Than

Purpose While national public policies such as performance contracts and disinvestment affect the dynamics of large- and medium-scale state-owned enterprises in emerging market economies, the purpose of this paper is to analyze the performance of India’s public sector undertakings (PSUs) and suggest options to improve their outcomes. Design/methodology/approach Using firm-level data on India’s 235 PSUs with total assets of around $500 billion over the past two and half decades (1990-2015), the study empirically tests the effect of performance contracts, measured by memorandum of understanding (MOU) and disinvestment, measured by private equity share, on PSUs performance indicator such as return on capital (ROC). Data were collected from the Public Enterprises Survey Reports released by the Department of Public Enterprises under India’s Ministry of Heavy Industries and Public Enterprises, Department of Disinvestment, Bombay Stock Exchange and Capitaline database. By controlling firm-, industry- and macro-level factors in regression models, the results were presented in several aspects like service sector, non-service sector and individual and joint effects. Findings Empirical estimations indicate that performance contracts such as MOUs have had a positive impact on PSU performance by increasing their ROC by 8-9 percent. This result holds more strongly for the non-service sector (manufacturing, mining) but less so for service sector firms. In the case of service sector firms, partial privatization (share sales) has a significant impact on performance, making them ideal candidates for more aggressive disinvestment. Larger PSUs (Maharatnas) appear to perform better than smaller PSUs and even better than private firms of similar size. Smaller PSUs (Navratnas and Miniratnas) perform worse than private companies and should be good candidates for strategic disinvestment (privatization). PSUs that do not have Ratna status – and are loss makers – should be disposed of their asset value. Practical implications The study recommends that India should change the public sector balance sheet by raising capital through strategic disinvestment (privatization), disinvestment and liquidation of PSUs and re-investing it, in public infrastructure through the National Infrastructure Investment Fund and not into the budget as a revenue-raising measure. It should also transform Maharatnas into world class companies with greater commercialization. Originality/value The paper makes significant contributions to the academic literature on the changing dynamics of state-owned enterprises in emerging economies by examining the effect of performance contracts and disinvestment on India’s PSUs performance. It is one of unique longitudinal-empirical studies on India’s PSU performance in several dimensions.

scholarly journals Board self-evaluation: the Bayside Health experience

2005 ◽  
Vol 29 (3) ◽  
pp. 340 ◽  
Author(s):  
Alison Duncan-Marr ◽  
Stephen J Duckett
Keyword(s):  
Performance Evaluation ◽  
Public Sector ◽  
Good Governance ◽  
Balance Sheet ◽  
Evaluation Process ◽  
Governing Boards ◽  
Corporate Sector ◽  
Bottom Line ◽  
The Public ◽  
Self Evaluation

Board evaluation is a critical component of good governance in any organisation. This paper describes the board self-evaluation process used by Bayside Health, a public health service in Melbourne. The question of how governing boards can assess their performance has received increasing attention over the past decade. In particular, the increasing demand for accountability to shareholders and regulators experienced by corporate sector Boards has resulted in greater scrutiny of board performance, with the market and the balance sheet providing some basis for assessment.1-3 Performance evaluation of governing boards in the public sector has been more challenging. Performance evaluation is complex in a sector that is not simply driven by the bottom line, where the stakeholders involve both government and the broader community, and where access to, and the quality and safety of the services provided, are often the major public criteria by which performance may be judged. While some practices from the corporate sector can be applied successfully in the public sector, this is not always the case, and public sector boards such as the Board of Directors of Bayside Health have been developing ways to evaluate and improve their performance.

scholarly journals Japan's Public Sector Balance Sheet

2019 ◽  
Vol 19 (212) ◽  
Author(s):  
Yugo Koshima
Keyword(s):  
Public Sector ◽  
Interest Rates ◽  
Public Debt ◽  
Population Aging ◽  
Balance Sheet ◽  
Debt Management ◽  
Net Worth ◽  
The Public ◽  
Low Interest Rates ◽  
High Level

This paper compiles and reviews the evolution of Japan’s Public Sector Balance Sheet (PSBS). In the past, large crossholdings of assets and liabilities within the public sector played a role in sustaining a high level of public debt and low interest rates. The Fiscal Investment and Loan Fund (FILF) channeled all postal deposits and pension savings to financing of public sector borrowing. After the FILF refrom in 2000, however, the Post Bank and pension funds shifted their assets to the portfolio investments and are seeking to maximize risk-adjusted returns. This has changed the implications of crossholdings for public debt management. In the future, population aging is expected to add more pressures on the PSBS, which already saw a considerable decrease of net worth over the last three decades.

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