Kooperativer Bibliotheksverbund

UID:

Umfang: 1 Online-Ressource (XXV, 343 p. 52 illus)

ISBN: 9783031443435

Weitere Ausg.: Erscheint auch als Druck-Ausgabe ISBN 978-3-031-44342-8

Weitere Ausg.: Erscheint auch als Druck-Ausgabe ISBN 978-3-031-44344-2

Weitere Ausg.: Erscheint auch als Druck-Ausgabe ISBN 978-3-031-44345-9

Sprache: Englisch

DOI: 10.1007/978-3-031-44343-5

URL: Volltext  (URL des Erstveröffentlichers)

UID:

Umfang: 1 online resource (349 pages)

Ausgabe: 1st ed. 2024.

ISBN: 9783031443435 , 3031443438

Inhalt: This important book...is a call for sensible change. It should be answered. -Martin Wolf, Chief Economics Commentator, Financial Times As individuals, we depend on the services that governments provide. Collectively, we look to them to tackle the big problems - from long-term climate and demographic change to short-term crises like pandemics or war. Funding this activity, and managing the required fi nances sustainably, is diffi cult - and getting more so. But governments don't provide - or use - basic fi nancial information that every business is required to maintain. They ignore the value of public assets and most liabilities. This leads to ineffi ciency and bad decision-making and piles up problems for the future. Governments need to create balance sheets that properly refl ect assets and liabilities, and to understand their future obligations and revenue prospects. Net Worth - both today and for the future - should be the measure of fi nancial strength and success. Only if this information is put at the centre of government fi nancial decision-making can the present challenges to public fi nances around the world be addressed effectively, and in a way that is fair to future generations. The good news is that there are ways to deal with these problems and make government fi nances more resilient and fairer to future generations. The facts, and the solutions, are non-partisan, and so is this book. Responsible leaders of any political persuasion need to understand the issues and the tools that can enable them to deliver policy within these constraints. Ian Ball a principal architect of the New Zealand Government's fi nancial management reforms, initiator of the International Public Sector Accounting Standards and CEO of the International Federation of Accountants. Willem Buiter former Chief Economist at Citigroup and EBRD, professor of economics atthe LSE, Cambridge and Yale, and an original member of the Monetary Policy Committee of the Bank of England. John Crompton former investment banker with Morgan Stanley and HSBC in London, New York, and Hong Kong, as well as a Senior Corporate Finance Advisor at the HMT. Dag Detter Investment advisor to governments led the comprehensive restructuring of Sweden's national portfolio of commercial assets and author of 'The Public Wealth of Nations'. Jacob Soll Professor of Philosophy, History, and Accounting at the University of Southern California and the author of The Reckoning: Financial Accountability and the Rise and Fall of Nations.

Anmerkung: PART 1. PURPOSE AND PROLOGUE -- Chapter 1. Owning and Owing -- Chapter 2. From Warfare to Welfare in Three Generations -- PART 2. ACCOUNTING FOR GOVERNMENT -- Chapter 3. Why Government Accounting Matters -- Chapter 4. What Does the Government Balance Sheet Look Like? -- Chapter 5. Why Accrual Accounting Matters -- Chapter 6. Accrual Accounting - How it Works in Practice -- Chapter 7. Central Banks and the Public Sector Balance Sheet -- Chapter 8. Looking to the Future: The Comprehensive Balance Sheet -- Chapter 9. Comparison of Public Sector Balance Sheets -- Chapter 10. Comparison of Comprehensive Balance Sheets -- Chapter 11. Review of Fiscal Rules -- PART 3. MANAGING PUBLIC COMMERCIAL ASSETS AND LIABILITIES -- Chapter 12. Finding, Understanding and Valuing Public Commercial Assets -- Chapter 13. The Asset Map: A Shortcut to Understanding Property Holdings Better -- Chapter 14. Institutionalising Asset Management -- Chapter 15. What Should Governments Do with Public Commercial Assets? -- Chapter 16. Managing Assets Better: The Role of Public Wealth Funds -- Chapter 17. Pensions and Other Liabilities: The Benefits of Disclosure and Management -- PART 4. PAST, PRESENT AND FUTURE -- Chapter 18. Balance Sheets, Culture and National Achievement in Europe 1560 - 1834 -- Chapter 19. How Accounting Can Save Democracy -- Chapter 20. Implementing Change.

Weitere Ausg.: ISBN 9783031443428

Weitere Ausg.: ISBN 303144342X

Sprache: Englisch

DOI: 10.1007/978-3-031-44343-5

UID:

Umfang: 1 online resource (349 pages)

Ausgabe: 1st ed.

ISBN: 3-031-44343-8

Anmerkung: Intro -- Foreword -- Acknowledgements -- Contents -- About the Authors -- List of Figures -- List of Tables -- Part I: Purpose and Prologue -- 1: Purpose and Prologue -- 1.1 Owning and Owing -- 1.2 The Question at the Heart of Government Finance…Where Is the Balance Sheet? -- 1.3 The Importance of History, and Historical Importance -- 1.4 Why Accounting Is Important for Democracy -- 1.5 Eighteenth Century Tools, Twenty-First Century Fiscal Rules -- 1.6 Credit Risk or Inflation Risk? What Happens When Government Finances Go Wrong -- 1.7 Delivering Better Public Services, More Efficiently -- 1.8 Which Balance Sheet Are We Talking About? -- 1.9 Why the G7 Focus? -- 1.10 Conclusion -- 2: From Warfare to Welfare in Three Generations -- 2.1 The Evolution of Public Finances over 300 Years -- 2.2 Bismarck and the Foundations of the Welfare State -- 2.3 The Impact of the Welfare State on Public Finances -- 2.4 Conclusion -- Part II: Accounting for Government -- 3: Accounting for Government -- 3.1 Why Government Accounting Matters -- 3.2 Governments Are Important -- 3.3 The Direct Impact of Government Is Far Greater Than Service Provision -- 3.4 Indirect Impact of Government -- 3.5 The Scale and Complexity of Government -- 3.6 Governments Need to Be Well-Managed -- 3.7 Government Finances Are Also Large and Complex -- 3.8 Conclusion -- 4: What Does the Government's Balance Sheet Look Like? -- 4.1 Net Worth -- 4.2 Reading the New Zealand Government's Balance Sheet -- 4.3 Classifying Assets and Liabilities by Purpose -- 4.4 Managing Government Assets -- 4.5 Liabilities on the Government Balance Sheet -- 4.6 Conclusion -- 5: Why Accrual Accounting Matters -- 5.1 Financial Decision-Making in Government -- 5.2 The Required Information Reflects the Complexity of the Government's Finances. , 5.3 Why Accrual Accounting Is So Important -- 5.4 The Cash Basis for Accounting -- 5.5 Accrual Accounting Is Different -- 5.6 The Balance Sheet Is Critical -- 5.7 Limitations of the Conventional Balance Sheet -- 5.8 The Importance of Timely Information -- 5.9 Conclusion -- 6: Accrual Accounting - A Glimpse of How it Works in Practice -- 6.1 A Week in the Life of a Small Government -- 6.2 Accrual Information for Decision-Making -- 6.3 The Need to Account for Assets -- 6.4 Decisions and Incentives -- 6.5 Accrual Information at the Heart of the Financial Management System -- 6.6 Conclusion -- 7: Central Banks and the Public Sector Balance Sheet -- 7.1 Central Bank Structure and Ownership -- 7.2 A Free Lunch? Money as an Irredeemable Liability, and "Seigniorage" -- 7.3 Central Bank Activity and Its Impact on the Public Sector Balance Sheet -- 7.4 Conclusion -- 8: Looking to the Future: The Comprehensive Balance Sheet -- 8.1 Building the Comprehensive Balance Sheet -- 8.2 Comprehensive Balance Sheet: Prediction or Planning Tool? -- 8.3 What Does a Solvent - or Insolvent - Comprehensive Balance Sheet Look Like? -- 8.4 New Zealand's Comprehensive Balance Sheet Approach -- 8.5 Constructing the Comprehensive Balance Sheet - and Why Does It Matter? -- 8.6 Orders of Magnitude: What Really Matters? -- 8.7 Conclusion -- 9: Comparison of Public Sector Balance Sheets -- 9.1 The IMF: Promoting Better Public Sector Financial Management -- 9.2 Assets Versus Liabilities -- 9.3 What Assets Do Governments Own? -- 9.4 Debt - and Other Liabilities -- 9.5 Getting to the Bottom Line - The Importance of Net Worth -- 9.6 Focus on the G7: Overview -- 9.7 G7 Public Sector Balance Sheet Comparisons -- 9.8 How Did G7 Countries Get to This Position? -- 9.9 Conclusion -- 10: Comparison of Comprehensive Balance Sheets. , 10.1 Evaluating the Comprehensive Balance Sheet: The IMF Framework -- Base Year -- Key Drivers of Cost and Revenue Assumptions -- Outputs -- 10.2 Sustainability of Public Finances: What the Model Tells Us -- 10.3 An Alternative Source: The UK Office for Budget Responsibility -- 10.4 A View Through Time - Can Adjustments Be Made? -- 10.5 Who's Got the Bill? The Welfare State and Intergenerational Fairness -- 10.6 "Markets Versus Morons": Do Financial Markets Take Financial Sustainability Into Account? -- 10.7 Conclusion -- 11: Fiscal Rules -- 11.1 Fiscal Rules: What Are They? -- 11.2 The UK and EU Examples -- 11.3 IMF on Fiscal Rules -- 11.4 New Zealand as an Exception - The Fiscal Responsibility Act 1994 -- 11.5 Principles of Responsible Fiscal Management -- 11.6 The Fiscal Outcomes -- 11.7 Conclusion -- Part III: Managing Public Commercial Assets and Liabilities -- 12: Finding, Understanding, and Valuing Public Commercial Assets -- 12.1 Assets, What Assets? -- 12.2 What Are Public Commercial Assets? -- 12.3 Hidden Assets - A Missed Opportunity -- Rio de Janeiro's Escola Municipal Cicero Pena and Best Use -- The US Federal Government Owns a Third of the Country -- City of Pittsburgh Real Estate Portfolio - 70 Times Undervalued -- 12.4 An Alternative Source of Funding for US Infrastructure Investments -- Transport for London - and "Levelling Up" in the UK -- 12.5 Governments Are Hiding Assets -- "The Fastest Road to Become Rich - Buy Public Commercial Assets" -- UK Government Real Estate - By Far the Most Significant Element of the British Government's Divestitures -- 12.6 Conclusion -- 13: The Asset Map: A Shortcut to Understanding Property Holdings -- 13.1 The Politics of Asset Maps and Improved Transparency -- Is the Government Taking the Lead? -- Catch-22 and the Rating Agencies. , IMF and World Bank-Debt Sustainability Analysis -- 13.2 The Mechanics of an Asset Map -- Desk-Top Analysis -- 13.3 Process -- Collaborative Analysis -- 13.4 Conclusion -- 14: Institutionalising the Management of Public Wealth -- 14.1 Separating Wealth Management from Policymaking Has Historical Roots -- 14.2 Competition at the Heart of Economic Policy -- 14.3 Public Service Obligations and Other Subsidies -- 14.4 Efficient Capital Allocation -- 14.5 Why Consolidating Ownership of Public Commercial Assets Is Critical -- 14.6 The Ministry of Finance Is the Natural Custodian of Governance -- 14.7 Transfer of Wealth to Future Generations -- 14.8 The Mechanics of Setting Up a Holding Company -- 14.9 Conclusion -- 15: What Should Governments Do with Public Commercial Assets? -- 15.1 The Opportunity Cost of Not Managing Public Commercial Assets -- Public Assets Are Less Productive Than Private -- Sale of Public Commercial Assets -- 15.2 The example of UK Water -- Regulation and Accounting Is Key -- New Zealand and Net Worth -- 15.3 State Capitalism on the Rise -- China, the World's Most Extensive Laboratory for State Capitalism -- The Washington Consensus -- 15.4 Swedish Experiment-As If Owned by Private Shareholders -- Euro Crisis Calls for Reform of Public Assets -- 15.5 Political Will Is Key -- Singapore Moved the Economy from Developing to Developed Status in a Single Generation -- 15.6 Conclusion -- 16: Managing Assets Better: The Role of Public Wealth Funds -- 16.1 Necessity Is the Mother of Invention -- 16.2 Local Government Development -- 16.3 Even Selling Assets Requires a Professional Institution -- Securum-The Swedish Experience -- 16.4 Principles for Governing Public, Commercial Assets -- 16.5 Recruiting the Supervisory Board -- 16.6 Setting Up the Management Team -- 16.7 The Basics of Developing Public Commercial Assets. , 16.8 A Holding Company Is a Tool That Can Be Used for Good or Bad -- 16.9 Singapore-Improving the Net Worth for Future Generations -- 16.10 Conclusion -- 17: Pensions and Other Liabilities: The Benefits of Disclosure and Management -- 17.1 How Pensions Appear on the Public Sector Balance Sheet -- 17.2 The Magnitude of Pensions Obligations on the Public Sector Balance Sheet -- 17.3 Why Accounting Properly for Pensions Matters -- 17.4 Out of Sight, Out of Mind -- 17.5 Do Government Pension Commitments Represent Value for Money? -- 17.6 Should Governments Borrow to Invest? -- 17.7 Is this a "Free Lunch"? -- 17.8 Institutional Structures, Policy Implications -- 17.9 Conclusion -- Part IV: Past, Present and Future -- 18: Balance Sheets, Culture and National Achievement in Europe 1560-1834 -- 18.1 Balancing the Books of the First Global Empire -- 18.2 Reclaiming the Land: Dutch Accounting Culture and the Birth of a Nation -- 18.3 Polders to Plutocrats: Dutch Accounting Culture and the Birth of Modern Capitalism -- 18.4 Dutch Accounting Culture: Philosophy, Politics and Economics -- 18.5 Accounting and Autocracy in Seventeenth Century France -- 18.6 Political Arithmetic in Eighteenth Century Britain -- 18.7 "Scarcely Susceptible of Melioration": Accounting Systems in Post Napoleonic France and Britain -- 18.8 Conclusion -- 19: How Accounting Can Save Democracy -- 19.1 Complex, Big and Growing: The Problem in Government Finances -- 19.2 Accounting, Fiscal Rules and Financial Management: Why Net Worth Matters -- 19.3 Intergenerational Fairness -- 19.4 History, Accounting and Democracy -- 19.5 Can We Rely on Markets to Regulate Government Finances? -- 19.6 Accounting and Management -- 19.7 Conclusion: Saving Democracy -- 20: Implementing Change -- 20.1 A Common Programme for Change. , 20.2 How Implementation Plans Will Differ Between Countries.

Weitere Ausg.: ISBN 3-031-44342-X

Sprache: Englisch

UID:

Umfang: XXV, 343 p. 52 illus. , online resource.

Ausgabe: 1st ed. 2024.

ISBN: 9783031443435

Inhalt: This important book...is a call for sensible change. It should be answered. -Martin Wolf, Chief Economics Commentator, Financial Times As individuals, we depend on the services that governments provide. Collectively, we look to them to tackle the big problems - from long-term climate and demographic change to short-term crises like pandemics or war. Funding this activity, and managing the required fi nances sustainably, is diffi cult - and getting more so. But governments don't provide - or use - basic fi nancial information that every business is required to maintain. They ignore the value of public assets and most liabilities. This leads to ineffi ciency and bad decision-making and piles up problems for the future. Governments need to create balance sheets that properly refl ect assets and liabilities, and to understand their future obligations and revenue prospects. Net Worth - both today and for the future - should be the measure of fi nancial strength and success. Only if this information is put at the centre of government fi nancial decision-making can the present challenges to public fi nances around the world be addressed effectively, and in a way that is fair to future generations. The good news is that there are ways to deal with these problems and make government fi nances more resilient and fairer to future generations. The facts, and the solutions, are non-partisan, and so is this book. Responsible leaders of any political persuasion need to understand the issues and the tools that can enable them to deliver policy within these constraints. Ian Ball a principal architect of the New Zealand Government's fi nancial management reforms, initiator of the International Public Sector Accounting Standards and CEO of the International Federation of Accountants. Willem Buiter former Chief Economist at Citigroup and EBRD, professor of economics atthe LSE, Cambridge and Yale, and an original member of the Monetary Policy Committee of the Bank of England. John Crompton former investment banker with Morgan Stanley and HSBC in London, New York, and Hong Kong, as well as a Senior Corporate Finance Advisor at the HMT. Dag Detter Investment advisor to governments led the comprehensive restructuring of Sweden's national portfolio of commercial assets and author of 'The Public Wealth of Nations'. Jacob Soll Professor of Philosophy, History, and Accounting at the University of Southern California and the author of The Reckoning: Financial Accountability and the Rise and Fall of Nations.

Anmerkung: PART 1. PURPOSE AND PROLOGUE -- Chapter 1. Owning and Owing -- Chapter 2. From Warfare to Welfare in Three Generations -- PART 2. ACCOUNTING FOR GOVERNMENT -- Chapter 3. Why Government Accounting Matters -- Chapter 4. What Does the Government Balance Sheet Look Like? -- Chapter 5. Why Accrual Accounting Matters -- Chapter 6. Accrual Accounting - How it Works in Practice -- Chapter 7. Central Banks and the Public Sector Balance Sheet -- Chapter 8. Looking to the Future: The Comprehensive Balance Sheet -- Chapter 9. Comparison of Public Sector Balance Sheets -- Chapter 10. Comparison of Comprehensive Balance Sheets -- Chapter 11. Review of Fiscal Rules -- PART 3. MANAGING PUBLIC COMMERCIAL ASSETS AND LIABILITIES -- Chapter 12. Finding, Understanding and Valuing Public Commercial Assets -- Chapter 13. The Asset Map: A Shortcut to Understanding Property Holdings Better -- Chapter 14. Institutionalising Asset Management -- Chapter 15. What Should Governments Do with Public Commercial Assets? -- Chapter 16. Managing Assets Better: The Role of Public Wealth Funds -- Chapter 17. Pensions and Other Liabilities: The Benefits of Disclosure and Management -- PART 4. PAST, PRESENT AND FUTURE -- Chapter 18. Balance Sheets, Culture and National Achievement in Europe 1560 - 1834 -- Chapter 19. How Accounting Can Save Democracy -- Chapter 20. Implementing Change.

In: Springer Nature eBook

Weitere Ausg.: Printed edition: ISBN 9783031443428

Weitere Ausg.: Printed edition: ISBN 9783031443442

Weitere Ausg.: Printed edition: ISBN 9783031443459

Sprache: Englisch

DOI: 10.1007/978-3-031-44343-5

URL: https://doi.org/10.1007/978-3-031-44343-5