How Do Countries Use an Asset and Liability Management Approach? A Survey on Sovereign Balance Sheet Management

Cangoz, M. Coskun ; Boitreaud, Sebastien ; Dychala, Christopher

World Bank, Washington, DC

关键词: ASSET MANAGEMENT;    ASSET AND LIABILITY MANAGEMENT;    PUBLIC DEBT;    SOVEREIGN DEBT MANAGEMENT;    BALANCE SHEET;   

DOI  :  10.1596/1813-9450-8624
RP-ID  :  WPS8624

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper summarizes and discusses theresults of a survey on country practices in the managementof sovereign assets and liabilities. Twenty-eight countries,mostly high-income economies, responded to thequestionnaire. The survey responses provide detailedinformation about various approaches to the sovereign assetand liability management framework in terms of balance sheetproduction as well as objectives, priority areas, andchallenges associated with integrated management. Inaddition to the survey results, where possible and relevant,this paper provides insight through prominent countryexamples. The survey results confirm that the number ofcountries that have developed such a framework is limited.Although most of the respondents indicated that theyregularly produce an accounting balance sheet, the objectiveof this exercise is often limited to monitoring sovereignassets and liabilities rather than determining mismatchesbetween them. In the cases where a sovereign asset andliability management framework is implemented, there aresignificant differences across countries. Most countriesinclude state-owned enterprises in the sovereign balancesheet, but only a minority also considers central banks, insome cases only international reserves and sovereign funds.The challenges cited include institutional arrangements,uncertain or lacking mandate, coordination betweeninstitutions, data availability, and valuation of assets.Most of these challenges are related to the implementationof the approach. The development of sound practices forsovereign asset and liability management could benefitgovernments and facilitate the implementation of a holisticapproach to manage their balance sheets and related risks,increasing their resilience to shocks.