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Long-Term Sustainability of Public Finances in Slovakia: Lessons Learned and Policy Implications

Gain insights on the long-term sustainability of public finances in Slovakia, exploring complex fiscal risk assessment beyond aging and simple indicators. Discuss policy implications, measurement and management of fiscal risks, and more.

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Long-Term Sustainability of Public Finances in Slovakia: Lessons Learned and Policy Implications

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  1. Long-term sustainability of public finances in SlovakiaĽudovít Ódor

  2. Main lessons • Move beyond ageing – complex fiscal risk assessment • Move beyond simple indicators - look at public sector balance sheets • Discuss policy implications

  3. Extending our understanding of long-term sustainability

  4. Four dimensions of sustainability Solvency Stability Sustainability Growth Fairness 2005, Schick A.

  5. Public sector balance sheet(intertemporal net worth)

  6. Fiscal space review

  7. Current focus of the CBR

  8. Population ageing Population in year 2067 Population in year 2017

  9. Transition to a totally different country

  10. Sustainability „GAP“ indicator (vintages 2011 to 2016)

  11. Net worth of the public sector

  12. Feedback effects oneconomic growth

  13. Generational accounts(age profiles)

  14. Other issues • Public-private partnerships (PPPs) • Costs of nuclear decommissioning • Costs of delay • Scenario and sensitivity analysis • Definition of NPC scenarios

  15. Policy implications

  16. Major challenges • Immigration policy • Structural reforms (labour and product markets, pensions, healthcare) • Measurement and management of fiscal risks • More focus on distributional consequences and growth implications • Link between deficits and changes in net worth • New topics: monetary-fiscal interactions, natural resources, global warming, cyber-security etc.

  17. Thank you for Your attention!

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