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State Fiscal Management: What Practitioners Can Learn from Risk Management Theory


Fred Thompson


Willamette University - Atkinson Graduate School of Management

Bruce Gates


Willamette University - Atkinson Graduate School of Management

GOVERNMENT BUDGET FORECASTING: THEORY AND PRACTICE, Chapter 21, pp. 477-500, Macmillan, 2008

Abstract:     
In recent years, scholars have developed new analytical tools and financial instruments that could help governments cope more effectively with financial volatility. In this essay we show how states can achieve fiscal sustainability using financial instruments based upon mean-variance analysis: present-value balance, revenue diversification, macroeconomic hedging, self-insurance, etc. In this essay, we explain these tools and show how they fit together.

Keywords: state spending, state taxes, macroeconomic hedging, target budgeting, structural and cyclical deficits, rainy day funds, Oregon

JEL Classification: H71, H72, H74, F34

Accepted Paper Series


Date posted: May 1, 2008  

Suggested Citation

Thompson, Fred and Gates, Bruce, State Fiscal Management: What Practitioners Can Learn from Risk Management Theory. GOVERNMENT BUDGET FORECASTING: THEORY AND PRACTICE, Chapter 21, pp. 477-500, Macmillan, 2008. Available at SSRN: http://ssrn.com/abstract=1124552

Contact Information

Fred Thompson (Contact Author)
Willamette University - Atkinson Graduate School of Management ( email )
900 State Street
Salem, OR 97301
United States
503-370-6228 (Phone)
503-370-3011 (Fax)
Bruce Gates
Willamette University - Atkinson Graduate School of Management ( email )
900 State Street
Salem, OR 97301
United States
503-370-6440 (Phone)
503-370-3011 (Fax)
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