New Zealand’s ageing population is expected to have a significant impact on long-term government expenditure, particularly in the areas of health and superannuation. Recent projections from Treasury’s Long-Term Fiscal Model suggest that, under current policy settings, government expenditure...

This paper considers Crown financial portfolio composition from a welfare perspective. It argues that a broad definition of the Crown’s portfolio is required for analysing the welfare implications of portfolio composition. In practice, this means incorporating the present discounted value of...

This paper is a primer for policy analysts on the securitisation of assets and liabilities. It describes key elements of a typical asset securitisation; outlines the reasons for securitising assets; discusses the types of assets that can be securitised; describes the requirements for a successful...

This paper investigates the agency problems associated with the public management of a large financial asset portfolio. After considering the relevant theoretical and empirical literature, a set of institutional arrangements are presented that should reduce the extent of the potential agency...