We construct a comprehensive public sector balance sheet for Finland from 2000 to 2016 by
complementing general government statistics with data on public corporations and public
pensions. We show that exposure to valuation changes in equity markets through asset holdings
and increases in pension liabilities relative to GDP amplify crisis impacts on public finances. We
expand the balance sheet by including present value estimates of future fiscal flows; this allows
us to perform fiscal stress tests and policy experiments. These analyses suggest that Finland’s
public finances will remain sound provided ongoing reform and consolidation efforts to address
aging pressures are implemented as planned.
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