ABSTRACT
This chapter discusses the three issues of content, netting, and timing in the light of the uses to which the concepts of totals for receipts and for outlays, and of the resulting surplus or deficit, are to be put. The answer to any particular query on procedure for content, netting, and timing may differ depending on whether the aim is to measure the public finance sector relative to the economy as a whole. To formulate a policy for full employment, external equilibrium, and price stability, to anticipate the treasury's financing requirements, or to submit a plan of action to a legislative body. The public finance sector, that is, that part of the government that dispenses goods on a nonmarket basis, can be expressed as a fraction of the total economy. This ratio can then be compared over time and between governmental jurisdictions. A government guarantee of a loan by the private sector is to be included in government outlays.
