# In an op-ed, Nobel Laureate Prof. Michael Spence explains the importance of states' balance sheets

1 Faculty News February 18, 2013 ![Project Syndicate logo](/sites/default/files/styles/246w/public/assets/images/con_030500.jpg?itok=ONV7lJ6H)>

Excerpt from [Project Syndicate](http://www.project-syndicate.org/commentary/why-states-should-build-asset-portfolios-by-michael-spence) -- "For developed countries, increasing resilience and flexibility over time by building public assets should be a long-term priority. Periodic systemic risk affects entire economies and public finances, not only financial markets, and governments should be able to respond during periods of rapid structural change."

[Read more](http://www.project-syndicate.org/commentary/why-states-should-build-asset-portfolios-by-michael-spence)