Government at Risk: Contingent Liabilities and Fiscal RiskHana Polackova Brixi, Allen Schick World Bank Publications, 2002 - 471 pages Governments at risk are facing major fiscal challenges as a result of their contingent liabilities. Contingent liabilities dubbed "hidden deficits" account for a large share of the rise in government debt and tend to remain outside the framework of conventional public financial analysis and institutions. In many countries, the reality or prospect of unbudgeted fiscal risks coming due has been a wake-up call to extend fiscal management beyond the budgetary framework. This book offers practical guidance to governments seeking to improve the management of fiscal risks. It explores difficult analytical and institutional challenges confronting reformers attempting to manage government fiscal risks. While discussing the inadequacies of conventional practices of dealing with fiscal risk, this book presents recent advances in managing fiscal risk and thereby helps to push the practice of fiscal analysis and management into the 21st century. A copublication of the World Bank and Oxford University Press. |
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accounting Allen Schick amount analysis approach assess assets balance sheet billion bonds borrowing Brixi budget Bulgaria cash flows central bank central government Chapter contingent liabilities contracts countries crisis Czech Republic DDSR agreement default deposit insurance domestic economic entities ernment estimates example expected expenditures explicit face value factors financial institutions financial sector fiscal cost fiscal policy fiscal risks fiscal sustainability foreign framework future government debt government guarantees government's hedge implicit incentives increase infrastructure interest rate International Monetary Fund investment issued loans losses macroeconomic market value measures ment Ministry of Finance monitoring moral hazard net present value obligations off-budget options payments pension fund pension guarantee percent of GDP Polackova portfolio present value private sector projects public sector put option reduce reforms reporting require reserves restructuring revenue risk exposure risk management Risk Matrix sources subsidy tion U.S. dollars Washington World Bank