Contingent Liabilities : A Threat to Fiscal Stability

• Tác giả: Hana Polackova
• Ngôn ngữ: eng
• Ký hiệu phân loại: 658.1 Organization and finance
• Thông tin xuất bản: World Bank, Washington, DC, 2012
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 312300
• Chủ đề: 1. AUTHORITY; 2. BALANCE SHEETS; 3. BANK BAILOUTS; 4. BANK FAILURES; 5. BUDGET EXPENDITURES

Tóm tắt

The economic policy note discusses the issue of serious fiscal instability faced by many governments as a result of their contingent liabilities, which are associated with major hidden fiscal risks. Direct liabilities are predictable obligations that will arise in any event, and are the main subject of conventional fiscal analysis. Conversely, contingent liabilities are obligations triggered by a discreet but uncertain event, and are not always accounted for fully. The note further discusses explicit and implicit liabilities of a central government, suggesting ways to reduce fiscal risks for the policy makers.