Fiscal Risks: Sources, Disclosure, and Management

Departmental Papers, January 29, 2009

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Fiscal Risks: Sources, Disclosure, and Management

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Bibliographic details

• Authors: Lusine Lusinyan, Aliona Cebotari, Ricardo Velloso, Jeffrey M. Davis, Amine Mati, Murray Petrie, Paolo Mauro
• Published: January 29, 2009
• Series: Departmental Papers
• DOI: https://doi.org/10.5089/9781589067905.087

Summary and purpose

• Analyzes the main sources of fiscal risks, including from unexpected changes in macroeconomic variables and banking crises, which can have major consequences for countries fiscal and public debt sustainability.
• Builds on an overview of existing practices in a wide range of countries to provide practical suggestions on how to promote disclosure of such risks and on risk mitigation and management.
• Written in response to requests from IMF member countries for advice on this subject.
• Includes an example of a possible statement of fiscal risks.

Key findings (sources and consequences)

• Main sources of fiscal risks include:
  • Unexpected changes in macroeconomic variables.
  • Banking crises.
  • Contingent liabilities (implicit in keywords and subject matter).
• These risks can have major consequences for:
  • Countries fiscal sustainability.
  • Public debt sustainability.

Disclosure and risk management guidance

• Provides practical suggestions on:
  • How to promote disclosure of fiscal risks.
  • Risk mitigation measures.
  • Risk management practices.
• Builds on an overview of existing practices across a wide range of countries.

Additional content features

• The paper includes an example of a possible statement of fiscal risks.
• Targets policy advice for IMF member countries seeking guidance on fiscal risk issues.

Publication and metadata

• Authors: Lusine Lusinyan, Aliona Cebotari, Ricardo Velloso, Jeffrey M. Davis, Amine Mati, Murray Petrie, Paolo Mauro
• Publication date: January 29, 2009
• Series: Departmental Paper No. 2009/001
• Issue: 001
• Volume: 2009
• Pages: 60
• Stock No: FRSDEA
• DOI: https://doi.org/10.5089/9781589067905.087
• ISBN: 9781589067905
• ISSN: 2616-5333
• Subjects: Budget planning and preparation, Contingent liabilities, Expenditure, Fiscal policy, Fiscal risks, Public debt, Public financial management (PFM)
• Keywords: Africa, Budget planning and preparation, contingency reserve, Contingent liabilities, debt management, DP, DPPP, economic growth, exchange rate, fiscal risk, Fiscal risks, guarantee, interest rate, risk mitigation

Fiscal Risks: Sources, Disclosure, and Management, Departmental Papers 2009, 001 (2009).

Content in this bundle

• Fiscal Risks: Sources, Disclosure, and Management
  • Fiscal Risks: Sources, Disclosure, and Management (Markdown version)
  • Fiscal Risks: Sources, Disclosure, and Management (PDF)