A Framework for Assessing Fiscal Vulnerability
March 1, 2000
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Summary
Fiscal vulnerability describes a situation where a government is exposed to the possibility of failure to meet its aggregate fiscal policy objectives. The suggested framework for assessing vulnerability highlights four macro-fiscal aspects of vulnerability: incorrect specification of the initial fiscal position; sensitivity of short-term fiscal outcomes to risk; threats to longer-term fiscal sustainability; and structural or institutional weaknesses affecting the design and implementation of fiscal policy. Fiscal vulnerability indicators are suggested.
Subject: Expenditure, Fiscal policy, Fiscal risks, Fiscal stance, Public financial management (PFM)
Keywords: aggregate fiscal policy approach, deficit, fiscal policy objective, revenue, WP
Pages:
21
Volume:
2000
DOI:
Issue:
052
Series:
Working Paper No. 2000/052
Stock No:
WPIEA0522000
ISBN:
9781451847246
ISSN:
1018-5941
