Resolving a Large Contingent Fiscal Liability: Eastern European Experiences

June 1, 2008

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Mark J Flanagan. Resolving a Large Contingent Fiscal Liability: Eastern European Experiences, (USA: International Monetary Fund, 2008) accessed September 18, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

On occasion, a government may find itself confronted with a need to address a large contingent or off balance sheet fiscal liability. Implementing a settlement raises issues of fiscal sustainability and macroeconomic stability. This paper surveys the key design issues, and draws lessons from recent Eastern European experience. It then considers in more detail the particular case of Ukraine, and how it might approach its own large contingent liability-the so-called lost savings-which at end-2007 amounted to as much as 18 percent of GDP.

Subject: Arrears, Currencies, Fiscal sustainability, Privatization, Real interest rates

Keywords: Current account, Financial market, Monetary policy, Real interest rate, WP

Publication Details

Pages:

40
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2008/159
Stock No:

WPIEA2008159
ISBN:

9781451870176
ISSN:

1018-5941

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