{
  "title": "Resolving a Large Contingent Fiscal Liability: Eastern European Experiences",
  "publication": "IMF Working Papers, June 1, 2008",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/resolving-a-large-contingent-fiscal-liability-eastern-european-experiences-22062",
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  "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.",
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    {
      "heading": "Summary",
      "content": "- Governments may need to address large contingent or off balance sheet fiscal liabilities; implementing a settlement raises issues of fiscal sustainability and macroeconomic stability.\n- The paper surveys key design issues and draws lessons from recent Eastern European experience.\n- The paper considers in more detail the particular case of Ukraine and how it might approach its large contingent liability—the so-called lost savings—which at end-2007 amounted to as much as 18 percent of GDP."
    },
    {
      "heading": "Key design issues and lessons from Eastern Europe",
      "content": "- Settlement design must balance fiscal sustainability and macroeconomic stability.\n- Lessons are drawn from recent Eastern European experience (survey and synthesis of outcomes and design choices)."
    },
    {
      "heading": "Case study: Ukraine (lost savings)",
      "content": "- At end-2007 the lost savings liability amounted to as much as 18 percent of GDP.\n- The paper examines approaches Ukraine might consider to address its large contingent liability, within the broader context of fiscal and macroeconomic implications."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Arrears, Currencies, Fiscal sustainability, Privatization, Real interest rates\n- Keywords: current account, financial market, monetary policy, real interest rate, WP\n\n---\n\n Content in this bundle\n\n- wp08159\n  - wp08159 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp08159 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/resolving-a-large-contingent-fiscal-liability-eastern-european-experiences-22062"
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    "Authors: Mark J Flanagan",
    "Published: June 1, 2008",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451870176.001",
    "Governments may need to address large contingent or off balance sheet fiscal liabilities; implementing a settlement raises issues of fiscal sustainability and macroeconomic stability.",
    "The paper surveys key design issues and draws lessons from recent Eastern European experience.",
    "The paper considers in more detail the particular case of Ukraine and how it might approach its large contingent liability—the so-called lost savings—which at end-2007 amounted to as much as 18 percent of GDP.",
    "Settlement design must balance fiscal sustainability and macroeconomic stability.",
    "Lessons are drawn from recent Eastern European experience (survey and synthesis of outcomes and design choices).",
    "At end-2007 the lost savings liability amounted to as much as 18 percent of GDP.",
    "The paper examines approaches Ukraine might consider to address its large contingent liability, within the broader context of fiscal and macroeconomic implications.",
    "Subject: Arrears, Currencies, Fiscal sustainability, Privatization, Real interest rates",
    "Keywords: current account, financial market, monetary policy, real interest rate, WP",
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