{
  "title": "The Fiscal Costs of Contingent Liabilities: A New Dataset",
  "publication": "IMF Working Papers, February 8, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/the-fiscal-costs-of-contingent-liabilities-a-new-dataset-43685",
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  "summary": "We construct the first comprehensive dataset of contingent liability realizations in advanced and emerging markets for the period 1990–2014. We find that contingent liability realizations are a major source of fiscal distress.",
  "sections": [
    {
      "heading": "Dataset construction",
      "content": "- First comprehensive dataset of contingent liability realizations in advanced and emerging markets for the period 1990–2014.\n- Covers contingent liability realizations across multiple economic sectors, with emphasis on the financial sector and episodes related to the Global financial crisis of 2008-2009."
    },
    {
      "heading": "Key findings",
      "content": "- Contingent liability realizations are a major source of fiscal distress.\n- The average fiscal cost of a contingent liability realization is 6 percent of GDP.\n- Fiscal costs can be as high as 40 percent of GDP for major financial sector bailouts.\n- Contingent liability realizations are correlated among each other and tend to occur during periods of growth reversals and crises, accentuating pressure on the budget during already difficult times.\n- Countries with stronger institutions are able to better control and address the underlying risks and are less exposed to contingent liability realizations."
    },
    {
      "heading": "Thematic relevance and keywords",
      "content": "- Subject areas: Contingent liabilities, Economic sectors, Financial crises, Financial sector, Fiscal risks, Global financial crisis of 2008-2009, Public debt, Public financial management (PFM).\n- Keywords highlighted on the source: Budget Deficits, CL, CL materialization, CL realization, CL shock, Contingent Liabilities, debt assumption, Eastern Europe, Financial sector, fiscal cost, Fiscal Crisis, Fiscal risks, Global, Global financial crisis of 2008-2009, Public Debt, SOE support, WP."
    },
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      "content": "- Authors: Elva Bova, Marta Ruiz-Arranz, Frederik G Toscani, H. Elif Ture\n- Date: February 8, 2016\n- Series: IMF Working Papers, Working Paper No. 2016/014\n- Pages: 55\n- Issue: 014\n- ISBN: 9781498303606\n- ISSN: 1018-5941\n- DOI: https://doi.org/10.5089/9781498303606.001\n\nSource: IMF Working Paper \"The Fiscal Costs of Contingent Liabilities: A New Dataset\" by Elva Bova, Marta Ruiz-Arranz, Frederik G Toscani, and H. Elif Ture (February 8, 2016).\n\n---\n\n Content in this bundle\n\n- wp1614\n  - wp1614 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp1614 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/the-fiscal-costs-of-contingent-liabilities-a-new-dataset-43685"
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    "Authors: Elva Bova, Marta Ruiz-Arranz, Frederik G Toscani, H. Elif Ture",
    "Published: February 8, 2016",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781498303606.001",
    "First comprehensive dataset of contingent liability realizations in advanced and emerging markets for the period 1990–2014.",
    "Covers contingent liability realizations across multiple economic sectors, with emphasis on the financial sector and episodes related to the Global financial crisis of 2008-2009.",
    "Contingent liability realizations are a major source of fiscal distress.",
    "The average fiscal cost of a contingent liability realization is 6 percent of GDP.",
    "Fiscal costs can be as high as 40 percent of GDP for major financial sector bailouts.",
    "Contingent liability realizations are correlated among each other and tend to occur during periods of growth reversals and crises, accentuating pressure on the budget during already difficult times.",
    "Countries with stronger institutions are able to better control and address the underlying risks and are less exposed to contingent liability realizations.",
    "Subject areas: Contingent liabilities, Economic sectors, Financial crises, Financial sector, Fiscal risks, Global financial crisis of 2008-2009, Public debt, Public financial management (PFM).",
    "Keywords highlighted on the source: Budget Deficits, CL, CL materialization, CL realization, CL shock, Contingent Liabilities, debt assumption, Eastern Europe, Financial sector, fiscal cost, Fiscal Crisis, Fiscal risks, Global, Global financial crisis of 2008-2009, Public Debt, SOE support, WP.",
    "Authors: Elva Bova, Marta Ruiz-Arranz, Frederik G Toscani, H. Elif Ture",
    "Date: February 8, 2016",
    "Series: IMF Working Papers, Working Paper No. 2016/014",
    "Pages: 55",
    "Issue: 014",
    "ISBN: 9781498303606",
    "ISSN: 1018-5941",
    "DOI: https://doi.org/10.5089/9781498303606.001",
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