Crisis-Related Measures in the Financial System and Sovereign Balance Sheet Risks

July 31, 2009

Summary

This paper examines the fiscal and financial risk implications of support measures in a sovereign balance sheet framework, making the point that the ultimate fiscal cost will depend on how balance sheets are managed—both in the near-term and as governments develop unwinding strategies. It suggests some key principles for efficient and transparent management of new assets, liabilities, and associated risks, and for moving toward an orderly disengagement.

Subject: External debt, Financial crisis, Financial systems, Fiscal management, Fiscal policy, Fiscal stability, Intervention, Monetary policy, Public finance, Sovereign debt

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Notes

Prepared by a staff team supervised by Adrienne Cheasty and Udaibir S. Das and comprising Luis Cortavarria, Vincenzo Guzzo, Allison Holland, Philippe Karam, Daehaeng Kim, Ian Lienert, Edouard Martin, Michael Papaioannou, Iva Petrova, Abdourahmane Sarr, Mark Stone, and Mauricio Villafuerte.

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Policy Papers