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Resolving a Large Contingent Fiscal Liability: Eastern Europe Experience

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Author Info
Mark J Flanagan
Abstract

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.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/159.

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Length: 40 pages
Date of creation: 02 Jul 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/159

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Related research
Keywords: Eastern Europe ; Balance of payments deficits ; Budget deficits ; Fiscal sustainability ; Debt management ; Fiscal stability ; Ukraine ;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Alberto M. Ramos, 1998. "Government Expenditure Arrears - Securitization and Other Solutions," IMF Working Papers 98/70, International Monetary Fund.
  2. Oli Havrylyshyn & Donal McGettigan, 1999. "Privatization in Transition Countries - A Sampling of the Literature," IMF Working Papers 99/6, International Monetary Fund.
  3. Steven Barnett & Jeffrey M. Davis & Rolando Ossowski & Thomas J. Richardson, 2000. "Fiscal and Macroeconomic Impact of Privatization," IMF Occasional Papers 194, International Monetary Fund.
  4. Irina Dolinskaya & Christian Mumssen & Simon Commander, 2000. "Determinants of Barter in Russia - An Empirical Analysis," IMF Working Papers 00/155, International Monetary Fund.
  5. Nigel Andrew Chalk & Richard Hemming, 2000. "Assessing Fiscal Sustainability in Theory and Practice," IMF Working Papers 00/81, International Monetary Fund.
  6. Tamim Bayoumi & Douglas Laxton & Paolo Pesenti, 2004. "Benefits and spillovers of greater competition in Europe: a macroeconomic assessment," Staff Reports 182, Federal Reserve Bank of New York. [Downloadable!]
    Other versions:
  7. Douglas Laxton & Paolo Pesenti, 2003. "Monetary Rules for Small, Open, Emerging Economies," NBER Working Papers 9568, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  8. Jordi Galí & J. David López-Salido & Javier Vallés, 2007. "Understanding the Effects of Government Spending on Consumption," Journal of the European Economic Association, MIT Press, vol. 5(1), pages 227-270, 03. [Downloadable!] (restricted)
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  9. Céline Allard & Sònia Muñoz, 2008. "Challenges to Monetary Policy in the Czech Republic—An Integrated Monetary and Fiscal Analysis," IMF Working Papers 08/72, International Monetary Fund. [Downloadable!]
  10. Roberto Ricciuti, 2003. "Assessing Ricardian Equivalence," Journal of Economic Surveys, Blackwell Publishing, vol. 17(1), pages 55-78, February. [Downloadable!] (restricted)
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  12. Enrica Detragiache & Antonio Spilimbergo, 2001. "Crises and Liquidity - Evidence and Interpretation," IMF Working Papers 01/2, International Monetary Fund. [Downloadable!]
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