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Hungary: Fiscal risks from public transport enterprises

Author

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  • Ana Corbacho

    (Fiscal Affairs Department of the International Monetary Fund.)

Abstract

Public enterprises may play an important role in government finances and pose substantial fiscal risks. However, these risks are not always adequately reflected in the fiscal accounts. This hampers the transparent assessment of the fiscal stance, provides incentives to move fiscal activities off budget, and increases risks that unrecorded liabilities materialize unexpectedly. The IMF’s Fiscal Affairs Department proposed a framework to the coverage of public enterprises in fiscal indicators and targets based on the fiscal risks posed by public enterprises’ operations. This paper applies this approach to the Hungarian State Railways and the Budapest Transport Company and draws some lessons for enhancing the transparency, quality and predictability of fiscal policy in Hungary.

Suggested Citation

  • Ana Corbacho, 2007. "Hungary: Fiscal risks from public transport enterprises," MNB Conference Volume, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 1(1), pages 28-42, December.
  • Handle: RePEc:mnb:confer:v:1:y:2007:i:1:p:28-42
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    More about this item

    Keywords

    fiscal risk; public enterprises; quasi-fiscal activities; fiscal transparency.;

    JEL classification:

    • H32 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Firm
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government

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