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Fiscal Risks; Sources, Disclosure, and Management

Author

Listed:
  • Lusine Lusinyan
  • Aliona Cebotari
  • Ricardo Velloso
  • Jeffrey M. Davis
  • Amine Mati
  • Murray Petrie
  • Paolo Mauro

Abstract

This paper analyzes the main sources of fiscal risks, including from unexpected changes in macroeconomic variables and banking crises, which can have major consequences for countries fiscal and public debt sustainability. It builds on an overview of existing practices in a wide range of countries to provide practical suggestions on how to promote disclosure of such risks and on risk mitigation and management. The paper was written in response to requests from IMF member countries for advice on this subject. The paper also includes an example of a possible statement of fiscal risks.

Suggested Citation

  • Lusine Lusinyan & Aliona Cebotari & Ricardo Velloso & Jeffrey M. Davis & Amine Mati & Murray Petrie & Paolo Mauro, 2009. "Fiscal Risks; Sources, Disclosure, and Management," IMF Departmental Papers / Policy Papers 09/01, International Monetary Fund.
  • Handle: RePEc:imf:imfdep:09/01
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    Citations

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    Cited by:

    1. Leandro Medina, 2018. "Assessing Fiscal Risks in Bangladesh," Asian Development Review, MIT Press, vol. 35(1), pages 196-222, March.
    2. Timothy C. Irwin, 2016. "Getting the Dog to Bark: Disclosing Fiscal Risks from the Financial Sector," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 7(02), pages 1-17, June.
    3. Sun, Lixin, 2015. "China’s Debt: Structure, Determinants and Sustainability," MPRA Paper 68548, University Library of Munich, Germany, revised Oct 2015.
    4. Jacopo Cimadomo, 2016. "Real-Time Data And Fiscal Policy Analysis: A Survey Of The Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 30(2), pages 302-326, April.
    5. repec:kap:itaxpf:v:26:y:2019:i:2:d:10.1007_s10797-018-9496-1 is not listed on IDEAS
    6. Lledó, Victor & Poplawski-Ribeiro, Marcos, 2013. "Fiscal Policy Implementation in Sub-Saharan Africa," World Development, Elsevier, vol. 46(C), pages 79-91.
    7. Goryunov, Yevgeniy (Горюнов, Евгений), 2016. "Theoretical foundations, properties and interpretation of the budget gap indicators
      [Теоретические Основы, Свойства И Интерпретация Индикаторов Бюджетного Разрыва]
      ," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 2, pages 112-132, April.
    8. Ley, Eduardo & Misch, Florian, 2013. "Real-time macro monitoring and fiscal policy," Policy Research Working Paper Series 6303, The World Bank.
    9. Longmore, Rohan & Riveira Cazorla, Marta & Verhoeven, Marijn, 2014. "A Framework to Assess the Fiscal Risks of Public Bodies: Jamaica," World Bank - Economic Premise, The World Bank, issue 146, pages 1-8, June.
    10. Elva Bova & Marta Ruiz-Arranz & Frederik G Toscani & H. Elif Ture, 2016. "The Fiscal Costs of Contingent Liabilities; A New Dataset," IMF Working Papers 16/14, International Monetary Fund.
    11. Jakob Korbinian Eberl, 2016. "The Collateral Framework of the Eurosystem and Its Fiscal Implications," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 69.
    12. Sampawende J Tapsoba & Robert C York & Neree C.G.M. Noumon, 2016. "Can Statistical Capacity Building Help Reduce Procyclical Fiscal Policy in Developing Countries?," IMF Working Papers 16/209, International Monetary Fund.
    13. Valerie Cerra & Alfredo Cuevas & Carlos Góes & Izabela Karpowicz & Troy D Matheson & Issouf Samaké & Svetlana Vtyurina, 2016. "Highways to Heaven; Infrastructure Determinants and Trends in Latin America and the Caribbean," IMF Working Papers 16/185, International Monetary Fund.
    14. Elif Arbatli & Julio Escolano, 2015. "Fiscal Transparency, Fiscal Performance and Credit Ratings," Fiscal Studies, Institute for Fiscal Studies, vol. 36, pages 237-270, June.

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