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Resolving a Large Contingent Fiscal Liability; Eastern Europe Experience

  • Mark J Flanagan
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    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
    Date of creation: 01 Jun 2008
    Date of revision:
    Handle: RePEc:imf:imfwpa:08/159
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    1. Bayoumi, Tamim & Laxton, Douglas & Pesenti, Paolo, 2004. "Benefits and spillovers of greater competition in Europe: a macroeconomic assessment," Working Paper Series 0341, European Central Bank.
    2. Galí, Jordi & López-Salido, J David & Vallés Liberal, Javier, 2005. "Understanding the Effects of Government Spending on Consumption," CEPR Discussion Papers 5212, C.E.P.R. Discussion Papers.
    3. Sònia Muñoz & Céline Allard, 2008. "Challenges to Monetary Policy in the Czech Republic; L3794An Integrated Monetary and Fiscal Analysis," IMF Working Papers 08/72, International Monetary Fund.
    4. Enrica Detragiache & Antonio Spilimbergo, 2001. "Crises and Liquidity; Evidence and Interpretation," IMF Working Papers 01/2, 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. Oli Havrylyshyn & Donal McGettigan, 1999. "Privatization in Transition Countries; A Sampling of the Literature," IMF Working Papers 99/6, International Monetary Fund.
    7. Christian Mumssen & Irina Dolinskaya & Simon Commander & Irina Tytell, 2000. "Determinants of Barter in Russia; An Empirical Analysis," IMF Working Papers 00/155, International Monetary Fund.
    8. Alberto M. Ramos, 1998. "Government Expenditure Arrears; Securitization and Other Solutions," IMF Working Papers 98/70, International Monetary Fund.
    9. Jeffrey M. Davis & Thomas J. Richardson & Rolando Ossowski & Steven Barnett, 2000. "Fiscal and Macroeconomic Impact of Privatization," IMF Occasional Papers 194, International Monetary Fund.
    10. Douglas Laxton & Paolo Pesenti, 2003. "Monetary Rules for Small, Open, Emerging Economies," NBER Working Papers 9568, National Bureau of Economic Research, Inc.
    11. Douglas Laxton & Michael Kumhof, 2007. "A Party without a Hangover?on the Effects of U.S. Government Deficits," IMF Working Papers 07/202, International Monetary Fund.
    12. Roberto Ricciuti, 2003. "Assessing Ricardian Equivalence," Journal of Economic Surveys, Wiley Blackwell, vol. 17(1), pages 55-78, February.
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