Fiscal Risks: Sources, Disclosure, and Management

By Lusine Lusinyan, Aliona Cebotari, Ricardo Velloso, Jeffrey M. Davis, Amine Mati, Murray Petrie, Paolo Mauro

January 29, 2009

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Format: Chicago

Lusine Lusinyan, Aliona Cebotari, Ricardo Velloso, Jeffrey M. Davis, Amine Mati, Murray Petrie, and Paolo Mauro. Fiscal Risks: Sources, Disclosure, and Management, (USA: International Monetary Fund, 2009) accessed November 21, 2024

Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

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.

Subject: Budget planning and preparation, Contingent liabilities, Expenditure, Fiscal policy, Fiscal risks, Public debt, Public financial management (PFM)

Keywords: Africa, Budget planning and preparation, Contingency reserve, Contingent liabilities, Debt management, DP, DPPP, Economic growth, Exchange rate, Fiscal risk, Fiscal risks, Guarantee, Interest rate, Risk mitigation

Publication Details

Pages:

60
Volume:

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DOI:

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Issue:

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Series:

Departmental Paper No. 2009/001
Stock No:

FRSDEA
ISBN:

9781589067905
ISSN:

2616-5333

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