Contingent Liabilities : A Threat to Fiscal Stability

Polackova, Hana

World Bank, Washington, DC

关键词: AUTHORITY;    BALANCE SHEETS;    BANK BAILOUTS;    BANK FAILURES;    BUDGET EXPENDITURES;   

RP-ID  :  18575

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The economic policy note discusses theissue of serious fiscal instability faced by manygovernments as a result of their contingent liabilities,which are associated with major hidden fiscal risks. Directliabilities are predictable obligations that will arise inany event, and are the main subject of conventional fiscalanalysis. Conversely, contingent liabilities are obligationstriggered by a discreet but uncertain event, and are notalways accounted for fully. The note further discussesexplicit and implicit liabilities of a central government,suggesting ways to reduce fiscal risks for the policy makers.