Fiscal Risks: Sources, Disclosure, and Management

Author: Ms. Lusine Lusinyan, Aliona Cebotari, Ricardo Velloso, Mr. Jeffrey M. Davis, Mr. Amine Mati, Murray Petrie, and Mr. Paolo Mauro

This paper analyzes the main sources of fiscal risks which can have major consequences for countries fiscal and public debt sustainability.

Volume/Issue: Volume 2009 Issue 001

Publication date: January 2009

ISBN: 9781589067905

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Public Finance , DPPP , DP , fiscal risk , guarantee , debt management , interest rate , contingency reserve , risk mitigation , exchange rate , economic growth , Fiscal risks , Contingent liabilities , Budget planning and preparation , Africa

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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.