Resolving a Large Contingent Fiscal Liability: Eastern European Experiences

Mark Flanagan

No 2008/159, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: WP; financial market; monetary policy; current account; real interest rate (search for similar items in EconPapers)
Pages: 40
Date: 2008-06-01
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