Contingent Liabilities: Issues and Practice; Aliona Cebotari; imf working Paper 08/245; October 1, 2008
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Contingent Liabilities Issues and Practice
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See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/23533965 Contingent Liabilities: Issues and Practice Article in IMF Working Papers · November 2008 DOI: 10.5089/9781451871036.001 · Source: RePEc CITATIONS 34 READS 6,567 1 author: Aliona Cebotari International Monetary Fund 10 PUBLICATIONS 65 CITATIONS SEE PROFILE All content following this page was uploaded by Aliona Cebotari on 17 April 2017. The user has requested enhancement of the downloaded file. Contingent Liabilities: Issues and Practice Aliona Cebotari WP/08/245 © 2008 International Monetary Fund WP/ 08/245 IMF Working Paper Fiscal Affairs Department Contingent Liabilities: Issues and Practice Prepared by Aliona Cebotari 1 Authorized for distribution by Paolo Mauro October 2008 Abstract This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. Contingent liabilities have gained prominence in the analysis of public finance. Indeed, history is full of episodes in which the financial position of the public sector is substantially altered—or its true nature uncovered—as a result of government bailouts of financial or nonfinancial entities, in both the private and the public sector. The paper discusses theoretical and practical issues raised by contingent liabilities, including the rationale for taking them on, how to safeguard against the fiscal risks associated with them, how to account and budget for them, and how to disclose them. Country experiences are used to illustrate ways these issues are addressed in practice and challenges faced. The paper also points to good practices related to the mitigation, management and disclosure of risks from contingent liabilities. JEL Classification Numbers: Keywords: contingent liabilities, government guarantees, fiscal risks, disclosure, risk management Author’s E-Mail Address: acebotari@imf.org 1 Fiscal Affairs Department, International Monetary Fund. The author would like to thank Richard Allen, Ian Lienert, Lusine Lusinyan, Murray Petrie, and Ricardo Velloso for helpful comments and suggestions, and Lars Hörngren, Richard Hughes and Gösta Ljungman for useful insights on country experiences. The author is grateful to Paolo Mauro for his support and valuable comments. The errors are the author’s alone. 2 Contents Page Download 1.26 Mb. Do'stlaringiz bilan baham: 
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