Contingent Liabilities: Issues and Practice; Aliona Cebotari; imf working Paper 08/245; October 1, 2008

Document Outline

• II. Background
• III. Mitigating Risks Associated with Contingent Liabilities
  • A. Frameworks for Dealing with Risks from Contingent Liabilities
  • B. When to take on Contingent Liabilities?
  • C. Strategies to Transfer Risk or Costs Related to Contingent Liabilities
    • Risk sharing with the private sector
    • Charging for Guarantees
  • D. Other Safeguards against Risks Related to Contingent Liabilities
    • Parliamentary Approval of Contingent Liabilities
    • External Control Over Contingent Liabilities
    • Budgeting for the Subsidy Cost of Contingent Liabilities
    • Limiting Risk from Implicit Liabilities
• IV. Managing Retained Risk from Contingent Liabilities
  • A. Instruments for Managing Low Impact Liabilities
    • Budget Flexibility
    • Contingency Reserve Funds
  • B. Instruments for Managing High Impact Liabilities
    • Insurance and Hedging
    • Contingency and Emergency Loans
• V. Disclosing Contingent Liabilities
  • Disclosure Requirements
  • Disclosure Practices
• VI. Institutional Arrangements for Managing Contingent Liability Risks
• VII. Conclusion
• References
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