Fiscal Adjustment and Contingent Government Liabilities: Case Studies of the Czech Republic and Macedonia
Hana Polackova Brixi · Hafez Ghanem · Roumeen Islam
Jan 1999 · World Bank Publications
Ebook
41
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About this ebook
Governments' contingent liabilities increase fiscal vulnerability, but are omitted in traditional measures of the current deficit. In the Czech Republic this omission may mean that fiscal adjustment has been overstated by 3 to 4 percent of annual GDP, with future budgets having to pay for past guarantees. The stock of existing contingent liabilities in Macedonia could add 2 to 4 percent of GDP to that country's future deficits.
Governments' contingent liabilities increase fiscal vulnerability, but are omitted in traditional measures of the current deficit. In the Czech Republic this omission may mean that fiscal adjustment has been overstated by 3 to 4 percent of annual GDP, with future budgets having to pay for past gu...
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