Resolving a Large Contingent Fiscal Liability : Eastern Europe Experience.
Mark J. Flanagan
Bok Engelsk 2008 · Electronic books.
| Omfang | 1 online resource (42 pages)
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| Utgave | 1st ed.
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| Opplysninger | Intro -- Contents -- I. Introduction -- II. Design of a Settlement: Economic Considerations -- A. Fiscal sustainability -- B. Macroeconomic stability -- III. Design of a Settlement: Technical Considerations -- A. Administration -- B. The staging of a settlement -- C. The settlement technique -- D. The use of public assets in a settlement -- IV. Application: Ukraine and the lost savings problem -- V. Conclusions -- Tables -- 1. Recent European Cases of Large Off-Balance Sheet Liabilities -- 2. Settlement Structures for Large Contingent Fiscal Liabilities -- 3. Structure of the Serbian Debt Settlement -- 4. Debt Settlement Timing and Macroeconomic Conjuncture -- 5. Settling Large Contingent Fiscal Claims: Issues Raised -- Figures -- 1. Primary Surplus in Successful Episodes of Debt Regularization -- 2. Up-front Debt Shock -- 3. Sensitivity Tests -- 4. Debt Shock with Counter-Cyclical Fiscal Policy -- 5. Spread-out Debt Shock -- 6. Debt Shock with All Offsets -- 7. Timing of Debt Restitution and Macroeconomic Factors -- 8. Ukraine: Distribution of Lost Savings Claims -- 9. Ukraine: Debt Shocks and Fiscal Sustainability -- 10. Ukraine: Current Macroeconomic Situation -- Boxes -- 1. The sustainable level of primary surplus -- 2. The Global Monetary and Fiscal Model -- 3. Mutual Debt Settlements (Netting) in the CIS -- Appendix I. The GIMF Model Calibration -- Appendix II. Ukraine: A Brief History of the Lost Savings -- References.. - 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.
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| Emner | |
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| Dewey | |
| ISBN | 9781451914702
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| ISBN(galt) |
