Fiscal adjustment and contingent government liabilities case studies of the Czech Republic and Macedonia
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...
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| Corporate Authors: | , |
| Other Authors: | , |
| Format: | eBook |
| Language: | English |
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Washington, DC
Office of the Senior Vice President and Chief Economist, Development Economics
1999
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| Series: | Policy research working paper
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| Collection: | World Bank E-Library Archive - Collection details see MPG.ReNa |
| Summary: | 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 |
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| Item Description: | "September 1999"--Cover. - Includes bibliographical references (p. 29-30) |
| Physical Description: | 41 p ill 28 cm |