Fiscal adjustment and contingent government liabilities
Subtitle: case studies of the Czech Republic and Macedonia
By: Hana Polackova Brixi, Hafez Ghanem, Roumeen Islam.
Contributors: Ghanem, Hafez.; Islam, Roumeen.; World Bank. Europe and Central Asia Region. Poverty Reduction and Economic Management Unit.; World Bank. Office of the Senior Vice President and Chief Economist, Development Economics.
Series: Policy research working paper ;; 2177; Policy research working papers ;; 2177.
Publisher: World Bank, Europe and Central Asia Region, Poverty Reduction and Economic Management Sector Unit; Office of the Senior Vice President and Chief Economist, Development Economics
Published: 1999
Place of publication: Washington, DC
Language: eng
Number of pages: 41
Subjects: Fiscal policy -- Czech Republic.; Fiscal policy -- Macedonia.; Budget deficits -- Czech Republic.; Budget deficits -- Macedonia.; Finance, Public -- Czech Republic.; Finance, Public -- Macedonia.; Contingent liabilities (Accounting) -- Czech Republic.; Contingent liabilities (Accounting) -- Macedonia.
Description: 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.
Notes: Includes bibliographical references (p. 29-30).
"September 1999"--Cover.
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