Government at Risk: Contingent Liabilities and Fiscal Risk (World Bank Publication)

Annotation Offers The Latest Research In The Areas Of Fiscal Analysis And Public Finance Management. Dealing With Government Fiscal Risk : An Overview / Hana Polackova Brixi, Ashoka Mody -- Accounting And Financial Accountability To Capture Risk / Murray Petrie -- Budgeting For Fiscal Risk / Allen Schick -- Institutional And Analytical Framework For Measuring And Managing Government's Contingent Liabilities / Suresh M. Sundaresan -- Analytical Techniques Applicable To Government Management Of Fiscal Risk / Krishna Ramaswamy -- Fiscal Sustainability And A Contingency Trust Fund / Daniel Cohen -- A Framework For Assessing Fiscal Vulnerability / Richard Hemming, Murray Petrie -- Evaluating Government Net Worth In Colombia And Républica Bolivariana De Venezuela / William Easterly, David Yuravlivker -- The Challenges Of Fiscal Risks In Transition : Czech Republic, Hungary, And Bulgaria / Hana Polackova Brixi, Allen Schick, Leila Zlaoui -- Analyzing Government Fiscal Risk Exposure In China / Kathie L. Krumm, Christine P. Wong --^ Dealing With Contingent Liabilities In Indonesia And Thailand / Hana Polackova Brixi, Sudarshan Gooptu -- Dealing With Contingent Liabilities In Colombia / Juan Carlos Echeverry [and Others] -- Pension Guarantees : A Methodology For Assessing Fiscal Risk / George G. Pennacchi -- Measuring And Managing Government Contingent Liabilities In The Banking Sector / Stijn Claessens, Daniela Klingebiel -- Government Insurance Programs : Risks And Risk Management / Ron Feldman -- Contingent Liabilities Of The Central Bank : Analyzing A Possible Fiscal Risk For Government / Mario Blejer, Liliana Schumacher -- Contingent Liabilities In Infrastructure : Lessons From The East Asian Financial Crisis / Ashoka Mody -- Monitoring Fiscal Risks Of Subnational Governments : Selected Country Experiences / Jun Ma -- Guarantees As Options : An Evaluation Of Foreign Debt Restructuring Agreements / Sweder Van Wijnbergen, Nina Budina -- The Fiscal Risk Of Floods : Lessons Of Argentina / Alcira Kreimer --^ Conclusion : Toward A Code Of Good Practice On Managing Fiscal Risk / Allen Schick. Hana Polackova Brixi, Allen Schick, Editors. Includes Bibliographical References. Conventional fiscal analysis fails to address contingent fiscal risk. The government budget process and documentation generally fail to scrutinize the substantial claims on public resources that are associated with government contingent liabilities, realized and potential. This report fills gaps on our understanding of fiscal risks and develops suitable frameworks for managing them. It offers new analytical concepts, presents country case studies, and based on country case studies, provides a menu of practical ideas for policymakers and scholars to bring fiscal risk within the ambit of public finance. The book is divided into two parts: Part I of this book gives an overview of different approaches to dealing with government fiscal risks. The country examples in this part offer additional conceptual approaches and illustrate some of the discussion in the earlier chapters. Part II presents analytical and institutional approaches that governments might consider when facing risks in specific government programs or sectors. The book indicates that countries differ greatly in their treatment of contingent liabilities and other fiscal risks. In this respect, the book illustrates that contemporary practices have yet to be standardized This book offers the latest research in the areas of fiscal analysis and public finance management. It provides motivation and guidance to governments seeking to improve their management of fiscal risks. This book evaluates some of the difficult analytical and institutional challenges that face reformers managing government fiscal risks. The shortcomings of conventional practices, along with recent advances in dealing with fiscal risk, are also discussed.