Government at Risk : Contingent Liabilities and Fiscal Risk

by Hana Polackova Brixi; Allen Schick; Sweder van Wijnbergen

• ISBN13: 9780821348352
• ISBN10: 0821348353
• Format: Paperback
• Copyright: 2002-07-25
• Publisher: Oxford University Press, USA

Summary

Many governments have faced serious instability as a result of their contingent liabilities. But conventional public finance analysis and institutions fail to address such fiscal risks. This book aims to provide motivation and practical guidance to governments seeking to improve their management of fiscal risks. The book addresses some of the difficult analytical and institutional challenges that face reformers tooling up to manage government fiscal risks. It discusses the inadequacies of conventional practices as well as recent advances in dealing with fiscal risk.

Table of Contents

Foreword	ix
Nicholas H. Stern
Gobind T. Nankani
Acknowledgments	xi
Introduction	1	(20)
Hana Polackova Brixi
Allen Schick
Part I Learning To Deal With Fiscal Risks In Government Portfolios
POSSIBLE ANALYTICAL AND INSTITUTIONAL FRAMEWORKS
Dealing with Government Fiscal Risk: An Overview	21
Hana Polackova Brixi
Ashoka Mody
Accounting and Financial Accountability to Capture Risk	59	(20)
Murray Petrie
Budgeting for Fiscal Risk	79	(20)
Allen Schick
Institutional and Analytical Framework for Measuring and Managing Government's Contingent Liabilities	99	(24)
Suresh M. Sundaresan
Analytical Techniques Applicable to Government Management of Fiscal Risk	123	(20)
Krishna Ramaswamy
Fiscal Sustainability and a Contingency Trust Fund	143	(38)
Daniel Cohen
A Framework for Assessing Fiscal Vulnerability	159
Richard Hemming
Murray Petrie
COUNTRY EXAMPLES
Evaluating Government Net Worth in Colombia and Republica Bolivariana de Venezuela	181	(102)
William Easterly
David Yuravlivker
The Challenges of Fiscal Risks in Transition: Czech Republic, Hungary, and Bulgaria	203
Hana Polackova Brixi
Allen Schick
Leila Zlaoui
Analyzing Government Fiscal Risk Exposure in China	235
Kathie L. Krumm
Christine P. Wong
Dealing with Contingent Liabilities in Indonesia and Thailand	251
Hana Polackova Brixi
Sudarshan Gooptu
Dealing with Contingent Liabilities in Colombia	269
Juan Carlos Echeverry
Veronica Navas
Juan Camilo Gutierrez
Jorge Enrique Cardona
Part II Dealing With Specific Sources Of Government Fiscal Risk
ANALYTICAL AND MANAGERIAL TOOLS
Pension Guarantees: A Methodology for Assessing Fiscal Risk	283	(52)
George G. Pennacchi
Measuring and Managing Government Contingent Liabilities in the Banking Sector	311
Stijn Claessens
Daniela Klingebiel
Government Insurance Programs: Risks and Risk Management	335	(20)
Ron Feldman
Contingent Liabilities of the Central Bank: Analyzing a Possible Fiscal Risk for Government	355	(18)
Mario Blejer
Liliana Schumacher
PRACTICE
Contingent Liabilities in Infrastructure: Lessons from the East Asian Financial Crisis	373	(20)
Ashoka Mody
Monitoring Fiscal Risks of Subnational Governments: Selected Country Experiences	393	(58)
Jun Ma
Guarantees as Options: An Evaluation of Foreign Debt Restructuring Agreements	419
Sweder van Wijnbergen
Nina Budina
The Fiscal Risk of Floods: Lessons of Argentina	451	(10)
Alcira Kreimer
Conclusion: Toward a Code of Good Practice on Managing Fiscal Risk	461
Allen Schick