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Fiscal adjustment and contingent government liabilities : case studies of the Czech Republic and Macedonia

Author: Hana Polackova Brixi; Hafez Ghanem; Roumeen Islam; 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.
Publisher: Washington, DC : World Bank, Europe and Central Asia Region, Poverty Reduction and Economic Management Sector Unit, and, Office of the Senior Vice President and Chief Economist, Development Economics, [1999]
Series: Policy research working papers, 2177.
Edition/Format:   Book : International government publication : EnglishView all editions and formats
Database:WorldCat
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  Read more...
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Additional Physical Format: Online version:
Brixi, Hana Polackova.
Fiscal adjustment and contingent government liabilities.
Washington, DC : World Bank, Europe and Central Asia Region, Poverty Reduction and Economic Management Sector Unit, and, Office of the Senior Vice President and Chief Economist, Development Economics, [1999]
(OCoLC)647436197
Material Type: Government publication, International government publication, Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Hana Polackova Brixi; Hafez Ghanem; Roumeen Islam; 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.
OCLC Number: 42402295
Notes: "September 1999"--Cover.
Description: 41 p. ; 28 cm.
Series Title: Policy research working papers, 2177.
Responsibility: Hana Polackova Brixi, Hafez Ghanem, Roumeen Islam.

Abstract:

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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