Government at Risk Government at Risk

نویسندگان

  • Hana Polackova Brixi
  • Allen Schick
  • Suresh M. Sundaresan
  • Krishna Ramaswamy
چکیده

The findings, interpretations, and conclusions expressed here are those of the author(s) and do not necessarily reflect the views of the Board of Executive Directors of the World Bank or the governments they represent. The World Bank cannot guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply on the part of the World Bank any judgment of the legal status of any territory or the endorsement or acceptance of such boundaries. The material in this work is copyrighted. No part of this work may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or inclusion in any information storage and retrieval system, without the prior written permission of the World Bank. The World Bank encourages dissemination of its work and will normally grant permission promptly. For permission to photocopy or reprint, please send a request with complete information to the Foreword In public finance, it no longer suffices for analysts and institutions to focus solely on budget revenues and expenditures. Recent history demonstrates that fiscal performance and, in turn, economic development can be seriously disrupted by the sudden, unexpected costs of hidden contingent liabilities and other unanticipated fiscal risks. During the second half of the 1990s, unreported contingent liabilities and related fiscal risks contributed to economic crises and disrupted growth in a number of developing countries, motivating stepped-up efforts at the World Bank to devise new concepts and tools for analyzing and managing public finance. With the aim of improving the analysis of fiscal risks and supporting policy advice in this area, the Economic Policy Unit of the Bank's Poverty Reduction and Economic Management Network established the Quality of Fiscal Adjustment Thematic Group. This book was produced as part of the effort by this Thematic Group to promote new thinking about public finance. We now know that conventional frameworks for fiscal analysis that concentrate on direct, explicit liabilities fail to address contingent fiscal risks. For example, fiscal sustainability analysis that focuses, as is typically the case, on the officially reported budget deficits fails to detect possible future increases in government debt and payments that may emerge from both explicit and implicit government guarantees on enterprise credit, state insurance schemes, exchange rate guarantees, and commitments to assist failed banks. Similarly, the government budget process and …

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تاریخ انتشار 2002