05850oam 22012734 450 991078823510332120230721045640.01-4623-6487-X1-4527-2688-41-282-84110-697866128411011-4518-7017-5(CKB)3170000000055056(EBL)1607922(SSID)ssj0000943052(PQKBManifestationID)11492234(PQKBTitleCode)TC0000943052(PQKBWorkID)10974821(PQKB)11414424(OCoLC)265896530(MiAaPQ)EBC1607922(IMF)WPIEE2008159(EXLCZ)99317000000005505620020129d2008 uf 0engur|n|---|||||txtccrResolving a Large Contingent Fiscal Liability : Eastern European Experiences /Mark FlanaganWashington, D.C. :International Monetary Fund,2008.1 online resource (42 p.)IMF Working Papers"June 2008."1-4519-1470-9 Includes bibliographical references.Contents; I. Introduction; Tables; 1. Recent European Cases of Large Off-Balance Sheet Liabilities; II. Design of a Settlement: Economic Considerations; A. Fiscal sustainability; Boxes; 1. The sustainable level of primary surplus; Figures; 1. Primary Surplus in Successful Episodes of Debt Regularization; 2. Settlement Structures for Large Contingent Fiscal Liabilities; B. Macroeconomic stability; 3. Structure of the Serbian Debt Settlement; 2. The Global Monetary and Fiscal Model; 2. Up-front Debt Shock; 3. Sensitivity Tests; 4. Debt Shock with Counter-Cyclical Fiscal Policy5. Spread-out Debt Shock6. Debt Shock with All Offsets; 4. Debt Settlement Timing and Macroeconomic Conjuncture; III. Design of a Settlement: Technical Considerations; A. Administration; 5. Settling Large Contingent Fiscal Claims: Issues Raised; B. The staging of a settlement; 7. Timing of Debt Restitution and Macroeconomic Factors; C. The settlement technique; 3. Mutual Debt Settlements (Netting) in the CIS; D. The use of public assets in a settlement; IV. Application: Ukraine and the lost savings problem; 8. Ukraine: Distribution of Lost Savings Claims9. Ukraine: Debt Shocks and Fiscal Sustainability10. Ukraine: Current Macroeconomic Situation; V. Conclusions; Appendix I. The GIMF Model Calibration; Appendix II. Ukraine: A Brief History of the Lost Savings; ReferencesOn occasion, a government may find itself confronted with a need to address a large contingent or off balance sheet fiscal liability. Implementing a settlement raises issues of fiscal sustainability and macroeconomic stability. This paper surveys the key design issues, and draws lessons from recent Eastern European experience. It then considers in more detail the particular case of Ukraine, and how it might approach its own large contingent liability-the so-called lost savings-which at end-2007 amounted to as much as 18 percent of GDP.IMF Working Papers; Working Paper ;No. 2008/159Debts, PublicEurope, EasternFiscal policyEurope, EasternDebts, PublicUkraineFiscal policyUkraineBanks and BankingimfExports and ImportsimfMacroeconomicsimfMoney and Monetary PolicyimfComparison of Public and Private Enterprises and Nonprofit InstitutionsimfPrivatizationimfContracting OutimfMonetary SystemsimfStandardsimfRegimesimfGovernment and the Monetary SystemimfPayment SystemsimfInternational Lending and Debt ProblemsimfFiscal PolicyimfInterest Rates: Determination, Term Structure, and EffectsimfMonetary economicsimfInternational economicsimfFinanceimfCurrenciesimfArrearsimfFiscal sustainabilityimfReal interest ratesimfMoneyimfDebts, ExternalimfFiscal policyimfInterest ratesimfUkraineimfDebts, PublicFiscal policyDebts, PublicFiscal policyBanks and BankingExports and ImportsMacroeconomicsMoney and Monetary PolicyComparison of Public and Private Enterprises and Nonprofit InstitutionsPrivatizationContracting OutMonetary SystemsStandardsRegimesGovernment and the Monetary SystemPayment SystemsInternational Lending and Debt ProblemsFiscal PolicyInterest Rates: Determination, Term Structure, and EffectsMonetary economicsInternational economicsFinanceCurrenciesArrearsFiscal sustainabilityReal interest ratesMoneyDebts, ExternalFiscal policyInterest ratesFlanagan Mark1485187International Monetary Fund.European Dept.DcWaIMFBOOK9910788235103321Resolving a Large Contingent Fiscal Liability3704180UNINA