06093oam 22013814 450 991097378250332120250426110115.097866128411019781462364879146236487X978145272688514527268849781282841109128284110697814518701761451870175(CKB)3170000000055056(EBL)1607922(SSID)ssj0000943052(PQKBManifestationID)11492234(PQKBTitleCode)TC0000943052(PQKBWorkID)10974821(PQKB)11414424(OCoLC)265896530(MiAaPQ)EBC1607922(IMF)WPIEE2008159(IMF)WPIEA2008159WPIEA2008159(EXLCZ)99317000000005505620020129d2008 uf 0engur|n|---|||||txtccrResolving a Large Contingent Fiscal Liability : Eastern European Experiences /Mark Flanagan1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (42 p.)IMF Working Papers"June 2008."9781451914702 1451914709 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 policyUkraineArrearsimfBanks and BankingimfComparison of Public and Private Enterprises and Nonprofit InstitutionsimfContracting OutimfCurrenciesimfDebts, ExternalimfExports and ImportsimfFinanceimfFiscal PolicyimfFiscal policyimfFiscal sustainabilityimfGovernment and the Monetary SystemimfInterest ratesimfInterest Rates: Determination, Term Structure, and EffectsimfInternational economicsimfInternational Lending and Debt ProblemsimfMacroeconomicsimfMonetary economicsimfMonetary SystemsimfMoney and Monetary PolicyimfMoneyimfPayment SystemsimfPrivatizationimfReal interest ratesimfRegimesimfStandardsimfUkraineimfDebts, PublicFiscal policyDebts, PublicFiscal policyArrearsBanks and BankingComparison of Public and Private Enterprises and Nonprofit InstitutionsContracting OutCurrenciesDebts, ExternalExports and ImportsFinanceFiscal PolicyFiscal policyFiscal sustainabilityGovernment and the Monetary SystemInterest ratesInterest Rates: Determination, Term Structure, and EffectsInternational economicsInternational Lending and Debt ProblemsMacroeconomicsMonetary economicsMonetary SystemsMoney and Monetary PolicyMoneyPayment SystemsPrivatizationReal interest ratesRegimesStandards332.152Flanagan Mark1816665International Monetary Fund.European Dept.DcWaIMFBOOK9910973782503321Resolving a Large Contingent Fiscal Liability4372943UNINA