LEADER 05850oam 22012734 450 001 9910788235103321 005 20230721045640.0 010 $a1-4623-6487-X 010 $a1-4527-2688-4 010 $a1-282-84110-6 010 $a9786612841101 010 $a1-4518-7017-5 035 $a(CKB)3170000000055056 035 $a(EBL)1607922 035 $a(SSID)ssj0000943052 035 $a(PQKBManifestationID)11492234 035 $a(PQKBTitleCode)TC0000943052 035 $a(PQKBWorkID)10974821 035 $a(PQKB)11414424 035 $a(OCoLC)265896530 035 $a(MiAaPQ)EBC1607922 035 $a(IMF)WPIEE2008159 035 $a(EXLCZ)993170000000055056 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aResolving a Large Contingent Fiscal Liability : $eEastern European Experiences /$fMark Flanagan 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (42 p.) 225 1 $aIMF Working Papers 300 $a"June 2008." 311 $a1-4519-1470-9 320 $aIncludes bibliographical references. 327 $aContents; 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 Policy 327 $a5. 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 Claims 327 $a9. 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; References 330 3 $aOn occasion, a government may find itself confronted with a need to address a large contingent or off balance sheet fiscal liability. Implementing a settlement raises issues of fiscal sustainability and macroeconomic stability. This paper surveys the key design issues, and draws lessons from recent Eastern European experience. It then considers in more detail the particular case of Ukraine, and how it might approach its own large contingent liability-the so-called lost savings-which at end-2007 amounted to as much as 18 percent of GDP. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/159 606 $aDebts, Public$zEurope, Eastern 606 $aFiscal policy$zEurope, Eastern 606 $aDebts, Public$zUkraine 606 $aFiscal policy$zUkraine 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aComparison of Public and Private Enterprises and Nonprofit Institutions$2imf 606 $aPrivatization$2imf 606 $aContracting Out$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aFiscal Policy$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aMonetary economics$2imf 606 $aInternational economics$2imf 606 $aFinance$2imf 606 $aCurrencies$2imf 606 $aArrears$2imf 606 $aFiscal sustainability$2imf 606 $aReal interest rates$2imf 606 $aMoney$2imf 606 $aDebts, External$2imf 606 $aFiscal policy$2imf 606 $aInterest rates$2imf 607 $aUkraine$2imf 615 0$aDebts, Public 615 0$aFiscal policy 615 0$aDebts, Public 615 0$aFiscal policy 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aComparison of Public and Private Enterprises and Nonprofit Institutions 615 7$aPrivatization 615 7$aContracting Out 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aInternational Lending and Debt Problems 615 7$aFiscal Policy 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aMonetary economics 615 7$aInternational economics 615 7$aFinance 615 7$aCurrencies 615 7$aArrears 615 7$aFiscal sustainability 615 7$aReal interest rates 615 7$aMoney 615 7$aDebts, External 615 7$aFiscal policy 615 7$aInterest rates 700 $aFlanagan$b Mark$01485187 712 02$aInternational Monetary Fund.$bEuropean Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788235103321 996 $aResolving a Large Contingent Fiscal Liability$93704180 997 $aUNINA