LEADER 06093oam 22013814 450 001 9910973782503321 005 20250426110115.0 010 $a9786612841101 010 $a9781462364879 010 $a146236487X 010 $a9781452726885 010 $a1452726884 010 $a9781282841109 010 $a1282841106 010 $a9781451870176 010 $a1451870175 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(IMF)WPIEA2008159 035 $aWPIEA2008159 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 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (42 p.) 225 1 $aIMF Working Papers 300 $a"June 2008." 311 08$a9781451914702 311 08$a1451914709 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 $aArrears$2imf 606 $aBanks and Banking$2imf 606 $aComparison of Public and Private Enterprises and Nonprofit Institutions$2imf 606 $aContracting Out$2imf 606 $aCurrencies$2imf 606 $aDebts, External$2imf 606 $aExports and Imports$2imf 606 $aFinance$2imf 606 $aFiscal Policy$2imf 606 $aFiscal policy$2imf 606 $aFiscal sustainability$2imf 606 $aGovernment and the Monetary System$2imf 606 $aInterest rates$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aInternational economics$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aMacroeconomics$2imf 606 $aMonetary economics$2imf 606 $aMonetary Systems$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMoney$2imf 606 $aPayment Systems$2imf 606 $aPrivatization$2imf 606 $aReal interest rates$2imf 606 $aRegimes$2imf 606 $aStandards$2imf 607 $aUkraine$2imf 615 0$aDebts, Public 615 0$aFiscal policy 615 0$aDebts, Public 615 0$aFiscal policy 615 7$aArrears 615 7$aBanks and Banking 615 7$aComparison of Public and Private Enterprises and Nonprofit Institutions 615 7$aContracting Out 615 7$aCurrencies 615 7$aDebts, External 615 7$aExports and Imports 615 7$aFinance 615 7$aFiscal Policy 615 7$aFiscal policy 615 7$aFiscal sustainability 615 7$aGovernment and the Monetary System 615 7$aInterest rates 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aInternational economics 615 7$aInternational Lending and Debt Problems 615 7$aMacroeconomics 615 7$aMonetary economics 615 7$aMonetary Systems 615 7$aMoney and Monetary Policy 615 7$aMoney 615 7$aPayment Systems 615 7$aPrivatization 615 7$aReal interest rates 615 7$aRegimes 615 7$aStandards 676 $a332.152 700 $aFlanagan$b Mark$01816665 712 02$aInternational Monetary Fund.$bEuropean Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910973782503321 996 $aResolving a Large Contingent Fiscal Liability$94372943 997 $aUNINA