Managing Fiscal Risk in Bulgaria:
Governments need to manage their contingent liabilities and other off-budget sources of fiscal risk - through policy, the budgetary process, and an integrated asset and liability management strategy. - To understand the fiscal position of a country, contingent liabilities and other sources of fiscal...
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Format: | Elektronisch E-Book |
Sprache: | English |
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Washington, D.C
The World Bank
2000
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Schlagworte: | |
Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 URL des Erstveröffentlichers |
Zusammenfassung: | Governments need to manage their contingent liabilities and other off-budget sources of fiscal risk - through policy, the budgetary process, and an integrated asset and liability management strategy. - To understand the fiscal position of a country, contingent liabilities and other sources of fiscal risk need to be considered. Brixi, Shatalov, and Zlaoui develop a framework to assess and manage fiscal risk in Bulgaria. Bulgaria's Currency Board Arrangement has effectively imposed fiscal discipline, but leaves only limited room to accommodate potential fiscal shocks. Through risks embedded in the portfolio of government contingent and direct liabilities, significant fiscal pressures could arise in the future. Major sources of risk include environmental liabilities and investment requirements, collection capacities of the social protection institutions, and further engagement in off-budget programs, such as government guarantees. To limit the government's exposure to risks, yet accommodate investment needs crucial to growth and development, Bulgaria must find an optimal strategy for liability management, fiscal reserves, and risk mitigation. Priorities for dealing with existing risks and limiting further accumulation of risks include: · Mitigating currency and interest rate risks in the government liability structure. · Implementing proposed institutional and finance reform of the country's pension and health care systems. · Building adequate contingency reserves. · Introducing risk-sharing arrangements. · Prioritizing and placing strict limits on the amounts of new guaranteed obligations. · Developing government capacity to analyze and manage risks. · Fully integrating fiscal risk management with other policy considerations in fiscal management, as part of an integrated asset and liability management strategy. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region - is part of a larger effort in the Bank to study the quality of fiscal adjustment in its client countries. Copies of the paper are available free from the World Bank, 1818 H Street, NW, Washington, DC 20433. The authors may be contacted at lzlaoui@worldbank.org, hpolackova@worldbank.org, or sshatalov@worldbank.org |
Beschreibung: | 1 Online-Ressource (50 Seiten)) |
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520 | 3 | |a Governments need to manage their contingent liabilities and other off-budget sources of fiscal risk - through policy, the budgetary process, and an integrated asset and liability management strategy. - To understand the fiscal position of a country, contingent liabilities and other sources of fiscal risk need to be considered. Brixi, Shatalov, and Zlaoui develop a framework to assess and manage fiscal risk in Bulgaria. Bulgaria's Currency Board Arrangement has effectively imposed fiscal discipline, but leaves only limited room to accommodate potential fiscal shocks. Through risks embedded in the portfolio of government contingent and direct liabilities, significant fiscal pressures could arise in the future. Major sources of risk include environmental liabilities and investment requirements, collection capacities of the social protection institutions, and further engagement in off-budget programs, such as government guarantees. | |
520 | 3 | |a To limit the government's exposure to risks, yet accommodate investment needs crucial to growth and development, Bulgaria must find an optimal strategy for liability management, fiscal reserves, and risk mitigation. Priorities for dealing with existing risks and limiting further accumulation of risks include: · Mitigating currency and interest rate risks in the government liability structure. · Implementing proposed institutional and finance reform of the country's pension and health care systems. · Building adequate contingency reserves. · Introducing risk-sharing arrangements. · Prioritizing and placing strict limits on the amounts of new guaranteed obligations. · Developing government capacity to analyze and manage risks. · Fully integrating fiscal risk management with other policy considerations in fiscal management, as part of an integrated asset and liability management strategy. | |
520 | 3 | |a This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region - is part of a larger effort in the Bank to study the quality of fiscal adjustment in its client countries. Copies of the paper are available free from the World Bank, 1818 H Street, NW, Washington, DC 20433. The authors may be contacted at lzlaoui@worldbank.org, hpolackova@worldbank.org, or sshatalov@worldbank.org | |
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Datensatz im Suchindex
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author | Brixi, Polackova Hana |
author_facet | Brixi, Polackova Hana |
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author_sort | Brixi, Polackova Hana |
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spelling | Brixi, Polackova Hana Verfasser aut Managing Fiscal Risk in Bulgaria Brixi, Polackova Hana Washington, D.C The World Bank 2000 1 Online-Ressource (50 Seiten)) txt rdacontent c rdamedia cr rdacarrier Governments need to manage their contingent liabilities and other off-budget sources of fiscal risk - through policy, the budgetary process, and an integrated asset and liability management strategy. - To understand the fiscal position of a country, contingent liabilities and other sources of fiscal risk need to be considered. Brixi, Shatalov, and Zlaoui develop a framework to assess and manage fiscal risk in Bulgaria. Bulgaria's Currency Board Arrangement has effectively imposed fiscal discipline, but leaves only limited room to accommodate potential fiscal shocks. Through risks embedded in the portfolio of government contingent and direct liabilities, significant fiscal pressures could arise in the future. Major sources of risk include environmental liabilities and investment requirements, collection capacities of the social protection institutions, and further engagement in off-budget programs, such as government guarantees. To limit the government's exposure to risks, yet accommodate investment needs crucial to growth and development, Bulgaria must find an optimal strategy for liability management, fiscal reserves, and risk mitigation. Priorities for dealing with existing risks and limiting further accumulation of risks include: · Mitigating currency and interest rate risks in the government liability structure. · Implementing proposed institutional and finance reform of the country's pension and health care systems. · Building adequate contingency reserves. · Introducing risk-sharing arrangements. · Prioritizing and placing strict limits on the amounts of new guaranteed obligations. · Developing government capacity to analyze and manage risks. · Fully integrating fiscal risk management with other policy considerations in fiscal management, as part of an integrated asset and liability management strategy. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region - is part of a larger effort in the Bank to study the quality of fiscal adjustment in its client countries. Copies of the paper are available free from the World Bank, 1818 H Street, NW, Washington, DC 20433. The authors may be contacted at lzlaoui@worldbank.org, hpolackova@worldbank.org, or sshatalov@worldbank.org Online-Ausg Banks and Banking Reform Budget Budget Defic Budget Deficits Contingent Liabilities Currency Debt Markets Deficits Emerging Markets Finance and Financial Sector Development Good Government Debt Interest Interest Rate Interest Rate Risks Maturity Pensions Private Sector Development Public Investment Risk Management Risk Management System Security Sovereign Debt State Guarantees Stock Zlaoui, Leila Sonstige oth Brixi, PolackovaHana Sonstige oth Shatalov, Sergei Sonstige oth Brixi, Polackova Hana Managing Fiscal Risk in Bulgaria http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2282 Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Brixi, Polackova Hana Managing Fiscal Risk in Bulgaria Banks and Banking Reform Budget Budget Defic Budget Deficits Contingent Liabilities Currency Debt Markets Deficits Emerging Markets Finance and Financial Sector Development Good Government Debt Interest Interest Rate Interest Rate Risks Maturity Pensions Private Sector Development Public Investment Risk Management Risk Management System Security Sovereign Debt State Guarantees Stock |
title | Managing Fiscal Risk in Bulgaria |
title_auth | Managing Fiscal Risk in Bulgaria |
title_exact_search | Managing Fiscal Risk in Bulgaria |
title_exact_search_txtP | Managing Fiscal Risk in Bulgaria |
title_full | Managing Fiscal Risk in Bulgaria Brixi, Polackova Hana |
title_fullStr | Managing Fiscal Risk in Bulgaria Brixi, Polackova Hana |
title_full_unstemmed | Managing Fiscal Risk in Bulgaria Brixi, Polackova Hana |
title_short | Managing Fiscal Risk in Bulgaria |
title_sort | managing fiscal risk in bulgaria |
topic | Banks and Banking Reform Budget Budget Defic Budget Deficits Contingent Liabilities Currency Debt Markets Deficits Emerging Markets Finance and Financial Sector Development Good Government Debt Interest Interest Rate Interest Rate Risks Maturity Pensions Private Sector Development Public Investment Risk Management Risk Management System Security Sovereign Debt State Guarantees Stock |
topic_facet | Banks and Banking Reform Budget Budget Defic Budget Deficits Contingent Liabilities Currency Debt Markets Deficits Emerging Markets Finance and Financial Sector Development Good Government Debt Interest Interest Rate Interest Rate Risks Maturity Pensions Private Sector Development Public Investment Risk Management Risk Management System Security Sovereign Debt State Guarantees Stock |
url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2282 |
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