Fiscal adjustment and contingent government liabilities : case studies of the Czech Republic and Macedonia / Hana Polackova Brixi, Hafez Ghanem, Roumeen Islam Brixi, Hana Polackova

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Brixi, Hana Polackova
Risk management - Czech Republic.; Fiscal policy - Macedonia.; Fiscal policy - Czech Republic.
Governments' contingent liabilities increase fiscal vulnerability, but are omitted in traditional measures of the current deficit. In the Czech Republic this omission may mean that fiscal adjustment has been overstated by 3 to 4 percent of annual GDP, with future budgets having to pay for past guarantees. The stock of existing contingent liabilities in Macedonia could add 2 to 4 percent of GDP to that country's future deficits.
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