Incluye bibliografía

Contenido: Introduction / Hana Polackova Brixi, and Allen Schick -- Pt. 1: Learning to deal with fiscal risks in government portfolios : possible analytical and institutional frameworks -- 1. Dealing with government fiscal risk:an overview / Hana Polackova Brixi, and Ashoka Mody -- 2. Accounting and financial accountability to capture risk / Murray Petrie -- 3. Budgeting for fiscal risk / Allen Schick -- 4. Institutional and analytical framework for measuring and managing government's contingent liabilities / Suresh M. Sundaresan -- 5. Analytical techniques applicable to government management of fiscal risk / Krishna Ramaswamy -- 6. Fiscal sustainability and a contingency trust fund / Daniel Cohen -- 7. A framework for assessing fiscal vulnerability / Richard Hemming, and Murray Petrie -- Country examples: 8. Evaluating government net worth in Colombia and República Bolivariana de Venezuela / William Easterly and David Yuravlivker -- 9. The challengesof fiscal risksin transition: Czech Republic, Hungary, and Bulgaria / Hana Polackova Brixi, Allen Schick, and Leila Zlaoui -- 10. Analyzing government fiscal risk exposure in China / Kathie L. Krumm, and Christine P. Wong -- 11. Dealing with contingent liabilities in Indonesia and Thailand / Hana Polackova Brixi, and Sudarshan Gooptu -- 12. Dealing with contingent liabilities in Colombia / Juan Carlos Echeverry, Verónica Navas, Juan Camilo Gutierrez, and Jorge Enrique Cardona -- Pt. 2: Dealing with specific sources of government fiscal risk: analytical and managerial tools -- 13. Pension guarantees: a methodology for assessing fiscal risk / George G. Pennacchi -- 14. Measuringand managing government contingent liabilities in the banking sector / Stjn Claessens, and Daniela Klingebiel -- 15. Government insurance programs: risks and risk management / Ron Feldman -- 16. Contingent liabilities of the Central Bank: analyzing a possible fiscal risk for government / Mario Blejer, and Liliana Schumacher -- Practice: 17. Contingent liabilities in infrastructure: lessons from the East Asian financial crisis / Ashoka Mody -- 18. Monitoring fiscal risks of subnational governments: selected country experiences / Jun Ma -- 19. Guarantees as options: an evaluation of foreign debt restructuring agreements / Sweder van Wijnbergen, and Nina Budina -- 20. The fiscal risk of floods: lessons of Argentina / Alcira Kreimer -- Conclusion: toward a code of good practice on managing fiscal risk / Allen Schick

Conventional fiscal analysis fails to address contingent fiscal risk. The government budget process and documentation generally fail to scrutinize the substantial claims on public resources that are associated with government contingent liabilities, realized and potential. This report fills gaps on our understanding of fiscal risks and develops suitable frameworks for managing them. It offers new analytical concepts, presents country case studies, and based on country case studies, provides a menu of practical ideas for policymakers and scholars to bring fiscal risk within the ambit of public finance. The book is divided into two parts: Part I of this book gives an overview of different approaches to dealing with government fiscal risks. The country examples in this part offer additional conceptual approaches and illustrate some of the discussion in the earlier chapters. Part II presents analytical and institutional approaches that governments might consider when facing risks in specific government programs or sectors. The book indicates that countries differ greatly in their treatment of contingent liabilities and other fiscal risks. In this respect, the book illustrates that contemporary practices have yet to be standardized.