TY - BOOK ID - 84542711 TI - Government Contingent Liabilities and the Measurement of Fiscal Impact. AU - International Monetary Fund. AU - International Monetary Fund PY - 1990 SN - 1462333877 1455218200 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Budget KW - Budgeting & financial management KW - Budgeting KW - Contingent liabilities KW - Currencies KW - Debt Management KW - Debt KW - Finance KW - Financial institutions KW - Financial instruments KW - Fiscal policy KW - General Financial Markets: General (includes Measurement and Data) KW - Government and the Monetary System KW - Government liabilities KW - Governmental Loans, Loan Guarantees, Credits, and Grants KW - Industries: Financial Services KW - Investment & securities KW - Investments: General KW - Loan guarantees KW - Loans KW - Monetary economics KW - Monetary Systems KW - Money and Monetary Policy KW - Money KW - Payment Systems KW - Public Administration KW - Public finance & taxation KW - Public Finance KW - Public financial management (PFM) KW - Public Sector Accounting and Audits KW - Regimes KW - Securities KW - Sovereign Debt KW - Standards KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84542711 AB - Conventional fiscal accounting methodologies do not appropriately account for governments’ noncash policies, such as their contingent liabilities. When these liabilities are called, budget costs can be large, as evidenced by the United States’ saving and loan crisis. In general, deficit measures may underestimate the macroeconomic impact of government policies, promoting the substitution of noncash for cash expenditure and increasing future financing requirements. The paper describes extended deficit measures to address the problem, but notes their limited practical value. Nonetheless, some alternative methods of valuing contingent liabilities are proposed to gauge fiscal impact and facilitate budgetary control. ER -