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"Countries face a range of shocks that can contribute to higher volatility in aggregate output and, in extreme cases, to economic crises. The presence of such risks underlies a potential demand for mechanism to soften the blow from adverse economic shocks. Such a protective infrastructure is referred to in this paper as "country insurance." Protective measures that countries can take themselves ("self-insurance") include sound economic policies, robust financial structures, and adequate reserve coverage. Beyond self-insurance, countries have also established regional arrangements that pool risks while, at the multilateral level, the IMF plays a central role through the temporary provision of its resources when shocks create balance of payments difficulties for a member, and through the policy advice it provides under surveillance. The Occasional paper focuses on what countries can do on their own -- that is, on the role of domestic policies -- with respect to country insurance."--Preface

Economic policy and planning (general) --- Public debt --- Balance of payments --- Debts, Public --- Reserves (Accounting) --- Financial crises --- Debt service --- Balance des paiements --- Dettes publiques --- Reserves (Comptabilite) --- Crises financieres --- Service de la dette --- Crises financières --- Réserves (Comptabilité) --- Economic policy --- Government liability --- 330.05 --- 338.9 --- Government immunity --- Government responsibility --- Liability, Government --- Liability, Public --- Liability of the state --- Public liability --- Sovereign immunity --- State liability --- State responsibility --- Tort liability of the government --- Tort liability of the state --- Administrative law --- Administrative responsibility --- Constitutional law --- Liability (Law) --- Misconduct in office --- Public law --- Torts --- Act of state --- Constitutional torts --- State action (Civil rights) --- Debts, Government --- Government debts --- National debts --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Law and legislation --- Balance of payments - Developing countries. --- Debts, Public - Developing countries. --- Reserves (Accounting) - Developing countries. --- Financial crises - Developing countries. --- Debt service - Developing countries. --- Balance des paiements - Nouveaux pays industrialises. --- Dettes publiques - Nouveaux pays industrialises. --- Reserves (Comptabilite) - Nouveaux pays industrialises. --- Crises financieres - Nouveaux pays industrialises. --- Service de la dette - Nouveaux pays industrialises.