This paper analyzes developments in general government expenditures and revenues for 26 reforming ex-socialist economies (RESEs) over the period 1989-1994. The data indicate that, rather than uniformly converging to a “Western European” norm, RESEs have followed a variety of patterns,...

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...

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...

Hungary's government has made great progress toward revealing the true fiscal cost of its budgetary and off-budget programs, containing the financial risks of its policies, and improving the management of public expenditures and contingent liabilities. Although far from complete, fiscal...