Budgetary surprises: Fiscal costs of contingent liabilities by Elva Bova, Marta Ruiz Arranz, Frederik Toscani and Elif Ture published by VOXEU (3/2016). “A contingent fiscal liability is a potential obligation for the government that depends on a possible future event. Understanding the origin, size, and triggers of these liabilities is increasingly important. This column presents new findings using a novel dataset of 200 episodes involving the materialisation of contingent liabilities…”
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