Good practices in fiscal risks disclosure international experience by Ricardo Velloso in IMF, Fiscal Affairs Department Presentation at the High Level Conference on Fiscal Risks in Paris (10/2008). “Sources of fiscal risk – Fiscal risks arise from macroeconomic shocks and the realization of contingent liabilities. Sources of macroeconomic shocks include real GDP growth, inflation, commodity prices, and interest and exchange rates. Contingent liabilities are obligations triggered by an uncertain event and can be: Explicit (i.e., those defined by law or contract, such as debt guarantees); and Implicit (arising from government ownership of SOEs…”
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