CLs refer to liabilities that are conditional upon predefined events or circumstances. Relative to government policies, contingent liabilities, both explicit and implicit, are associated with major hidden fiscal risks. An important policy issue is the fiscal costs related to explicit contingent explicit liabilities (which are specific government obligations defined by law or contract that the government is legally mandated to settle when it becomes due). Often they are not visible until they are triggered, and therefore they represent a hidden fiscal risk and can drain future government finances. The problem with implicit contingent liabilities (which represent a moral obligation for the government based on public expectations and political pressure) is that they are not officially recognised until a failure occurs. In this case, the triggering event, the amount at risk and required unexpected government expenditures are all uncertain.
This policy area includes the following issues:
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