Monitoring fiscal risks in the national economy Fiscal risk
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Abstract
Fiscal risks are short-term and medium-term deviations of fiscal variables about the values foreseen in the budget, financial or other reports or projections of public finances. Fiscal risks, therefore, represent the exposure of public finances to certain circumstances that may cause deviations from the projected fiscal framework. Deviations can occur in revenues, expenditures, fiscal results, as well as in the assets and liabilities of the state, in planned and expected. External risks, such as natural disasters or global financial crises, cannot be affected by the government, but it is possible to define exit strategies that would mitigate their effects. From a social point of view, the research should contribute to 1) a better understanding of the impact of fiscal risks on the budget 2) an introduction to the types of fiscal risks in the national economy, 3) a better understanding of methodologies for monitoring fiscal risks. The paper points out various fiscal risks that affect the budget of the national economy, as well as ways to monitor and reduce fiscal risks
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