Monitoring fiscal risks in the national economy Fiscal risk
Main Article Content
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
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Once the manuscript is accepted for publication, authors shall transfer the copyright to the publisher. If the submitted manuscript is not accepted for printing by the journal, the authors shall retain all their rights. The following rights on the manuscript are transferred to the publisher, including any supplementary materials and any parts, extracts or elements of the manuscript:
- the right to reproduce and distribute the manuscript in printed form, including print-on-demand;
- the right to print prepublications, reprints and special editions of the manuscript;
- the right to translate the manuscript into other languages;
- the right to reproduce the manuscript using photomechanical or similar means including, but not limited to photocopy, and the right to distribute these copies;
- the right to reproduce and distribute the manuscript electronically or optically using and all data carriers or storage media, and especially in machine readable/digitalized form on data carriers such as hard drive, CD-ROM, DVD, Blu-ray Disc (BD), Mini Disc, data tapes, and the right to reproduce and distribute the article via these data carriers;
- the right to store the manuscript in databases, including online databases, as well as the right to transmit the manuscript in all technical systems and modes;
- the right to make the manuscript available to the public or to closed user groups on individual demand, for use on monitors or other readers (including e-books), and in printable form for the user, either via the Internet, online service, or via internal or external networks.
References
2. Cooper, D.J., Ezzamel, M. (2013). “Globalization discourses and performance measurement systems in a multinational firm.” Accounting, Organizations and Society, 38: 288–313.
3. Marjanović, D. (2018). “Competitiveness of the Serbian Economy Through the Prism of Tax Incentives for Foreign Investors”, Vol 51 No 3-4, Economic Analysis, Institute of Economic Sciences, Belgrade, Serbia: 95-104
4. Marjanović, D., Domazet, I. (2018). “Unapređenje makro konkurentnosti–fiskalni aspekti”. Beograd: Institut ekonomskih nauka.
5. IMF (2018). “Managing Public Wealth”, Fiscal Monitor Reports,
https://www.imf.org/~/media/Files/Publications/fiscalmonitor/2018/Octobe/pdf/fm1802.ashx?la=en.
6. IMF (2016). Analyzing and Managing Fiscal Risks - Best Practices
https://www.imf.org/external/np/pp/eng/2016/050416.pdf
7. IMF (2008). Fiscal Risks - Sources, Disclosure, and Management,
https://www.imf.org/external/np/pp/eng/2008/052108.pdf
8. IMF (2015). Fiscal Transparency Evaluation of Finland, http://www.imf.org/external/pubs/ft/scr/2015/cr1560.pdf.
9. OECD (2020). Best Practices for Managing Fiscal Risks, Lessons from case studies of selected OECD countries and next steps post COVID-19, Establishing a Fiscal Risk Management Department in the Ministry of Finance of Serbia, https://openknowledge.worldbank.org/bitstream/handle/10986/26421/113855-WP Establishing-a-fiscal-risk-management-department-in-the-Ministry-of-finance-of-Serbia-PUBLIC.pdf?sequence=1&isAllowed=y