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Managing disaster-related contingent liabilities in public finance frameworks
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Managing disaster-related contingent liabilities in public finance frameworks

Author

Listed:
  • Catherine Gamper

    (OECD)

  • Benedikt Signer

    (The World Bank)

  • Luis Alton

    (The World Bank)

  • Murray Petrie

Abstract

Natural disasters have caused, and continue to cause, a significant amount of economic costs. The costs of disasters are often, and to a large extent, shouldered by governments, especially in economies where private insurance markets are not well developed. Governments are asked to provide financing for explicit commitments made prior to a disaster, and are often under pressure to make payments for which no such commitments were made earlier. Ex-post costs to governments take the form of contingent liabilities within national budgeting and government balance sheet frameworks. Disasters can thereby cause both downside risks to government revenue as well as to expenditure. There is little evidence, and hence limited policy advice, on how disaster-related contingent liabilities are managed by governments. This paper sets out to clarify the concept of contingent liabilities and the channels through which they can impact government balance sheets, including fiscal risks. It provides a framework for identifying and quantifying disaster-related contingent liabilities with a view to inform country case studies for comparative policy analysis.

Suggested Citation

  • Catherine Gamper & Benedikt Signer & Luis Alton & Murray Petrie, 2017. "Managing disaster-related contingent liabilities in public finance frameworks," OECD Working Papers on Public Governance 27, OECD Publishing.
    • Handle: RePEc:oec:govaaa:27-en
    DOI: 10.1787/a6e0265a-en
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    Cited by:

    1. Diana Radu, 2021. "Disaster Risk Financing: Main Concepts and Evidence from EU Member States," European Economy - Discussion Papers 150, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.

    More about this item

    Keywords

    contingent liabilities; disaster risk financing; Disasters; government disaster assistance;
    All these keywords.

    JEL classification:

    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt
    • H7 - Public Economics - - State and Local Government; Intergovernmental Relations
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • H84 - Public Economics - - Miscellaneous Issues - - - Disaster Aid

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