Risk management of contingent liabilities within a sovereign asset-liability framework

Abstract

The opinions expressed in this work are those of the authors and should not be attributed to the World Bank, affiliated organizations, or members of its Board of Directors or the countries they represent. We are deeply indebted to Fred Jensen for his guidance and suggestions throughout the development of the paper. Thanks also go to Eriko Togo and Sam Pal for their helpful comments. Naturally, we are solely responsible of errors remaining. TABLE OF CONTENTS I.

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