01759cas a2200241 a 4500 AALejournalIMF000616 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451849127 1018-5941 BD-DhAAL BD-DhAAL Ramos, Alberto. Government Expenditure Arrears : Securitization and Other Solutions / Alberto Ramos. Washington, D.C. : International Monetary Fund, 1998. 1 online resource (29 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students On occasions, by running arrears, governments have unilaterally borrowed from domestic agents. These agents ended up with implicit claims on the government for which they had no title and that would be honored, at best, on an unspecified future date and for an uncertain value. Having untitled assets limits creditors' financial management capacity, because they cannot trade or enforce these claims. This paper presents several options for addressing the arrears problem. It recommends that the government recognize its implicit financial liabilities, set a timetable for their clearance, and issue market-negotiable titles (securitize). Several country experiences with securitization operations are documented. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1998/070 Full text available on IMF http://elibrary.imf.org/view/journals/001/1998/070/001.1998.issue-070-en.xml IMF e-Library