01725cas a2200241 a 4500 AALejournalIMF009354 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451867145 1018-5941 BD-DhAAL BD-DhAAL International Monetary Fund. Guarding Against Fiscal Risks in Hong Kong SAR. Washington, D.C. : International Monetary Fund, 2007. 1 online resource (19 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 Hong Kong SAR's government faces the dual challenges of volatile revenue and medium term spending pressures arising from a rapidly aging population. Age-related spending pressures raise long-run sustainability concerns, while revenue volatility creates risks to service provision, possibly entailing sudden tax changes, or even requiring new borrowing. After describing the risks associated with aging, the paper uses value at risk techniques to measure the value of the unanticipated risks posed by volatile revenue. The paper also describes the self-insurance value of Hong Kong SAR's traditionally high fiscal savings (reserves), and the impact alternate policy choices could have on revenue volatility. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2007/150 Full text available on IMF http://elibrary.imf.org/view/journals/001/2007/150/001.2007.issue-150-en.xml IMF e-Library