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* * * * * Fiscal Risks Paolo Mauro Fiscal Affairs Department International Monetary Fund Introduction Fiscal Risks: Deviations of fiscal outturns (deficits, debt/GDP) from expectations at the time of the budget or other fiscal forecasts. How large and frequent are the deviations for different groups of countries? What are the most important types of shocks? Does this depend on degree of integration in global financial markets? (Will rely on work on the correlates of output drops.) What can policy makers do about fiscal risks? (Identify, Disclose, Manage). Statements of Fiscal Risks. Beg