This book investigates the systemic fiscal instability caused by contingent liabilities and the failure of traditional public finance frameworks to mitigate these risks. The authors, including Allen Schick and Hana Polackova Brixi, leverage their expertise in international public finance to critique existing institutional practices. They argue that governments must adopt more sophisticated analytical tools to identify and manage hidden fiscal exposures that threaten national economic stability. The text serves as a guide for reformers seeking to modernize their approach to fiscal risk management.

Experts recognize this work as a foundational text for understanding the intersection of public policy and fiscal risk management. Readers frequently note the technical clarity of the authors' arguments regarding the necessity of modernizing government accounting practices.