However, due to the implementation of personal accounts during the system transformation, these people have no personal account funds to accumulate, and the state must repay their pensions. It is called "hidden debt" in China and "transition cost" in Chile.
Implicit debt usually means that the government or enterprises are facing greater financial pressure. If implicit debt continues to accumulate, it may lead to an increase in default risk and even lead to serious consequences such as financial crisis. Implicit debt usually affects the credibility and image of the government or enterprises, destroys the market order, and causes public opinion and public dissatisfaction. In the long run, these negative effects may also lead to economic instability and social unrest.
Implicit debt is a common economic and financial problem, which brings a series of risks and challenges to the government and enterprises. In order to effectively deal with the risks brought by implicit debt, the government and enterprises need to strengthen supervision, improve transparency, standardize financing channels, improve internal management systems, strengthen risk prevention and other measures to ensure long-term and stable economic and financial development.
Forms of intangible debt:
1. Invisible debt provided by the original enterprise: in the enterprise restructuring, it is generally difficult to reflect the guarantee provided to the original enterprise from the book of the original enterprise due to irregular enterprise management. After the reorganization, the creditors filed a lawsuit, only to find that it became an invisible debt.
2. Invisible debt of affiliated units: after the enterprise restructuring, when the affiliated enterprises are unable to bear it, the affiliated units shall bear joint and several liabilities, and the competent departments and relevant departments of the affiliated units may also become co-defendants due to their faults.
3. Tort damages special debt: it includes two aspects. First, the liability for damages caused by the fault of enterprise legal persons and employees in economic activities and found in the process of restructuring. Second, the debt of compensation for damages caused by unqualified products of the original enterprise to other people's property and personal injury. Expand the channels and efforts for the operation of the * * * Economic Fund.