The unexplained part of public debt

This paper shows that budget deficits account for a relatively small fraction of debt growth and that stock-flow reconciliation, which is often considered a residual entity, is one of the key determinants of debt dynamics. After having explained the importance of the stock-flow reconciliation, the p...

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Bibliographic Details
Published in:Emerging markets review 2006-09, Vol.7 (3), p.228-243
Main Authors: Campos, Camila F.S., Jaimovich, Dany, Panizza, Ugo
Format: Article
Language:English
Subjects:
Balance sheets
Balance-sheet effects
Debt
Deficit
Public debt
Public sector
Reconciliation
Stocks
Studies
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Summary:This paper shows that budget deficits account for a relatively small fraction of debt growth and that stock-flow reconciliation, which is often considered a residual entity, is one of the key determinants of debt dynamics. After having explained the importance of the stock-flow reconciliation, the paper shows that this residual entity can be partly explained by contingent liabilities and balance-sheet effects.
ISSN:1566-0141
1873-6173
DOI:10.1016/j.ememar.2006.06.001