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The Unexplained Part of Public Debt

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  • Dany Jaimovich
  • Ugo Panizza
  • Camil F.S. Campos

Abstract

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 balancesheet effects.

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File URL: http://www.iadb.org/document.cfm?pubDetail=1&id=844809
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Bibliographic Info

Paper provided by Inter-American Development Bank in its series IDB Publications with number 6705.

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Date of creation: Mar 2006
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Handle: RePEc:idb:brikps:6705

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Related research

Keywords: Economics; WP-554;

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References

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  1. Dany Jaimovich & Ugo Panizza, 2010. "Public debt around the world: a new data set of central government debt," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 17(1), pages 19-24.
  2. Morris Goldstein & Philip Turner, 2004. "Controlling Currency Mismatches in Emerging Markets," Peterson Institute Press: All Books, Peterson Institute for International Economics, Peterson Institute for International Economics, number 373, July.
  3. Aizenman, Joshua & Powell, Andrew, 1998. "The political economy of public savings and the role of capital mobility," Journal of Development Economics, Elsevier, Elsevier, vol. 57(1), pages 67-95, October.
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Citations

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Cited by:
  1. Paolo Manasse & Ugo Panizza & Laura Dos Reis, 2007. "Targeting the Structural Balance ," IDB Publications, Inter-American Development Bank 6722, Inter-American Development Bank.
  2. Dany Jaimovich & Ugo Panizza, 2010. "Public debt around the world: a new data set of central government debt," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 17(1), pages 19-24.
  3. Ugo Panizza, 2008. "The External Debt Contentious Six Years after the Monterrey Consensus," G-24 Discussion Papers, United Nations Conference on Trade and Development 51, United Nations Conference on Trade and Development.
  4. Anke Weber, 2012. "Stock-Flow Adjustments and Fiscal Transparency," IMF Working Papers, International Monetary Fund 12/39, International Monetary Fund.
  5. Ugo Panizza & Andrea F. Presbitero, 2013. "Public Debt and Economic Growth in Advanced Economies: A Survey," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), Swiss Society of Economics and Statistics (SSES), vol. 149(II), pages 175-204, June.
  6. Forslund, Kristine & Lima, Lycia & Panizza, Ugo, 2011. "The determinants of the composition of public debt in developing and emerging market countries," POLIS Working Papers, Institute of Public Policy and Public Choice - POLIS 156, Institute of Public Policy and Public Choice - POLIS.
  7. Barr, David & Bush, Oliver & Pienkowski, Alex, 2014. "GDP-linked bonds and sovereign default," Bank of England working papers, Bank of England 484, Bank of England.
  8. Cohen, Daniel & Villemot, Sébastien, 2011. "Endogenous debt crises," CEPR Discussion Papers, C.E.P.R. Discussion Papers 8270, C.E.P.R. Discussion Papers.
  9. Ourania Dimakou, 2010. "Central Bank Independence, Bureaucratic Corruption and Fiscal Responses - Empirical Evidence," Birkbeck Working Papers in Economics and Finance, Birkbeck, Department of Economics, Mathematics & Statistics 1012, Birkbeck, Department of Economics, Mathematics & Statistics.
  10. Alexander M. Petersen & Boris Podobnik & Davor Horvatic & H. Eugene Stanley, 2010. "Scale invariant properties of public debt growth," Papers, arXiv.org 1002.2491, arXiv.org.
  11. Yilmaz Akyüz, 2007. "Debt Sustainability in Emerging Markets: A Critical Appraisal," Working Papers, United Nations, Department of Economics and Social Affairs 61, United Nations, Department of Economics and Social Affairs.
  12. Dany Jaimovich & Ugo Panizza, 2006. "La deuda pública en el mundo," Research Department Publications, Inter-American Development Bank, Research Department 4462, Inter-American Development Bank, Research Department.

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