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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/research/pub_hits.cfm?pub_id=WP-554&pub_file_name=pubWP-554.pdf
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Bibliographic Info

Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4449.

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Date of creation: Mar 2006
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Handle: RePEc:idb:wpaper:4449

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References

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  1. Aizenman, Joshua & Powell, Andrew, 1998. "The political economy of public savings and the role of capital mobility," Journal of Development Economics, Elsevier, vol. 57(1), pages 67-95, October.
  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, vol. 17(1), pages 19-24.
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Citations

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Cited by:
  1. Yilmaz Akyüz, 2007. "Debt Sustainability in Emerging Markets: A Critical Appraisal," Working Papers 61, United Nations, Department of Economics and Social Affairs.
  2. Cohen, Daniel & Villemot, Sébastien, 2011. "Endogenous debt crises," CEPR Discussion Papers 8270, C.E.P.R. Discussion Papers.
  3. Ourania Dimakou, 2010. "Central Bank Independence, Bureaucratic Corruption and Fiscal Responses - Empirical Evidence," Birkbeck Working Papers in Economics and Finance 1012, Birkbeck, Department of Economics, Mathematics & Statistics.
  4. Paolo Manasse & Ugo Panizza & Laura Dos Reis, 2007. "Targeting the Structural Balance ," IDB Publications 6722, Inter-American Development Bank.
  5. Alexander M. Petersen & Boris Podobnik & Davor Horvatic & H. Eugene Stanley, 2010. "Scale invariant properties of public debt growth," Papers 1002.2491, arXiv.org.
  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 156, Institute of Public Policy and Public Choice - POLIS.
  7. Ugo Panizza & Andrea Filippo Presbitero, 2013. "Public Debt and Economic Growth in Advanced Economies: A Survey," Mo.Fi.R. Working Papers 78, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
  8. Dany Jaimovich & Ugo Panizza, 2006. "Public Debt around the World: A New Dataset of Central Government Debt," Research Department Publications 4461, Inter-American Development Bank, Research Department.
  9. Anke Weber, 2012. "Stock-Flow Adjustments and Fiscal Transparency," IMF Working Papers 12/39, International Monetary Fund.
  10. Dany Jaimovich & Ugo Panizza, 2006. "La deuda pública en el mundo," Research Department Publications 4462, Inter-American Development Bank, Research Department.
  11. Barr, David & Bush, Oliver & Pienkowski, Alex, 2014. "GDP-linked bonds and sovereign default," Bank of England working papers 484, Bank of England.
  12. Ugo Panizza, 2008. "The External Debt Contentious Six Years after the Monterrey Consensus," G-24 Discussion Papers 51, United Nations Conference on Trade and Development.

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