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The unexplained part of public debt

  • Campos, Camila F.S.
  • Jaimovich, Dany
  • Panizza, Ugo

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.sciencedirect.com/science/article/B6W69-4KDBM5M-1/2/b38051d2def36edcbf66f8a235264ae0
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Article provided by Elsevier in its journal Emerging Markets Review.

Volume (Year): 7 (2006)
Issue (Month): 3 (September)
Pages: 228-243

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Handle: RePEc:eee:ememar:v:7:y:2006:i:3:p:228-243
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/620356

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  1. Barry Eichengreen & Ricardo Hausmann & Ugo Panizza, 2003. "Currency Mismatches, Debt Intolerance and Original Sin: Why They Are Not the Same and Why it Matters," NBER Working Papers 10036, National Bureau of Economic Research, Inc.
  2. 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.
  3. Morris Goldstein & Philip Turner, 2004. "Controlling Currency Mismatches in Emerging Markets," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 373, December.
  4. 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.
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