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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.

Suggested Citation

  • Dany Jaimovich & Ugo Panizza & Camil F.S. Campos, 2006. "The Unexplained Part of Public Debt," Research Department Publications 4449, Inter-American Development Bank, Research Department.
    • Handle: RePEc:idb:wpaper:4449
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