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The Unexplained Part of Public Debt

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

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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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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  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. 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.
  3. Morris Goldstein & Philip Turner, 2004. "Controlling Currency Mismatches in Emerging Markets," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 373, March.
  4. Dany Jaimovich & Ugo Panizza, 2006. "Public Debt around the World: A New Dataset of Central Government Debt," IDB Publications (Working Papers) 6710, Inter-American Development Bank.
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