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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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    References listed on IDEAS

    as
    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, vol. 17(1), pages 19-24, January.
    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. 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.
    4. Morris Goldstein & Philip Turner, 2004. "Controlling Currency Mismatches in Emerging Markets," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 373.
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    Cited by:

    1. Antonio Afonso & Jose Alves, 2015. "The Role of Government Debt in Economic Growth," Hacienda Pública Española, IEF, vol. 215(4), pages 9-26, December.
    2. 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), vol. 149(II), pages 175-204, June.
    3. Kayahan TÜM, 2015. "Investigating Frauds in Goverment Accounting," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(6), pages 892-907, June.
    4. Cohen, Daniel & Villemot, Sébastien, 2015. "Endogenous debt crises," Journal of International Money and Finance, Elsevier, vol. 51(C), pages 337-369.
    5. 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, January.
    6. Reischmann, Markus, 2016. "Creative accounting and electoral motives: Evidence from OECD countries," Journal of Comparative Economics, Elsevier, vol. 44(2), pages 243-257.
    7. repec:eee:jebusi:v:94:y:2017:i:c:p:1-14 is not listed on IDEAS
    8. Paolo Manasse & Ugo Panizza & Laura Dos Reis, 2007. "Targeting the Structural Balance," IDB Publications (Working Papers) 1595, Inter-American Development Bank.
    9. Equiza-Goñi, Juan, 2016. "Government debt maturity and debt dynamics in euro area countries," Journal of Macroeconomics, Elsevier, vol. 49(C), pages 292-311.
    10. Anke Weber, 2012. "Stock-Flow Adjustments and Fiscal Transparency; A Cross-Country Comparison," IMF Working Papers 12/39, International Monetary Fund.
    11. Alexander M. Petersen & Boris Podobnik & Davor Horvatic & H. Eugene Stanley, 2010. "Scale invariant properties of public debt growth," Papers 1002.2491, arXiv.org.
    12. 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.
    13. Dany Jaimovich & Ugo Panizza, 2006. "La deuda pública en el mundo," Research Department Publications 4462, Inter-American Development Bank, Research Department.
    14. Yilmaz Akyüz, 2014. "Internationalization of Finance and Changing Vulnerabilities in Emerging and Developing Economies," UNCTAD Discussion Papers 217, United Nations Conference on Trade and Development.
    15. Laura Jaramillo & Carlos Mulas-Granados & Elijah Kimani, 2016. "The Blind Side of Public Debt Spikes," IMF Working Papers 16/202, International Monetary Fund.
    16. 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.
    17. Yilmaz Akyüz, 2007. "Debt Sustainability in Emerging Markets: A Critical Appraisal," Working Papers 61, United Nations, Department of Economics and Social Affairs.
    18. Tari Lestari, 2014. "Can Indonesia’s Fiscal Policy be Sustained, with Exploding Debt?," Working Papers in Economics and Development Studies (WoPEDS) 201415, Department of Economics, Padjadjaran University, revised Nov 2014.
    19. Ugo Panizza, 2014. "Public Debt Risks in Italy Myths, Facts, and Policies," IHEID Working Papers 13-2014, Economics Section, The Graduate Institute of International Studies, revised 12 Feb 2014.
    20. Barr, David & Bush, Oliver & Pienkowski, Alex, 2014. "GDP-linked bonds and sovereign default," Bank of England working papers 484, Bank of England.
    21. Juan Equiza Goni, 2014. "Sovereign Debt Maturity and Debt-to GDP Dynamics in Six Euro Area Countries," Working Papers ECARES ECARES 2014-44, ULB -- Universite Libre de Bruxelles.
    22. 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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