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Government debt indicators: Understanding the data

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  • Debra Bloch

    (OECD)

  • Falilou Fall

    (OECD)

Abstract

There is no single “best” indicator for analysing general government debt. This paper examines the various issues in defining and measuring debt, and explores other data which could be useful, both within and beyond the general government debt concept, to better track and analyse fiscal risks and sustainability issues. Measures from the broadest view of debt – gross financial liabilities – to the most comprehensive accounting of asset and liability positions – net worth – are all helpful metrics. So, too, are narrower data on specific issues, such as future pension liabilities, government guarantees and debt composition. Better data reporting, including more complete metadata and broader data collection, are needed to allow for an arsenal of comparable debt concepts to better anticipate future fiscal pressures. Indicateurs de dette publique : comprendre les données Aucun indicateur n’est meilleur que les autres pour analyser la dette publique. Ce document passe en revue les différentes questions qui se posent pour définir et mesurer la dette, et analyse d’autres données qui pourraient être utiles, dans le périmètre de définition de la dette des administrations publiques et au-delà, pour mieux identifier et analyser les risques budgétaires et les questions de viabilité à long terme. Les mesures de la dette, dans son acception la plus large – engagements financiers bruts – jusqu’à la comptabilisation la plus exhaustive des positions créditrices et débitrices – situation financière nette –, sont tous des indicateurs utiles. Comme le sont également les données plus ciblées sur certaines questions précises comme les engagements futurs au titre des retraites, les garanties de l’État ou la composition de la dette. Il convient d’améliorer la transmission de données, y compris de métadonnées plus complètes, et d’élargir la collecte de données pour élaborer tout un arsenal de définitions comparables de la dette afin de mieux anticiper les tensions futures sur le budget.

Suggested Citation

  • Debra Bloch & Falilou Fall, 2015. "Government debt indicators: Understanding the data," OECD Economics Department Working Papers 1228, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1228-en
    DOI: 10.1787/5jrxv0ftbff2-en
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    1. Debra Bloch & Falilou Fall, 2016. "Government Debt Indicators:Understanding the Data," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 7(01), pages 1-28, February.
    2. Robert Kraemer & Jonne Lehtimäki, 2023. "Government debt: the impact of fiscal rules at the European and national level," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 50(3), pages 783-805, August.
    3. Debra Bloch & Jean-Marc Fournier & Duarte Gonçalves & Álvaro Pina, 2016. "Trends in Public Finance: Insights from a New Detailed Dataset," OECD Economics Department Working Papers 1345, OECD Publishing.
    4. Fournier, Jean-Marc & Fall, Falilou, 2017. "Limits to government debt sustainability in OECD countries," Economic Modelling, Elsevier, vol. 66(C), pages 30-41.
    5. Favero, Carlo A. & ,, 2019. "Austerity and Public debt Dynamics," CEPR Discussion Papers 14072, C.E.P.R. Discussion Papers.
    6. Mike Seiferling, 2020. "Apples, oranges and lemons: public sector debt statistics in the 21st century," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-17, December.
    7. Christian Dembiermont & Michela Scatigna & Robert Szemere & Bruno Tissot, 2015. "A new database on general government debt," BIS Quarterly Review, Bank for International Settlements, September.
    8. I. Balyuk & И. Балюк А., 2018. "Проблема внешнего долга и мировая финансовая архитектура // External Debt Problem and Global Financial Architecture," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 6(4), pages 18-29.
    9. Akeem Rahaman & Scott Mark Romeo Mahadeo, 2024. "Constructing country-specific debt sustainability indices for developing countries," Working Papers in Economics & Finance 2024-01, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group.
    10. Falilou Fall & Debra Bloch & Jean-Marc Fournier & Peter Hoeller, 2015. "Prudent debt targets and fiscal frameworks," OECD Economic Policy Papers 15, OECD Publishing.
    11. Karim McDaniels & Nico Palesch & Sanjam Suri & Zacharie Quiviger & John Walsh, 2021. "Updated Methodology for Assigning Credit Ratings to Sovereigns," Discussion Papers 2021-16, Bank of Canada.

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    More about this item

    Keywords

    administration publique; comptabilité; contingent liability; dette publique; general government; government guarantee; national accounts; net worth; public debt;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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