Public Debt

Joaquim Miranda Sarmento
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Joaquim Miranda Sarmento: University of Lisbon

Chapter Chapter 13 in Public Finance and National Accounts in the European Context, 2018, pp 157-161 from Springer

Abstract: Abstract Public debt in the Excessive Deficit Procedure (EDP) is calculated according to the gross and nominal value, which is determined by the financial debt to the entities that are consolidated in the general government sector. Ceteris paribus, the deficit corresponds to the variation of public debt. However, it is necessary to consider the stock-flow adjustment effect (those operations that do not have an impact on the deficit but have an impact on the public debt). Net borrowing (NB) = fiscal deficit + acquisition of financial assets + debt regularisation and assumption of liabilities − privatisations revenues used in the amortisation of debt. Gross net borrowing = NB + annual amortisation of public debt.

Date: 2018
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DOI: 10.1007/978-3-030-05174-7_13

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