The Unexplained Part of Public Debt
Ugo Panizza and
Camil F.S. Campos
No 4449, Research Department Publications from Inter-American Development Bank, Research Department
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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Working Paper: The Unexplained Part of Public Debt (2011)
Journal Article: The unexplained part of public debt (2006)
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