Stock flow adjustments in sovereign debt dynamics : the role of fiscal frameworks

We assess, via system GMM, how Stock Flow Adjustments (SFA) affect the debt-to-GDP ratio in 65 countries (covering developed and emerging and low-income countries) between1985- 2014. We find that SFAs positively contribute to the change in the debt-to-GDP ratio with a coefficient close to one. The e...

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Bibliographic Details
Main Author: Afonso, António (author)
Other Authors: Jalles, João Tovar (author)
Format: workingPaper
Language:eng
Published: 2019
Subjects:
government debt
budget deficit
structural deficit
intertemporal government budget constraint
fiscal rules
panel data
system GMM
filtering
Online Access:http://hdl.handle.net/10400.5/17193
Country:Portugal
Oai:oai:www.repository.utl.pt:10400.5/17193

Internet

http://hdl.handle.net/10400.5/17193

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