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Jaimovich, Dany
Panizza, Ugo
Campos, Camil F.S.
Year of Publication: 
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Working Paper, Inter-American Development Bank, Research Department 554
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

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