Fiscal Transparency (Weber)

Stock-flow adjustments and fiscal transparency: A cross-country comparison by Anke Weber, published by IMF. “Over the past three decades, large and persistent discrepancies between the annual change in public debt and the budget deficit, so-called stock-flow adjustments, were a prominent feature of debt dynamics in many economies…Results show that such discrepancies can only be partly explained by balance sheet effects and the realization of contingent liabilities and that significant differences exist in average stock-flow adjustments across countries reflecting country-specific factors.”