scholarly journals STOCK FLOW ADJUSTMENT VS. STABILITY OF POLISH PUBLIC DEBT

2018 ◽  
pp. 131-140
Author(s):  
Paweł Piątkowski
Keyword(s):  
Public Debt ◽  
Flow Adjustment ◽  
Stock Flow

scholarly journals Stock-Flow Adjustment – Only a Residual Value? Evidence from European Union Countries

e-Finanse ◽  
2019 ◽  
Vol 15 (3) ◽  
pp. 10-20
Author(s):  
Monika Banaszewska
Keyword(s):  
European Union ◽  
Public Debt ◽  
Budget Deficit ◽  
Fiscal Sustainability ◽  
The European Union ◽  
Fiscal Transparency ◽  
Flow Adjustment ◽  
European Union Countries ◽  
Stock Flow ◽  
The Empirical Analysis

AbstractThe aim of the article is to investigate the fiscal determinants of stock-flow adjustment (SFA). Previous literature suggests that SFA may be used strategically to reduce budget deficit and public debt. As such, SFA impairs fiscal transparency and may endanger fiscal sustainability. Therefore, special attention should be paid by economists and policymakers. The study pertains to the European Union countries in the years 2005-2016. The empirical analysis supports the hypothesis that SFA is inversely related to public debt, whereas the inverse relationship between budget balance and SFA is not confirmed. The article contains additional analyses for selected components of SFA as well as narrower time and space coverage.

Determinan Kenaikan Rasio Utang Indonesia Periode 2012-2019

2020 ◽  
Vol 5 (3) ◽  
pp. 183-191
Author(s):  
Widjanarko Widjanarko
Keyword(s):  
Gross Domestic Product ◽  
International Monetary Fund ◽  
Public Debt ◽  
Domestic Product ◽  
Flow Adjustment ◽  
Stock Flow

Penelitian ini bertujuan untuk menguraikan (dekomposisi) variabel penyumbang kenaikan rasio utang terhadap Produk Domestik Bruto (PDB) Indonesia tahun 2012-2019 dengan pendekatan debt dynamic. Metode penelitian ini menggunakan model dekomposisi public debt to Gross Domestic Product (GDP) ratio yang dikembangkan International Monetary Fund/IMF (2013). Hasil penelitian menunjukkan bahwa variabel menyumbang kenaikan rasio utang terhadap PDB, meliputi: i) keseimbangan primer negatif karena kenaikan jumlah pengadaan utang), ii) relatif tingginya tingkat bunga riil iii) pelemahan nilai tukar dan iv) Stock Flow Adjustment (SFA). Upaya meminimalisasi penurunan defisit keseimbangan primer tahun 2018 sebesar -0,01% PDBmenjadi sebesar -0.5% GDP di tahun 2019menunjukkan tekad pemerintah untuk menjaga keberlanjutan fiskal.Hal tersebut tercermin dalam relatif kecilnya peningkatan rasio utang terhadap PDB dari 29,98% tahun 2018 menjadi 30.18% PDB tahun 2019.

scholarly journals Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations

2020 ◽  
Vol 20 (261) ◽  
Author(s):  
Santiago Acosta Ormaechea
Keyword(s):  
Exchange Rate ◽  
Public Debt ◽  
Foreign Currency ◽  
The Public ◽  
Debt Accumulation ◽  
Exchange Rate Fluctuations ◽  
Flow Adjustment ◽  
Debt Dynamics ◽  
Adjustment Term ◽  
Stock Flow

The public sector, in carrying out its operations, often incurs foreign currency denominated liabilities and, as such, is exposed to exchange rate fluctuations that could affect the value of public debt to GDP ratios over time. This paper shows that converting foreign currency denominated flows and stocks into local currency using the average and the end-of-period exchange rates, respectively, as envisaged in public finance manuals, gives rise to an identifiable stock-flow adjustment term—due to intra-year exchange rate fluctuations—that affects public debt accumulation. Importantly, the inclusion of this often-ignored stock-flow adjustment term is critical to accurately project public debt levels and any related indicator that could in turn inform about the risk of debt distress. Using a novel dataset covering 82 countries during 2008–19, the paper shows that this stock flow adjustment term is sizable in countries experiencing large exchange rate depreciations, namely above the 99th percentile of the full sample, reaching 1.2 percent of GDP. Interestingly, the measurement of policy-related concepts such as interest rate-growth differentials and debt stabilizing primary balances are also affected by intra-year exchange rate fluctuations, and in non-negligible ways.

scholarly journals GASTOS SOCIAIS E ACCOUNTING GIMMICKS: UMA PERCEPÇÃO DOS CICLOS POLÍTICOS ELEITORAIS NOS MUNICÍPIOS DO CENTRO-OESTE BRASILEIRO

2021 ◽  
Vol 32 (1) ◽  
pp. 218-246
Author(s):  
Nilton Oliveira da Silva ◽  
Fátima De Souza Freire
Keyword(s):  
Flow Adjustment ◽  
Stock Flow

Essa pesquisa objetivou verificar em que extensão as práticas de accounting gimmicks afetam as políticas fiscais e a execução dos gastos sociais durante os ciclos políticos eleitorais. Por meio de um modelo logit, foram analisadas as contas públicas dos 466 municípios da região centro-oeste brasileira em um painel desbalanceado no período de 2004 a 2017. Com uma especificidade singular, os municípios brasileiros têm apresentado dificuldades na manutenção de um desempenho fiscal eficiente. Uma abordagem teórica dos regimes fiscais enfatiza que a rigidez fiscal pela qual os governantes são conduzidos pode impulsionar práticas de manipulações contábeis, especialmente nos saldos do SFA (Stock-flow adjustment). Tais práticas visam melhorar os resultados orçamentários, a visibilidade política e a permanência no poder. Os achados permitiram corroborar parcialmente com a literatura de que há uma relação positiva entre as regras fiscais rígidas e as práticas de accounting gimmicks. Ainda foi possível constatar que situações de elevados índices de dependência financeira e de oportunismo político para reeleição são impulsionadores nas ocorrências dessas manipulações. Portanto, concluiu-se que a utilização dos gastos sociais, alinhados a uma abordagem teórica dos regimes fiscais rígidos e da Teoria dos Ciclos Políticos Eleitorais, é influenciada pelo comportamento oportunista dos gestores e pelas práticas de accounting gimmicks.

Sign in / Sign up

Export Citation Format

Share Document