THE STYLIZED FACTS OF PUBLIC INDEBTEDNESS AFTER THE BRETTON WOODS COLLAPSE: GLOBAL EVIDENCE
THE STYLIZED FACTS OF PUBLIC INDEBTEDNESS AFTER THE BRETTON WOODS COLLAPSE: GLOBAL EVIDENCE
Author(s): Vladimir Andrić, Duško Bodroža, Mihajlo ĐukićSubject(s): Economy, National Economy, Supranational / Global Economy, Public Finances
Published by: Visoka škola za poslovnu ekonomiju i preduzetništvo
Keywords: Global Debt Database (GDD); Global Public Debt Database (GPDD); IMF; Bretton Woods
Summary/Abstract: In this paper, we have constructed a secondary Global Public Debt Database (GPDD) for 1971-2021.In particular, the paper presents detailed stylized facts regarding the public debt indebtedness of the central government in the case of sixty-seven advanced, emerging, low-income and developing economies after the collapse of Bretton Woods. The paper provides a comprehensive literature review of previous contributions centered around public debt sustainability analysis from the perspective of the intertemporal government budget constraint (IGBC) violation. Our results show a higher degree of public debt persistence in the case of advanced economies compared to emerging, low-income and developing economies. We also find that the most indebted countries have the most volatile public debt/GDP ratios
Journal: International Review
- Issue Year: 2024
- Issue No: 1-2
- Page Range: 173-186
- Page Count: 14
- Language: English
