TAILIEUCHUNG - Stock-Flow Adjustments and Fiscal Transparency: A Cross-Country Comparison

If the holder of an option decides to exercise his right to buy (in the case of a call) or to sell (in the case of a put) the underlying shares of stock, the holder must direct his broker to submit an exercise notice to OCC. ln order to ensure that an option is exercised on a particular day, the holder must notify his broker before the broker's cutoff time for accepting exercise instructions on that day. Different firms may have different cutoff times for accepting exercise instructions from customers, and those cutoff times may be different for different classes of options | WP 12 39 Stock-Flow Adjustments and Fiscal Transparency A Cross-Country Comparison Anke Weber INTERNATIONAL MONETARY FUND 2012 International Monetary Fund WP 12 39 IMF Working Paper Fiscal Affairs Department Stock-Flow Adjustments and Fiscal Transparency A Cross-Country Comparison1 Prepared by Anke Weber Authorized for distribution by Martine Guerguil January 2012 This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author s and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author s and are published to elicit comments and to further debate. Abstract 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. The aim of this paper is to investigate the underlying determinants of such discrepancies and their relationship with fiscal transparency using data for 163 countries. 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. The more fiscally transparent the country the smaller these tend to be. The contribution of stock-flow adjustments to increases in debt is likewise smaller in countries with above average fiscal transparency. This may not be coincidental as a lack of fiscal transparency may make it easier for governments to engage in deceptive fiscal stratagems. JEL Classification Numbers H60 H63 F34 Keywords Public Debt Budget Deficits Fiscal Transparency Author s E-Mail Address aweber@ 1 I would like to thank Carlo Cottarelli Philip Gerson Martine Guerguil and Paolo Mauro for helpful comments and discussions. I am grateful to Ali Abbas

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