How Long to Read Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations
By Mr.Santiago Acosta Ormaechea
How Long Does it Take to Read Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations?
It takes the average reader and 21 minutes to read Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations by Mr.Santiago Acosta Ormaechea
Assuming a reading speed of 250 words per minute. Learn more
Description
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.
How long is Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations?
Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations by Mr.Santiago Acosta Ormaechea is 21 pages long, and a total of 5,271 words.
This makes it 7% the length of the average book. It also has 6% more words than the average book.
How Long Does it Take to Read Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations Aloud?
The average oral reading speed is 183 words per minute. This means it takes and 28 minutes to read Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations aloud.
What Reading Level is Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations?
Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations is suitable for students ages 8 and up.
Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.
When deciding what to show young students always use your best judgement and consult a professional.
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