Andrián, Leandro; Rodríguez, Cesar M.; Valencia, Oscar M. - 2024
In this paper, we study the drivers of public debt surges across 172 countries from 1980-2021. We focus on the role of … discrepancies between the annual change in public debt and the budget deficit, referred to as stock-flow adjustments (SFA). The … analysis employs survival methods to model the effect of SFA and other macroeconomic factors on the hazard rate for debt spike …