Public debt: Difference between revisions
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==Definition== | ==Definition== | ||
The OECD definition of public debt as "the external obligations of the government and public sector "<ref>[http://stats.oecd.org/glossary/detail.asp?ID=2193. ''Public Debt'', OECD Glossary of Statistical Terms]</ref> is in general use, but national definitions <ref>For the US definition ses the Treasury Department guide [http://www.ustreas.gov/education/faq/markets/national-debt.shtml].<br>For the UK definition, see the ONS guide [http://www.statistics.gov.uk/downloads/theme_other/GSSMethodology_No_12_v2.pdfd]</ref> differ in detail <ref>[http://www.economicshelp.org/blog/uk-economy/understanding-government-debt-statistics/, ''Understanding Government Debt Statistics'', Economicshelp.org]</ref>and produce figures that may not be comparable. The European Union's definition embodied in its ''Stability and Growth Pact''<ref>[http://stats.oecd.org/glossary/detail.asp?ID=3066 ''Stability and Growth Pact'', OECD Glossary of Statistical Terms]</ref> of "General Government Gross Debt"<ref>[http://stats.oecd.org/glossary/detail.asp?ID=3066 ''General Government Gross Debt (Maastricht Definition)'', OECD Glossary of Statistical Terms]</ref> differs from the OECD definition | The OECD's broad definition of public debt as "the external obligations of the government and public sector "<ref>[http://stats.oecd.org/glossary/detail.asp?ID=2193. ''Public Debt'', OECD Glossary of Statistical Terms]</ref> is in general use, but national definitions <ref>For the US definition ses the Treasury Department guide [http://www.ustreas.gov/education/faq/markets/national-debt.shtml].<br>For the UK definition, see the ONS guide [http://www.statistics.gov.uk/downloads/theme_other/GSSMethodology_No_12_v2.pdfd]</ref> differ in detail <ref>[http://www.economicshelp.org/blog/uk-economy/understanding-government-debt-statistics/, ''Understanding Government Debt Statistics'', Economicshelp.org]</ref>and produce figures that may not be comparable. The European Union's definition embodied in its ''Stability and Growth Pact''<ref>[http://stats.oecd.org/glossary/detail.asp?ID=3066 ''Stability and Growth Pact'', OECD Glossary of Statistical Terms]</ref> of "General Government Gross Debt"<ref>[http://stats.oecd.org/glossary/detail.asp?ID=3066 ''General Government Gross Debt (Maastricht Definition)'', OECD Glossary of Statistical Terms]</ref> differs in detail from the complete OECD definition. | ||
==Overview== | ==Overview== | ||
Revision as of 04:25, 27 March 2009
A country's national debt - also known as its public debt - is a matter of economic and political significance. It has often been the subject of controversy, and some have considered it to have moral significance.
Definition
The OECD's broad definition of public debt as "the external obligations of the government and public sector "[1] is in general use, but national definitions [2] differ in detail [3]and produce figures that may not be comparable. The European Union's definition embodied in its Stability and Growth Pact[4] of "General Government Gross Debt"[5] differs in detail from the complete OECD definition.
Overview
Sources of debt
International comparisons
Economic consequences
History
Rules
References
- ↑ Public Debt, OECD Glossary of Statistical Terms
- ↑ For the US definition ses the Treasury Department guide [1].
For the UK definition, see the ONS guide [2] - ↑ Understanding Government Debt Statistics, Economicshelp.org
- ↑ Stability and Growth Pact, OECD Glossary of Statistical Terms
- ↑ General Government Gross Debt (Maastricht Definition), OECD Glossary of Statistical Terms