Drivers of public debt reductions: Lessons from past episodes in OECD countries
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We analyse 34 debt reduction episodes since the late 1970s in OECD countries, focussing on the contribution from the change (often an increase) in the primary balance. This change is decomposed into three components (cyclical, discretionary and one-off) as well as into a detailed set of budget items on both revenue and expenditure sides, using an...
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