Front Matter Page
Fiscal Affairs Department and Asia and Pacific Department
Contents
I. Introduction
II. Background
A. Definition of Government
B. Other Estimates of Augmented Fiscal Debt
III. Augmented Fiscal Deficit and Net Borrowing
A. Augmented Net Borrowing
B. Augmented Fiscal Deficit
C. Robustness Check: Above-the-Line Estimates
D. Interpretting the Estimates
IV. Augmented Fiscal Debt
A. Debt Sustainability
B. Interest Rate Growth Differential
C. Gross Financing Needs
V. Other Considerations
A. Coverage of Augmented Data
B. Contingent Liabilities
C. Government Assets
VI. Conclusion
References
Figures
1. Real Estate Investment in Local Finances
2. China: Debt Sustainability, 2008–2018
Boxes
1. China: Explaining “Augmented” Government Debt and Deficit
2. Examples of LGFV
3. Land Financing Model