public debt

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Public debt

Issues of debt by governments to compensate for a lack of tax revenues.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Public Debt

The total of all bonds and other debt owed by a government. Most of the time, the national debt comes from bonds and other debt securities, but some countries in the developing world borrow directly from international institutions (such as the World Bank). The national debt may be internal, that is, owed to bondholders and banks within the country, or external, that is, owed to foreign governments, institutions, and/or individuals. In the United States, paying the interest on the national debt is a major part of the federal budget. See also: Deficit.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

public debt

the NATIONAL DEBT and other miscellaneous debt for which the government is ultimately accountable. Such debt includes, for example, the accumulated debts of nationalized industries and local authorities.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
In 2017 sovereign debt in advanced economies was averaging 266% of GDP, while that of emerging markets was at 168 percent of GDP.
They remind us that the issue of sovereign debt is connected with the structure of economic institutions and incentives for sound policies.
First, is an international bankruptcy court an appropriate solution to problems of sovereign debt? Second, what are the connections between this concept and recent proposals for a so-called sovereign debt restructuring mechanism (SDRM)?
Only the Argentine, Mexican, and Russian crises involved principally sovereign debt, and only the Argentine crisis involved principally sovereign debt issued on international markets; most of the Russian and Mexican sovereign debt was issued under domestic law.
The Krueger approach also fails the second test, for it, too, would not in its current form cover sovereign debt issued under domestic law.
Aside from the difficult issue of external financial sustainability, the central argument of those favoring substantial reform of the sovereign debt workout process is that there is a creditor coordination problem that must be addressed.
While the eurozone nations remain unable to come up with a solution for Greece's fiscal plight, Fitch ratings agency downgraded the country's sovereign debt by three notches.

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