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GASB 44 begins requiring states to report total debt in the CAFR statistical section in FY 2006, but accounting choices allow exclusion of some dependent agencies’ debt, creating a measurable gap. Regression evidence shows the gap grows with greater fiscal stress or lower political competition, unlike the pre-GASB 44 period.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/no-17-10-transparency-in-state-debt-disclosure-research-paper/583455/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/no-17-10-transparency-in-state-debt-disclosure-research-paper/583455.png","ImageObject",300,407,{"name":92,"@type":93},"Jake","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-31","2026-10-15",true,{"@type":102,"interactionType":103,"userInteractionCount":14},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What is the paper’s core method for measuring state debt transparency?","Question",{"text":112,"@type":113},"It compares the state debt reported in the annual Census survey with the debt reported in the statistical section of the state CAFR to construct a relative transparency measure.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"Why does a gap arise between the two debt data sources?",{"text":117,"@type":113},"After GASB 44, states report total debt in CAFR, but accounting choices let them exclude some dependent agencies’ debt, producing differences versus Census reporting.",{"name":119,"@type":110,"acceptedAnswer":120},"What factors are associated with a larger transparency gap?",{"text":121,"@type":113},"The regression results indicate the gap increases when states face greater fiscal stress or less political competition, and these patterns are not observed in the pre-GASB 44 period.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},583455,1792209709,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":14,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145,"preview_page_count":4},962084928904,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","No. 17–10  \nTransparency in State Debt Disclosure  \nBo Zhao and Wen Wang  \nAbstract:  \nWe develop a new measure of relative debt transparency by comparing the amount of state debt reported in the annual Census survey and the amount reported in the statistical section of the state Comprehensive Annual Financial Report (CAFR) . GASB 44 requires states to start reporting their total debt in the CAFR statistical section in FY 2006. However, states are allowed to use accounting choices to exclude some dependent agencies’ debt, which contributes to a gap between the two data sources. The regression results suggest that the gap tends to increase when states face greater fiscal stress or less political competition. Such patterns are not found in the pre-GASB 44 period.  \nKeywords: fiscal transparency; state debt; GASB; accounting choices; dependent agencies  \nJEL Codes: H74, H83  \nBo Zhao is a senior economist in the New England Public Policy Center in the research department of the Federal Reserve Bank of Boston. His email address [is](is bo.zhao@bos.frb.org. Wen Wang is)[ ](is bo.zhao@bos.frb.org. Wen Wang is)[bo.zhao@bos.frb.org](is bo.zhao@bos.frb.org. Wen Wang is)[. Wen Wang is](is bo.zhao@bos.frb.org. Wen Wang is) an associate professor in the School of Public Affairs and Administration at Rutgers University, Newark. His email address [is](is wen.wang@rutgers.edu)[ ](is wen.wang@rutgers.edu)[wen.wang@rutgers.edu](is wen.wang@rutgers.edu).  \nThe authors would like to thank John Golob, Bart Hildreth, David Merriman, Shanna Rose, Justin Ross, Bob Triest, and participants at the ABFM, APPAM, NTA, and Public Choice conferences for helpful comments. Jingyi Huang provided excellent research assistance.  \nThis paper presents preliminary analysis and results intended to stimulate discussion and critical comment. The views expressed herein are those of the authors and do not indicate concurrence by the Federal Reserve Bank of Boston, the principals of the Board of Governors, or the Federal Reserve System.  \nThis paper, which may be revised, is available on the web site of the Federal Reserve Bank of Boston at [http://www.bostonfed.org/economic/wp/index.htm](http://www.bostonfed.org/economic/wp/index.htm)  \nThis version: October, 2017  \nIntroduction  \nGovernment transparency has become an increasingly popular and important issue in the United States and in many other countries in recent decades. Since the 1980s, the administrative reforms carried out in the framework of “New Public Management” have been stressing citizen satisfaction and participation in public management, opening up public sector organizations to competition, and improving the mechanisms of accountability (Hood 1995; Rodíguez Bolívar, Alcaide Muñoz, and López Hernández 2013; Tejedo-Romero and Araujo 2015).1 Transparency is a key factor in the mechanisms of public sector accountability. It helps improve citizens’ understanding of public policies, promote public trust in government, reduce corruption, and hold officials accountable for their performance. Transparency hinges critically on the accessibility and disclosure of information, which is widely regarded as a public good contributing to the functioning of markets (Stiglitz 2000, Albalate 2013, Tejedo-Romero and Araujo 2015) .  \nFiscal transparency is one important aspect of government transparency (Hudspeth et al. 2015). The Organisation for Economic Co-Operation and Development (OECD) defines fiscal transparency as “full disclosure of all relevant fiscal information in a timely and systematic manner”(OECD 2002, p.7). Accessible and timely fiscal information enables citizens to evaluate the financial performance of various levels of government. For example, in response to the public’s demand for more accountability from the federal government, President Obama signed the Memorandum on Transparency and Open Government on his first day in office in 2009 (Hudspeth et al. 2015) . Recent high-profile municipal bankruptcy ca","cbCaibwd6Qw82huW","https://ap.wps.com/l/cbCaibwd6Qw82huW","pdf",1107332,42,"English","# Introduction\n## Government transparency and public accountability\n## Fiscal transparency and disclosure of public debt\n## Hidden debt of public authorities and public attention","[{\"question\":\"What is the paper’s core method for measuring state debt transparency?\",\"answer\":\"It compares the state debt reported in the annual Census survey with the debt reported in the statistical section of the state CAFR to construct a relative transparency measure.\"},{\"question\":\"Why does a gap arise between the two debt data sources?\",\"answer\":\"After GASB 44, states report total debt in CAFR, but accounting choices let them exclude some dependent agencies’ debt, producing differences versus Census reporting.\"},{\"question\":\"What factors are associated with a larger transparency gap?\",\"answer\":\"The regression results indicate the gap increases when states face greater fiscal stress or less political competition, and these patterns are not observed in the pre-GASB 44 period.\"}]","No. 17 - 10 - Transparency in State Debt Disclosure - research paper | PDF",1792047277,106]