International comparability of public debts

A definite tendency of national administrations to distinguish capital from current expenditures in public accounts is confirmed by a League of Nations questionnaire concerning national public debts issued in the form of a balance sheet of public assets and liabilities. The questionnaire is for the first time designed to secure comparability between the public budgetary accounts of the various countries. The diversity of such accounts has long defeated efforts to make scientific studies of all international economic phenomena that are dependent upon national, municipal or local policies of public finance.