The paper presents different approaches to Public Deficit' s study, stressing the conceptual and measurement problems. Three concepts are analysed: Public Sector Borrowing Requirement, Public Sector Operational Deficit and Real Deficit. The first was used in the eighties during the negotiations with the IMF and it was replaced by the operational concept due to distortions caused by inflation. The Real Deficit represents an interesting alternatiz:e which has not been applied yet. It is concluded that there is not a definitive option, which depends on the institutional features of the economy and the improvement of public accounts, besides the intended kind of analysis.
Public Deficit; Fiscal Policy; Public Accounting