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This paper compares the public indebtedness of the Canadian provinces and the US states (including a share of the federal debt) over the 2000–2007 period. It presents rankings of the most indebted subnational jurisdictions based on five public debt concepts. Among the provinces, Quebec (with the lowest average rank) and Alberta (with the highest average rank) display the most stable position across the rankings. All other provinces show important fluctuations in their position in the rankings. Hence, allocating the federal debt to subnational states and the specific debt concept being considered significantly influence the rankings, quite spectacularly in some instances. [ABSTRACT FROM AUTHOR]