The Level and Composition of Public Sector Debt in Emerging Market Crises

The paper examines the evolution of public sector debt levels and structures in 12 emerging market countries around the time of financial crises. In particular, it focuses on whether the debt situation of sovereign borrowers became more vulnerable in the aftermath of crises. The principal findings are that (i) debt levels tend to increase significantly post-crisis, and (ii) countries often experience more rigid debt structures following such events, with an increase in the share of external public debt to multilateral creditors and a greater exposure of the domestic banking system to sovereign debt.

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Year of publication:	2006-08-01
Authors:	Rother, Bjoern ; Hakobyan, Ivetta ; Bolle, Monica Baumgarten de
Institutions:	International Monetary Fund (IMF)
Subject:	Sovereign debt \| Public debt \| Emerging markets \| Debt restructuring \| domestic debt \| pre-crisis \| public sector debt \| financial crises \| private sector creditors \| short-term debt \| external debt \| official creditors \| debt structure \| public and publicly guaranteed \| crisis cycle \| public and publicly guaranteed debt \| debt dynamics \| debt ratios \| multilateral debt \| domestic public debt \| currency composition \| net debt \| debt sustainability \| crisis resolution \| external public debt \| central bank \| crisis countries \| crisis episodes \| multilateral creditors \| financial crisis \| debt burden \| debt stock \| foreign currency debt \| private creditors \| domestic borrowing \| debt situation \| currency debt \| evolution of debt \| post-crisis period \| banking crises \| debt ratio \| currency crises \| sovereign default \| government debt \| recapitalization \| domestic debt stock \| debt exchange \| sovereign bond \| external borrowing \| debt defaults \| asian crisis \| debt structures \| debt data \| crisis country \| currency crisis \| debt servicing \| balance of payments \| currency risk \| domestic public sector debt \| debt restructuring operation \| debt service \| currency mismatches \| external debt data \| contingent liabilities \| bilateral creditors \| sovereign borrowers \| recessions \| private debt \| crisis situations \| cross-country experience \| economic crisis \| crisis episode \| domestic debt markets \| evolution of debt ratios \| systemic banking crises \| borderline financial crises \| post-crisis recovery \| crisis prevention \| financial sector crisis \| debt maturities \| reserve holdings \| repayment capacity \| financial distress \| central banks \| crisis recovery \| total external debt \| macroeconomic policies \| debt database \| debt public \| external financing \| debt intolerance \| public debt management \| debt management strategy \| debt problems \| debt relief \| public sector borrowing \| international lending \| private creditor \| long-term external debt \| debt crises \| debt management \| medium-term debt sustainability

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Extent:	application/pdf
Series:	IMF Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	The text is part of a series IMF Working Papers Number 06/186 3 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005825985