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Inflation and Public Debt Reversals in Advanced Economies
Fukunaga, Ichiro - 2020
This paper quantitatively assesses the effects of inflation shocks on the public debt-to-GDP ratio in 19 advanced … impulse responses by local projections both suggest that a 1 percentage point shock to inflation rate reduces the debt … higher inflation, even if accompanied by some financial repression, could reduce public debt burden only marginally in many …
Persistent link: https://www.econbiz.de/10012843299
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Debt Sustainability Analyses for Low-Income Countries : An Assessment of Projection Performance
Mooney, Henry - 2017
This paper develops new error assessment methods to evaluate the performance of debt sustainability analyses (DSAs) for low-income countries (LICs) from 2005-2015. We find some evidence of a bias towards optimism for public and external debt projections, which was most appreciable for LICs with...
Persistent link: https://www.econbiz.de/10012942354
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Sovereign Debt Restructurings in Belize : Achievements and Challenges Ahead
Asonuma, Tamon - 2014
This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006–07 and in 2012–13 that occurred outside of an IMF-supported program. It finds that the motivation for the two debt restructurings differed, as the former was driven by external...
Persistent link: https://www.econbiz.de/10013048566
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Sovereign Debt Standstills
Hatchondo, Juan Carlos; Martinez, Leonardo; … - 2021
As a response to economic crises triggered by COVID-19, sovereign debt standstill proposals emphasize debt payment suspensions without haircuts on the face value of debt obligations. We quantify the effects of standstills using a standard default model. We find that a one-year standstill...
Persistent link: https://www.econbiz.de/10013250072
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Walking Hand in Hand : Fiscal Policy and Growth in Advanced Economies
Cottarelli, Carlo - 2012
Implementation of fiscal consolidation by advanced economies in coming years needs to take into account the short and long-run interactions between economic growth and fiscal policy. Many countries must reduce high public debt to GDP ratios that penalize longterm growth. However, fiscal...
Persistent link: https://www.econbiz.de/10013102268
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Fragmented Politics and Public Debt
Crivelli, Ernesto - 2016
In this paper, we study the impact of fragmented politics on public debt-in particular, between two consecutive legislative elections. Using data for 92 advanced and developing countries during 1975-2015, we find a positive association between political fragmentation and public debt changes....
Persistent link: https://www.econbiz.de/10012977774
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How Do Public Debt Cycles Interact with Financial Cycles?
Poghosyan, Tigran - 2016
We employ a duration model to study determinants of public debt cycles in 57 advanced and emerging economies over the 1960-2014 period, with a particular focus on the impact of financial cycles. The results suggest that the association between financial and debt cycles is asymmetric. Debt...
Persistent link: https://www.econbiz.de/10012999747
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A Toolkit for Assessing Fiscal Vulnerabilities and Risks in Advanced Economies
Alper, C. Emre - 2012
This paper presents a range of tools and indicators for analyzing fiscal vulnerabilities and risks for advanced economies. The analysis covers key short-, medium- and long-term dimensions. Short-term pressures are captured by assessing (i) gross funding needs, (ii) market perceptions of default...
Persistent link: https://www.econbiz.de/10013111409
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Public Debt Dynamics : The Effects of Austerity, Inflation, and Growth Shocks
Cherif, Reda - 2012
times. An inflation shock only slightly reduces the debt ratio for a few quarters. A positive growth shock unambiguously …
Persistent link: https://www.econbiz.de/10013098577
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Controlling Inflation : The Problem of Non-Indexed Debt
Calvo, Guillermo A. - 2006
We show that the presence of nominal non-indexed government debt could give rise to more than one equilibrium inflation …
Persistent link: https://www.econbiz.de/10012781354