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Managing Public Debt and its Financial Stability Implications
Das, Udaibir S.; Surti, Jay; Ahmed, Faisal; … - International Monetary Fund (IMF) - 2010
This paper explores the relationship between the level and management of public debt and financial stability, and explains the channels through which the two are interlinked. It suggests that the broader implications of a debt management strategy and its implementation should be carefully...
Persistent link: https://www.econbiz.de/10008777022
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Public Debt Markets in Central America, Panama, and the Dominican Republic
Jobst, Andreas; Valderrama, Laura; Guerra, Ivan; Shah, … - International Monetary Fund (IMF) - 2007
. The problems of small scale, dollarization, and weak public finances in many countries are compounded by poor structure …
Persistent link: https://www.econbiz.de/10005825635
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The Level and Composition of Public Sector Debt in Emerging Market Crises
Rother, Bjoern; Hakobyan, Ivetta; Bolle, Monica … - International Monetary Fund (IMF) - 2006
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...
Persistent link: https://www.econbiz.de/10005825985
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Persistent Gaps, Volatility Types, and Default Traps
Fostel, Ana; Kapur, Sandeep; Catão, Luis - International Monetary Fund (IMF) - 2007
We show that cross-country differences in the underlying volatility and persistence of macroeconomic shocks help explain two historical regularities in sovereign borrowing: the existence of "vicious" circles of borrowing-and-default ("default traps"), as well as the fact that recalcitrant...
Persistent link: https://www.econbiz.de/10005604946
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A Balance Sheet Approach to Financial Crisis
Setser, Brad; Roubini, Nouriel; Keller, Christian; … - International Monetary Fund (IMF) - 2002
The paper lays out an analytical framework for understanding crises in emerging markets based on examination of stock variables in the aggregate balance sheet of a country and the balance sheets of its main sectors (assets and liabilities). It focuses on the risks created by maturity, currency,...
Persistent link: https://www.econbiz.de/10005825923
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Impact of Macroeconomic, Political, and Institutional Factorson the Structure of Government Debt in Emerging Market Countries
Guscina, Anastasia - International Monetary Fund (IMF) - 2008
Debt crises that have shaken Latin America, Asia, and Russia have brought an increasing attention to the structure of debt in emerging market countries. Using the newly released Jeanne-Guscina EM Government Debt Database 2006 this paper empirically explores the role of macroeconomic, political,...
Persistent link: https://www.econbiz.de/10005825767
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Strategic Considerations for First-Time Sovereign Bond Issuers
Polan, Magdalena; Das, Udaibir S.; Papaioannou, Michael G. - International Monetary Fund (IMF) - 2008
financing options, including international bonds, for many emerging market (EM) economies and LICs. This paper presents some of … the advantages and disadvantages of international debut bonds, within a debt sustainability framework. It outlines key … capital markets, including excessive issue size relative to the intended use of bond proceeds, issuance of bullet bonds, and …
Persistent link: https://www.econbiz.de/10005263693
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International Financial Integration, Sovereignty, and Constraintson Macroeconomic Policies
Kletzer, Kenneth - International Monetary Fund (IMF) - 2006
. Renegotiation is interpreted in terms of nominal and real denominated bonds, and implications are drawn about the intertemporal …
Persistent link: https://www.econbiz.de/10005826158
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The Role of Domestic Debt Markets in Economic Growth; An Empirical Investigation for Low-Income Countries and Emerging Markets
Abbas, S. M. Ali; Christensen, Jakob - International Monetary Fund (IMF) - 2007
We develop a new public domestic debt (DD) database covering 93 low-income countries and emerging markets over the 1975-2004 period to estimate the growth impact of DD. Moderate levels of non-inflationary DD, as a share of GDP and bank deposits, are found to exert a positive overall impact on...
Persistent link: https://www.econbiz.de/10005768875
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Crisis Resolution; Next Steps
Kletzer, Kenneth; Eichengreen, Barry J.; Mody, Ashoka - International Monetary Fund (IMF) - 2003
of collective action clauses (CACs) in international bonds. This decision was shaped partly by Mexico's successful launch … the future. It asks whether we can expect to see additional issuance by emerging markets of bonds featuring CACs, whether …
Persistent link: https://www.econbiz.de/10005599331