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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
This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets in Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama as at end-2005. Although they account for the lion's share of capital markets, regional...
Persistent link: https://www.econbiz.de/10005825635
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Are We Heading for Another Debt Crisis in Low-Income Countries? Debt Vulnerabilities: Today vs the pre-HIPC Era
Chuku, Chuku - 2023
There are growing concerns that 25 years after the launch of the HIPC debt relief initiative, many low-income countries are again facing high debt vulnerabilities. This paper compares debt vulnerabilities in LICs today versus those on the eve of the HIPC Initiative and examines challenges to a...
Persistent link: https://www.econbiz.de/10015059536
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Sovereign Debt
Martinez, Leonardo - 2022
This paper surveys the literature on sovereign debt from the perspective of understanding how sovereign debt differs from privately issue debt, and why sovereign debt is deemed safe in some countries but risky in others. The answers relate to the unique power of the sovereign. One the one hand,...
Persistent link: https://www.econbiz.de/10015060335
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Sovereign Debt Repatriation During Crises
Arslanalp, Serkan - 2022
We use a new, comprehensive data set on the sovereign debt investor base to document three novel empirical facts: (i) sovereign debt is repatriated - that is, shifted from external private to domestic investors - prior to sovereign defaults; (ii) not all crises are equal: evidence for...
Persistent link: https://www.econbiz.de/10015060461
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Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis
Adler, Gustavo - International Monetary Fund (IMF) - 2012
Large fiscal financing needs, both in advanced and emerging market economies, have often been met by borrowing heavily from domestic banks. As public debt approached sustainability limits in a number of countries, however, high bank exposure to sovereign risk created a fragile inter-dependence...
Persistent link: https://www.econbiz.de/10010878417
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Outlook for Interest Rates and Japanese Banks’ Risk Exposures under Abenomics
Arslanalp, Serkan; Lam, Raphael W. - International Monetary Fund (IMF) - 2013
This paper examines how Japan’s long-term interest rates and Japanese banks’ interest rate risk exposures may evolve … yields in Japan are determined to a large extent by growth and inflation outlook, fiscal conditions, demography, and the … increased purchases by the Bank of Japan. At the same time, illustrative scenarios suggest the interest rate risk exposure of …
Persistent link: https://www.econbiz.de/10011142198
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Consequences of Asset Shortages in Emerging Markets
Imam, Patrick A.; Chen, Jiaqian - International Monetary Fund (IMF) - 2012
We assess econometrically the impact of asset shortages on economic growth, asset bubbles, the probability of a crisis, and the current account for a group of 41 Emerging markets for 1995-2008. The econometric estimations confirm that asset shortages pose a serious danger to EMs in terms of...
Persistent link: https://www.econbiz.de/10010790419
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Balance Sheet Vulnerabilities of Mauritius During a Decade of Shocks
International Monetary Fund (IMF); International … - 2010
After reviewing the economic reform strategy of Mauritius for the past 10 years in the face of several external shocks, we apply a balance sheet analysis (BSA) focusing on currency, maturity, and intersectoral mismatches. In reviewing developments over this decade, we find that the currency and...
Persistent link: https://www.econbiz.de/10008560418
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Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?
Ilyina, Anna; Guscina, Anastasia; Kamil, Herman - International Monetary Fund (IMF) - 2010
This paper explores the link between the cyclical patterns of macroeconomic and policy variables and the currency composition of domestic sovereign debt in emerging market countries. The empirical analysis is anchored in an equilibrium model, in which the dollarization of sovereign debt arises...
Persistent link: https://www.econbiz.de/10008560435
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Sectoral Balance Sheet Mismatches and Macroeconomic Vulnerabilities in Colombia, 1996-2003
Lima, Juan Manuel; Wiegand, Johannes; Montes, Enrique; … - International Monetary Fund (IMF) - 2006
We employ an extended version of the Allen et al. (2002) Balance Sheet Approach to examine macroeconomic vulnerabilities in Colombia between 1996 and 2003, based on an unusually rich data set. We find that vulnerabilities existing prior to Colombia's 1999 recession-high levels of private debt, a...
Persistent link: https://www.econbiz.de/10005604814