. Private sector creditors and the IFI offer different debt contracts that are modelled based on the institutional frameworks of … these two types of debt. We analyze the decisions of a sovereign on how to allocate its borrowing needs between these two … types of creditors, and when to default on its debt to the private sector creditor. The numerical analysis shows that …

This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets … account for the lion's share of capital markets, regional public debt markets remain underdeveloped for a variety of reasons … and composition of debt (with sizeable nonstandard and non-tradable components), fragmentation of public debt between …

across major regions, countries with differing commodity export composition, and countries with differing debt relief status …

This paper estimates bond-by-bond "haircuts"-realized investor losses-in recent debt restructurings in Russia, Ukraine …

Although Caribbean countries have been largely successful in bringing annual inflation down to single digits in recent … years-regardless of their exchange rate regime-their growth rates have been disappointing and their public debt has risen …. Most of the increase in their public debt is accounted for by a deterioration in primary fiscal balances that has been …

an external debt overhang. A simple taxation scheme is specified and it is shown that a country can be on the “wrong side …” of its debt Laffer curve only if it is on the wrong side of its tax Laffer curve. The analysis indicates that fairly … disincentives associated with the debt overhang are large enough to place a country on the wrong side of its debt Laffer curve. …

primary commodities and exposure to terms of trade shocks. This paper finds that the coefficient of the lagged debt stock was … significant and positive, consistent with the theory that higher levels of debt warrant greater fiscal effort. Various measures of …

-of-court centralized corporate debt workout frameworks—that came to define the core asset management setting in countries most seriously …

fiscal and debt sustainability. It begins with a formal definition and explanation of analytical sustainability indicators …, followed by an assessment of the causes of fiscal deficits and their impact on the usual indicators of fiscal and external debt …