as they were a decade ago. Since debt relief provided under HIPC will free government resources, the initiative will … deviations from these are likely to lead to a rapid accumulation of debt, so debt sustainability – as reflected in the debt …

complex financial markets in synthetic collateralized debt obligations - CDOs. Guided by invisible hands, supplies balance …

This paper assesses that participation of countries in IMF programs significantly diminishes their vulnerability to … external shocks. Currently, one of the primary purposes of the IMF is to ensure global stability. As such, the Fund has the … participation in the IMF arrangements has a significant impact in decreasing the sensitivity to exogenous shocks. Despite the …

I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of …- term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped … by revenue losses on inframarginal units of debt that reflect the price impact of these decisions. The model predicts an …

's measure of country credit risk. Based on a simple model of international borrowing and lending, we develop the hypothesis that …