This collection of papers examines IMF-supported programs over the period 1995-2000 in both middle-income and low-income countries. In order to seek insights from a comparison across different types of programs, the sections entitled""Objectives and Outcomes,"" ""Policy Formulation and...

Recent events have shown that sovereigns, just like banks, can be subject to runs, highlighting the importance of the investor base for their liabilities. This paper proposes a methodology for compiling internationally comparable estimates of investor holdings of sovereign debt. Based on this...

This paper proposes an approach to track US$1 trillion of emerging market government debt held by foreign investors in local and hard currency, based on a similar approach that was used for advanced economies (Arslanalp and Tsuda, 2012). The estimates are constructed on a quarterly basis from...

""The crisis and associated increases in fiscal deficits and government debts have resulted in a daunting fiscal challenge, especially for advanced economies. To help anchor fiscal solvency expectations, credible fiscal exit strategies aimed at reducing government debt to prudent levels need to...

In response to the global financial crisis, governments provided substantial support to the financial and other key sectors. Although this cushioned the adverse effects of the crisis, it is necessary now to articulate a strategy to ensure the sustainability of public finances. This paper...