Showing 71 - 80 of 49,432
We investigate the empirical foundations of the New Debt Sustainability Framework (NDSF), which was recently endorsed … by the IMF and the World Bank in support of low income countries' (LICs) debt sustainability. Our empirical re …-specific circumstances which truly matter for the achievement of debt sustainability …
Persistent link: https://www.econbiz.de/10013064197
Hungary's government debt and its sustainability is a current issue from many different aspects. Applying debt … markedly different. After that, from the several tests of debt sustainability, he makes first an analysis based on fiscal …
Persistent link: https://www.econbiz.de/10013073138
Theory predicts that a nation's stochastic intertemporal budget constraint is satisfied if net foreign assets (NFA) are integrated of any finite order, or if net exports (NX) and NFA satisfy an error-correction specification with a residual integrated of any finite order. We test these...
Persistent link: https://www.econbiz.de/10013157070
Despite substantial debt relief to HIPC Initiative completion point countries, long-term debt sustainability remains a … challenge. This paper examines a number of structural factors affecting external debt sustainability. It shows that in HIPC … sustainability in completion point countries will require continued structural reforms, timely donor support, and close monitoring of …
Persistent link: https://www.econbiz.de/10013158545
This paper examines a number of structural factors affecting the external debt sustainability of HIPC completion point … compared with many other low-income countries. Achieving and maintaining long-term debt sustainability in completion point …
Persistent link: https://www.econbiz.de/10012783133
Debt is sustainable at a competitive equilibrium due solely to the reputation of debtors for repayment; that is, even absent collateral or legal sanctions available to creditors. In the presence of uninsurable risks, or in an asset market that is incomplete, when the rate of interest falls...
Persistent link: https://www.econbiz.de/10012897689
Debt sustainability is fundamentally a probabilistic concept: Debt is rarely sustainable with probability one. We … propose an index of external debt sustainability that reflects this uncertainty. Namely we construct the index as the … strong measures are potentially needed to reestablish sustainability. Exchange rates that appear overvalued in the baseline …
Persistent link: https://www.econbiz.de/10012943506
Fiscal sustainability is an issue of worldwide concern, but it rings particularly true in the case of Pakistan … consequences of an ever-growing dependency on external borrowings that undermine long-term economic autonomy and sustainability …
Persistent link: https://www.econbiz.de/10012868192
Unresolved sovereign debt problems are hurting debtor nations, their citizens and their creditors, and also can pose serious systemic threats to the international financial system. The existing contractual restructuring approach is insufficient to make sovereign debt sustainable. Although a more...
Persistent link: https://www.econbiz.de/10012971151
In an influential paper, Bulow and Rogoff (1989) prove that in a competitive financial market, the threat of credit exclusion alone cannot sustain repayment of sovereign debt, as the defaulting government can still enter cash-in-advance insurance contracts. However, their result relies on an...
Persistent link: https://www.econbiz.de/10013004782