Franklin

Impact of Macroeconomic, Political, and Institutional Factorson the Structure of Government Debt in Emerging Market Countries [electronic resource] Guscina, Anastasia.

Author/Creator:
Guscina, Anastasia.
Publication:
Washington, D.C. : International Monetary Fund, 2008.
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 08/205.
IMF Working Papers; Working Paper No. 08/205
Format/Description:
Government document
Book
1 online resource (43 p.)
Local subjects:
Annual inflation.
Central bank.
Currency composition.
Currency debt.
Currency mismatches.
Currency risk.
Currency risks.
Debt crises.
Debt crisis.
Debt data.
Debt database.
Debt holder.
Debt holders.
Debt intolerance.
Debt management.
Debt market.
Debt service.
Debt structure.
Debt structures.
Debtor countries.
Domestic currency.
Domestic debt.
Domestic debt market.
Domestic debt markets.
Emerging markets.
External debt.
Financial institutions.
Financial stability.
Foreign currency.
Foreign currency debt.
Foreign debt.
Foreign exchange.
Government debt.
Government debt database.
Government deficits.
Heavily indebted countries.
High inflation.
High-inflation episodes.
Highly indebted countries.
Indebted countries.
Inflation.
Inflation rate.
Inflation tax.
Inflationary expectations.
Inflationary policy.
Interest rates.
International debt.
International lending.
Liquidity crises.
Long-term debt.
Macroeconomic stability.
Maturity structure of debt.
Monetary economics.
Monetary financing.
Monetary policy.
Percent annual inflation.
Private credit.
Private debt.
Public debt.
Public debt management.
Real value.
Repayments.
Reserve bank.
Short-term debt.
Sovereign bond.
Sovereign debt.
Argentina.
Brazil.
Chile.
Colombia.
Israel.
Mexico.
Summary:
Debt crises that have shaken Latin America, Asia, and Russia have brought an increasing attention to the structure of debt in emerging market countries. Using the newly released Jeanne-Guscina EM Government Debt Database 2006 this paper empirically explores the role of macroeconomic, political, and institutional factors in determining the structure of government debt. Results show that unstable macroeconomic environment, poor quality institutions, and uncertain political climate hinder the development of domestic debt market. Moreover, such instability shifts the debt structure away from long-term local currency fixed rate debt towards short-term debt or to debt indexed to foreign currency, short-term interest rates or inflation. Original sin seems to be on the way out, as more and more countries are issuing local currency debt at longer maturities-which can be explained by successful macroeconomic stabilization policies and lessons learned from the debt crises.
Notes:
Description based on print version record.
Contributor:
Guscina, Anastasia.
Other format:
Print Version:
ISBN:
1451870639:
9781451870633
ISSN:
1018-5941
Publisher Number:
10.5089/9781451870633.001
Access Restriction:
Restricted for use by site license.
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