Franklin

Reconsidering External Financing of Domestic Budget Deficits [electronic resource] : Debunking Some Received Wisdom, Woo, D..

Author/Creator:
Woo, D.
Publication:
Washington, D.C. : International Monetary Fund, 2000.
Series:
IMF eLibrary
IMF Policy Discussion Papers; Policy Discussion Paper No. 00/8.
IMF Policy Discussion Papers; Policy Discussion Paper No. 00/8
Format/Description:
Government document
Book
1 online resource (24 p.)
Local subjects:
Balance of payment.
Budget deficits.
Central bank.
Commercial banks.
Currency board.
Currency composition.
Currency debt.
Currency diversification of debt.
Currency risk.
Current account.
Debt management.
Debt management policy.
Debt managers.
Debt service.
Domestic borrowing.
Domestic capital markets.
Domestic currency.
Domestic debt.
Domestic financing.
Domestic investment.
Domestic investors.
External debt.
External debt service.
External financing.
External funding.
External shocks.
Foreign currency.
Foreign currency debt.
Foreign debt.
Foreign investors.
Foreign securities.
Government debt.
Information asymmetry.
Interest costs.
International capital market.
International investors.
Investors.
Liquidity injection.
Long-term debt.
Net external debt.
Outstanding debt.
Private investment.
Private sector borrowing.
Public debt.
Public debt management.
Reserve assets.
Risk exposure.
Risk premium.
Short-term debt.
Sovereign borrowers.
Sovereign debt.
Tax revenue.
Japan.
New Zealand.
Summary:
The past decade has witnessed a steady increase in outstanding external sovereign debt issued by emerging market economies. This paper examines some of the “received wisdom” regarding the benefits of external financing of domestic budget deficits and argues that it is often predicated on a narrow set of assumptions and incomplete evaluation of the underlying costs. The paper also suggests alternative sources of financing that can help capture some of the benefits associated with foreign financing without all of its costs.
Notes:
Description based on print version record.
Contributor:
Gray, Simon.
Woo, D.
Other format:
Print Version:
ISBN:
1451970951:
9781451970951
ISSN:
1934-7456
Publisher Number:
10.5089/9781451970951.003
Access Restriction:
Restricted for use by site license.
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