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Debt Management: Now the Difficult Part

Author

Listed:
  • Gooptu, Sudarshan

    (World Bank)

  • Braga, Carlos

    (World Bank)

Abstract

The first years of the 21st century were characterized by more prudent macroeconomic policies in the developing world, the positive impact of debt relief on low-income countries (LICs), and positive growth trends for the world economy, despite the puncturing of the high-tech “bubble” in OECD countries. Until the eve of the financial crisis, many emerging economies were able to reduce the vulnerabilities of their debt portfolios and debt management was being carried out under favorable circumstances. Average maturities increased, reflecting increases in the maturities of new debt issuances, and rollover risks declined. Moreover, the increased availability of local currency financing, reflecting the development of domestic capital markets, and the globalization of the corporate sector in emerging economies underscored the changing landscape of development financing.

Suggested Citation

  • Gooptu, Sudarshan & Braga, Carlos, 2010. "Debt Management: Now the Difficult Part," World Bank - Economic Premise, The World Bank, issue 23, pages 1-5, July.
    • Handle: RePEc:wbk:prmecp:ep23
    as

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    File URL: http://siteresources.worldbank.org/INTPREMNET/Resources/EP23.pdf
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    References listed on IDEAS

    as
    1. Graeme Wheeler, 2004. "Sound Practice in Government Debt Management," World Bank Publications - Books, The World Bank Group, number 15017, December.
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    4. Paolo Mauro & Mark A Horton & Manmohan S. Kumar, 2009. "The State of Public Finances; A Cross-Country Fiscal Monitor," IMF Staff Position Notes 2009/21, International Monetary Fund.
    5. World Bank & International Monetary Fund, 2010. "Global Monitoring Report 2010 : The MDGs after the Crisis," World Bank Publications - Books, The World Bank Group, number 2444, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    debt; management; macroeconomic; debt relief; developing countries; low-income countries; bubble; portfolio; risks; maturities; financing;
    All these keywords.

    JEL classification:

    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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