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Lebanon-Weathering the Perfect Storms

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Author Info
E. H. Gardner
Axel Schimmelpfennig
Abstract

This paper reviews Lebanon's ability to manage financial pressures following severe shocks despite its large public debt overhang and significant external vulnerabilities. Based on interviews with market participants in Beirut and London, the paper concludes that Lebanon's ability to weather what appear to be "perfect storms" derives from three characteristics: a perceived implicit guarantee from donors; Lebanon's track record of having never defaulted on external debt or deposits; and the unique market structure for Lebanese debt which is dominated by local banks and "dedicated" investors and depositors.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/17.

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Length: 38 pages
Date of creation: 30 Jan 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/17

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Related research
Keywords: Public debt ; Lebanon ; Investment ; Financial crisis ;

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References listed on IDEAS
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  1. Reinhart, Carmen & Rogoff, Kenneth & Savastano, Miguel, 2003. "Debt intolerance," MPRA Paper 13932, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  2. Steven B. Kamin, 2004. "Identifying the Role of Moral Hazard in International Financial Markets," International Finance, Blackwell Publishing, vol. 7(1), pages 25-59, 03. [Downloadable!] (restricted)
  3. Jonathan David Ostry & Enrique G. Mendoza, 2007. "International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?," IMF Working Papers 07/56, International Monetary Fund. [Downloadable!]
    Other versions:
  4. Paul Cashin & Sena Eken & S. Nuri Erbas & Jose Martelino & Adnan Mazarei, 1995. "Economic Dislocation and Recovery in Lebanon," IMF Occasional Papers 120, International Monetary Fund.
  5. Harald Finger & Mauro Mecagni, 2007. "Sovereign Debt Restructuring and Debt Sustainability: An Analysis of Recent Cross-Country Experience," IMF Occasional Papers 255, International Monetary Fund.
  6. Taimur Baig & Ilan Goldfajn, 2000. "The Russian Default and the Contagion to Brazil," IMF Working Papers 00/160, International Monetary Fund.
  7. Sena Eken & Thomas Helbling, 1999. "Back to the Future: Postwar Reconstruction and Stabilization in Lebanon," IMF Occasional Papers 176, International Monetary Fund.
  8. repec:rus:hseeco:123922 is not listed on IDEAS
  9. Taimur Baig & Ilan Goldfajn, 2000. "The Russian default and the contagion to Brazil," Textos para discussão 420, Department of Economics PUC-Rio (Brazil). [Downloadable!]
  10. Abdul Abiad & Jonathan David Ostry, 2005. "Primary Surpluses and sustainable Debt Levels in Emerging Market Countries," IMF Policy Discussion Papers 05/6, International Monetary Fund. [Downloadable!]
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