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Lebanon-Weathering the Perfect Storms

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  • Axel Schimmelpfennig
  • E. H. Gardner
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    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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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=21606
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    Bibliographic Info

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

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    Length: 38
    Date of creation: 01 Jan 2008
    Date of revision:
    Handle: RePEc:imf:imfwpa:08/17

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    Related research

    Keywords: Public debt; Debt sustainability; investors; government debt; central bank; external debt; foreign currency; debt service; foreign investors; debt crisis; international investors; sovereign debt; debt crises; debt overhang; debt obligations; domestic investors; currency composition; debt intolerance; external financing; debt restructuring; external debt obligations; sovereign defaults; debt dynamics; sovereign default; sovereign debt crises; international finance; debt reduction; debt burden; investment strategies; current account; investment strategy; domestic currency; sovereign debt restructuring; fixed income; terms of debt; commercial banks; investor confidence; investment banks; debt obligation; credit markets; balance of payments; current account balance; debt ratio; investment decisions; debt stock; private debtors; risk assessment; external debt obligation; sovereign debt crisis; investment projects; investment banking;

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    References

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    1. Thomas Helbling & Sena Eken, 1999. "Back to the Future," IMF Occasional Papers 176, International Monetary Fund.
    2. Taimur Baig & Ilan Goldfajn, 2000. "The Russian default and the contagion to Brazil," Textos para discussão 420, Department of Economics PUC-Rio (Brazil).
    3. Jonathan David Ostry & Abdul Abiad, 2005. "Primary Surpluses and sustainable Debt Levels in Emerging Market Countries," IMF Policy Discussion Papers 05/6, International Monetary Fund.
    4. Taimur Baig & Ilan Goldfajn, 2000. "The Russian Default and the Contagion to Brazil," IMF Working Papers 00/160, International Monetary Fund.
    5. Carmen M. Reinhart & Kenneth S. Rogoff & Miguel A. Savastano, 2003. "Debt Intolerance," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(1), pages 1-74.
    6. Enrique G. Mendoza & Jonathan D. Ostry, 2007. "International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?," NBER Working Papers 12947, National Bureau of Economic Research, Inc.
    7. repec:rus:hseeco:123922 is not listed on IDEAS
    8. Enrique G. Mendoza & Jonathan David Ostry, 2007. "International Evidenceon Fiscal Solvency," IMF Working Papers 07/56, International Monetary Fund.
    9. Steven B. Kamin, 2004. "Identifying the Role of Moral Hazard in International Financial Markets," International Finance, Wiley Blackwell, vol. 7(1), pages 25-59, 03.
    10. Harald Finger & Mauro Mecagni, 2007. "Sovereign Debt Restructuring and Debt Sustainability," IMF Occasional Papers 255, International Monetary Fund.
    11. Jose Martelino & S. Nuri Erbas & Adnan Mazarei & Sena Eken & Paul Cashin, 1995. "Economic Dislocation and Recovery in Lebanon," IMF Occasional Papers 120, International Monetary Fund.
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    Cited by:
    1. Mora, Nada & Neaime, Simon & Aintablian, Sebouh, 2013. "Foreign currency borrowing by small firms in emerging markets: When domestic banks intermediate dollars," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 1093-1107.

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