The Effect of Institutions, Geography, Development Assistance and Debt Crises on Public-Debt Management
AbstractUsing survey data on debt management strategies, this paper studies whether the probability that a country has a debt management strategy, publishes its debt strategy, and uses a benchmark-based strategy is affected by democratic accountability, institutional quality, past debt crises/defaults, IFIs development assistance, and participation in debt management programs. We find that countries located in Latin America and Caribbean are less likely to have developed a debt management strategy and, if they have, they are less likely to publish it. In contrast, countries located in Middle East and North Africa are less likely to use quantitative benchmarks in formulation of their debt management strategy. A country is more likely to have developed a debt management strategy if it has an experience of a past debt crisis, but not of repeated debt crises. Institutional quality and democratic accountability could significantly contribute to emergence of more transparent and accountable debt management strategies in developing countries. IFIs' technical assistance on public debt management could be enhanced by IFIs conducting their own, prior diagnostic reviews.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 16332.
Date of creation: Jul 2009
Date of revision:
Public Debt Management Strategy; Cross-Country Survey; Institutional Factors; Regional Location; Debt Crises; Development Assistance.;
Find related papers by JEL classification:
- O23 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
- O50 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - General
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
- H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-07-28 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bohn, Henning, 1990.
"A positive theory of foreign currency debt,"
Journal of International Economics,
Elsevier, vol. 29(3-4), pages 273-292, November.
- Henning Bohn, . "A Positive Theory of Foreign Currency Debt," Rodney L. White Center for Financial Research Working Papers 19-88, Wharton School Rodney L. White Center for Financial Research.
- Togo, Eriko, 2007. "Coordinating public debt management with fiscal and monetary policies : an analytical framework," Policy Research Working Paper Series 4369, The World Bank.
- Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises: A New Database," IMF Working Papers 08/224, International Monetary Fund.
- Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall.
- Missale, Alessandro, 1999. "Public Debt Management," OUP Catalogue, Oxford University Press, number 9780198290858.
- Bohn, Henning, 1990. "Tax Smoothing with Financial Instruments," American Economic Review, American Economic Association, vol. 80(5), pages 1217-30, December.
- Gill, Indermit & Pinto, Brian, 2005. "Public debt in developing countries : has the market-based model worked?," Policy Research Working Paper Series 3674, The World Bank.
- Melecky, Ales & Skutova, Marketa, 2011.
"Fiskální pravidla v zemích Visegrádské čtyřky
[Fiscal Rules in the Visegrad Countries]," MPRA Paper 34028, University Library of Munich, Germany.
- Martin Melecky, 2012.
"Choosing The Currency Structure Of Foreign‐Currency Debt: A Review Of Policy Approaches,"
Journal of International Development,
John Wiley & Sons, Ltd., vol. 24(2), pages 133-151, 03.
- Melecky, Martin, 2010. "Choosing the Currency Structure of Foreign-currency Debt: a Review of Policy Approaches," MPRA Paper 21268, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.