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The determinants of the composition of public debt in developing and emerging market countries

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  • Forslund, Kristine

    ()

  • Lima, Lycia

    ()

  • Panizza, Ugo

    ()

Abstract

This paper uses a new dataset on the composition of public debt in developing and emerging market countries to look at the correlation between country characteristics and domestic debt share. While the paper finds that most variables have the expected sign, it also finds that country characteristics cannot explain regional differences in the composition of public debt. Moreover, the paper finds a weak correlation between inflationary history and the composition of public debt. The paper explores the determinants of this finding and shows that the results are driven by the presence of capital controls.

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File URL: http://polis.unipmn.it/pubbl/RePEc/uca/ucapdv/panizza184.pdf
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Bibliographic Info

Paper provided by Institute of Public Policy and Public Choice - POLIS in its series POLIS Working Papers with number 156.

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Length: 35 pages
Date of creation: Jun 2011
Date of revision:
Handle: RePEc:uca:ucapdv:156

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Web page: http://polis.unipmn.it

Related research

Keywords: Public debt; Government bond markets; Debt structure; Sovereign bonds;

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References

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  1. Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "The Forgotten History of Domestic Debt," NBER Working Papers 13946, National Bureau of Economic Research, Inc.
  2. Campos, Camila F.S. & Jaimovich, Dany & Panizza, Ugo, 2006. "The unexplained part of public debt," Emerging Markets Review, Elsevier, vol. 7(3), pages 228-243, September.
  3. Barry Eichengreen & Pipat Luengnaruemitchai, 2006. "Why doesn’t Asia have bigger bond markets?," BIS Papers chapters, in: Bank for International Settlements (ed.), Asian bond markets: issues and prospects, volume 30, pages 40-77 Bank for International Settlements.
  4. Ugo Panizza, 2008. "Domestic And External Public Debt In Developing Countries," UNCTAD Discussion Papers 188, United Nations Conference on Trade and Development.
  5. Kevin Cowan & Eduardo Levy Yeyati & Ugo Panizza & Federico Sturzenegger, 2006. "Sovereign Debt in the Americas: New Data and Stylized Facts," Research Department Publications 4480, Inter-American Development Bank, Research Department.
  6. Carmen M. Reinhart & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," NBER Working Papers 16893, National Bureau of Economic Research, Inc.
  7. Alejandro Izquierdo, 2002. "Sudden Stops, the Real Exchange Rate and Fiscal Sustainability in Argentina," The World Economy, Wiley Blackwell, vol. 25(7), pages 903-923, 07.
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Cited by:
  1. Serkan Arslanalp & Tigran Poghosyan, 2014. "Foreign Investor Flows and Sovereign Bond Yields in Advanced Economies," IMF Working Papers 14/27, International Monetary Fund.

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