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The Forgotten History of Domestic Debt

Listed author(s):
  • Carmen M. Reinhart
  • Kenneth S. Rogoff

There is a view today that “this time it’s different” for emerging markets. Governments are reducing their dependence on external debt and relying more on domestic debt financing for the first time! Furthermore, emerging market governments are increasingly issuing long-term domestic debt. Indeed, often this change in government debt management patterns is taken as evidence of graduation from “serial default.” In this new world, debt crises in emerging markets will be a thing of the past, and the IMF is plainly out of business.

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Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 121 (2011)
Issue (Month): 552 (05)
Pages: 319-350

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Handle: RePEc:ecj:econjl:v:121:y:2011:i:552:p:319-350
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