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Three countries' debt profiles: Average maturities in Mexico, Brazil, and Russia

  • Colliac, Stéphane
  • Lapteacru, Ion

This paper draws on public debt in Brazil, Mexico, and Russia, and develops a bond-by-bond database from 1990 to 2005 that accounts for all available information on buybacks and swaps. We estimate a de facto indicator of average maturity of debt. We analyze the behavior of these three emerging sovereigns as they manage their debt profile and service their debt. We find that average maturity has improved in our three countries from 2000 to 2005. However, this evolution is subject to uncertainty on the possibility of future buybacks, swaps, and other restructurings. Compared to the Brazilian and Russian cases, improvement appears more progressive in Mexico. Moreover, we observe more examples of swaps in Eurobonds in this country. If we consider the original sin criteria, we observe that primary issuance of long-term international debt in domestic currency appears as an exception.

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File URL: http://www.sciencedirect.com/science/article/B6VGV-4N919M7-1/1/584f0dc4ff6f420c82296ebd0d71be9a
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Article provided by Elsevier in its journal Journal of Multinational Financial Management.

Volume (Year): 18 (2008)
Issue (Month): 2 (April)
Pages: 94-111

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Handle: RePEc:eee:mulfin:v:18:y:2008:i:2:p:94-111
Contact details of provider: Web page: http://www.elsevier.com/locate/mulfin

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  1. 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.
  2. Guillermo A. Calvo & Alejandro Izquierdo & Ernesto Talvi, 2006. "Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises," Research Department Publications 4474, Inter-American Development Bank, Research Department.
  3. Fernando A. Broner & Guido Lorenzoni & Sergio L. Schmukler, 2007. "Why Do Emerging Economies Borrow Short Term?," NBER Working Papers 13076, National Bureau of Economic Research, Inc.
  4. 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.
  5. Anastasia Guscina & Olivier Jeanne, 2006. "Government Debt in Emerging Market Countries; A New Data Set," IMF Working Papers 06/98, International Monetary Fund.
  6. Guillermo A. Calvo & Alejandro Izquierdo & Luis Fernando Mejía, 2004. "On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects," IDB Publications (Working Papers) 6516, Inter-American Development Bank.
  7. Homi Kharas & Brian Pinto & Sergei Ulatov, 2001. "An Analysis of Russia's 1998 Meltdown: Fundamentals and Market Signals," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 32(1), pages 1-68.
  8. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange Rates and Financial Fragility," NBER Working Papers 7418, National Bureau of Economic Research, Inc.
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