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Domestic public debt in low-income countries: trends and structure

  • Giovanna Bua

    (The World Bank, Universit… Statale di Milano)

  • Juan Pradelli

    (The World Bank)

  • Andrea Filippo Presbitero

    ()

    (Universit… Politecnica delle Marche, MoFiR)

This paper introduces a new dataset on the stock and structure of domestic debt in 36 Low-Income Countries over the period 1971-2011. We characterize the recent trends regarding LICs domestic public debt and explore the relevance of different arguments put forward on the benefits and costs of government borrowing in local public debt markets. The main stylized fact emerging from the data is the increase in domestic government debt since 1996. We also observe that poor countries have been able to increase the share of long-term instruments over time and that the maturity lengthening went together with a decrease in borrowing costs. However, the concentration of the investor base, mainly dominated by commercial banks and the Central Bank, may crowd out lending to the private sector.

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File URL: http://docs.dises.univpm.it/web/quaderni/pdfmofir/Mofir085.pdf
File Function: First version, 2013
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Paper provided by Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences in its series Mo.Fi.R. Working Papers with number 85.

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Length: 30
Date of creation: Aug 2013
Date of revision:
Handle: RePEc:anc:wmofir:85
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  1. Guillermo A. Calvo, 2005. "Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262033348, June.
  2. Andrea F. Presbitero, 2010. "Total Public Debt and Growth in Developing Countries," Development Working Papers 300, Centro Studi Luca d\'Agliano, University of Milano.
  3. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 329-368.
  4. Aaron Mehrotra & Ken Miyajima & Agustin Villar, 2012. "Developments of domestic government bond markets in EMEs and their implications," BIS Papers chapters, in: Bank for International Settlements (ed.), Fiscal policy, public debt and monetary policy in emerging market economies, volume 67, pages 31-50 Bank for International Settlements.
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  7. Anastasia Guscina, 2008. "Impact of Macroeconomic, Political, and Institutional Factorson the Structure of Government Debt in Emerging Market Countries," IMF Working Papers 08/205, International Monetary Fund.
  8. Julien Reynaud & Arnaud Mehl, 2007. "The determinants of "domestic" original sin in emerging market economies," Money Macro and Finance (MMF) Research Group Conference 2006 159, Money Macro and Finance Research Group.
  9. Andrea F. Presbitero, 2012. "Domestic debt in Low-Income Countries," Economics Bulletin, AccessEcon, vol. 32(2), pages 1099-1112.
  10. Michael Kumhof & Evan Tanner, 2005. "Government Debt; A Key Role in Financial Intermediation," IMF Working Papers 05/57, International Monetary Fund.
  11. S M Ali Abbas & Jakob E Christensen, 2010. "The Role of Domestic Debt Markets in Economic Growth: An Empirical Investigation for Low-Income Countries and Emerging Markets," IMF Staff Papers, Palgrave Macmillan, vol. 57(1), pages 209-255, April.
  12. Hausmann, Ricardo & Panizza, Ugo, 2003. "On the determinants of Original Sin: an empirical investigation," Journal of International Money and Finance, Elsevier, vol. 22(7), pages 957-990, December.
  13. Alessandro Missale & Emanuele Bacchiocchi, 2012. "Multilateral Indexed Loans And Debt Sustainability," UNCTAD Discussion Papers 209, United Nations Conference on Trade and Development.
  14. Andrew Crockett & Chairman, 1999. "General discussion : exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 411-422.
  15. International Monetary Fund, 2010. "A Historical Public Debt Database," IMF Working Papers 10/245, International Monetary Fund.
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