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The Level and Composition of Public Sector Debt in Emerging Market Crises

  • Bjoern Rother
  • Ivetta Hakobyan
  • Monica Baumgarten de Bolle
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    The paper examines the evolution of public sector debt levels and structures in 12 emerging market countries around the time of financial crises. In particular, it focuses on whether the debt situation of sovereign borrowers became more vulnerable in the aftermath of crises. The principal findings are that (i) debt levels tend to increase significantly post-crisis, and (ii) countries often experience more rigid debt structures following such events, with an increase in the share of external public debt to multilateral creditors and a greater exposure of the domestic banking system to sovereign debt.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=19397
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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/186.

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    Length: 35
    Date of creation: 01 Aug 2006
    Date of revision:
    Handle: RePEc:imf:imfwpa:06/186
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    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "Serial Default and the "Paradox" of Rich-to-Poor Capital Flows," American Economic Review, American Economic Association, vol. 94(2), pages 53-58, May.
    2. Ashoka Mody & Barry J. Eichengreen & Kenneth Kletzer, 2005. "The IMF in a World of Private Capital Markets," IMF Working Papers 05/84, International Monetary Fund.
    3. Richard Hemming & Axel Schimmelpfennig & Michael Kell, 2003. "Fiscal Vulnerability and Financial Crises in Emerging Market Economies," IMF Occasional Papers 218, International Monetary Fund.
    4. Michael D. Bordo & Ashoka Mody & Nienke Oomes, 2004. "Keeping Capital Flowing: The Role of the IMF," NBER Working Papers 10834, National Bureau of Economic Research, Inc.
    5. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
    6. Jeffrey A. Frankel & Shang-Jin Wei, 2004. "Managing Macroeconomic Crises," NBER Working Papers 10907, National Bureau of Economic Research, Inc.
    7. V. Hugo Juan-Ramon & Emiliano Basco & Carlos Quarracino & Adolfo Barajas, 2006. "Banks During the Argentine Crisis; Were they All Hurt Equally? Did they All Behave Equally?," IMF Working Papers 06/42, International Monetary Fund.
    8. G. Russell Kincaid & Charles Collyns, 2003. "Managing Financial Crises; Recent Experience and Lessons for Latin America," IMF Occasional Papers 217, International Monetary Fund.
    9. 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.
    10. Ales Bulir & Marianne Schulze-Gattas & Atish R. Ghosh & Alex Mourmouras & A. Javier Hamann & Timothy D. Lane, 2002. "IMF-Supported Programs in Capital Account Crises; Design and Experience," IMF Occasional Papers 210, International Monetary Fund.
    11. Honohan, Patrick & Klingebiel, Daniela, 2000. "Controlling the fiscal costs of banking crises," Policy Research Working Paper Series 2441, The World Bank.
    12. Barry Eichengreen & Kenneth Kletzer & Ashoka Mody, 2005. "The IMF in a world of private capital markets," Working Paper Series 2005-12, Federal Reserve Bank of San Francisco.
    13. repec:rus:hseeco:123922 is not listed on IDEAS
    14. Marc Quintyn & David S. Hoelscher, 2003. "Managing Systemic Banking Crises," IMF Occasional Papers 224, International Monetary Fund.
    15. Ashoka Mody, 2004. "Is FDI Integrating the World Economy?," The World Economy, Wiley Blackwell, vol. 27(8), pages 1195-1222, 08.
    16. Anna Gelpern, 2005. "After Argentina," Policy Briefs PB05-02, Peterson Institute for International Economics.
    17. Morris Goldstein, 2003. "Debt Sustainability, Brazil, and the IMF," Working Paper Series WP03-1, Peterson Institute for International Economics.
    18. Patrick Honohan & Daniela Klingebiel, 2000. "Controlling fiscal costs of banking crises," Proceedings 682, Federal Reserve Bank of Chicago.
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