Lebanonâ€”Weathering the Perfect Storms
This paper reviews Lebanon's ability to manage financial pressures following severe shocks despite its large public debt overhang and significant external vulnerabilities. Based on interviews with market participants in Beirut and London, the paper concludes that Lebanon's ability to weather what appear to be "perfect storms" derives from three characteristics: a perceived implicit guarantee from donors; Lebanon's track record of having never defaulted on external debt or deposits; and the unique market structure for Lebanese debt which is dominated by local banks and "dedicated" investors and depositors.
|Date of creation:||01 Jan 2008|
|Date of revision:|
|Contact details of provider:|| Postal: International Monetary Fund, Washington, DC USA|
Phone: (202) 623-7000
Fax: (202) 623-4661
Web page: http://www.imf.org/external/pubind.htm
More information through EDIRC
|Order Information:||Web: http://www.imf.org/external/pubs/pubs/ord_info.htm|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Mendoza, Enrique G. & Ostry, Jonathan D., 2008.
"International evidence on fiscal solvency: Is fiscal policy "responsible"?,"
Journal of Monetary Economics,
Elsevier, vol. 55(6), pages 1081-1093, September.
- Enrique G. Mendoza & Jonathan D. Ostry, 2007. "International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?," NBER Working Papers 12947, National Bureau of Economic Research, Inc.
- Enrique G. Mendoza & Jonathan David Ostry, 2007. "International Evidenceon Fiscal Solvency; Is Fiscal Policy "Responsible"?," IMF Working Papers 07/56, International Monetary Fund.
- Taimur Baig & Ilan Goldfajn, 2000.
"The Russian Default and the Contagion to Brazil,"
IMF Working Papers
00/160, International Monetary Fund.
- Thomas Helbling & Sena Eken, 1999. "Back to the Future; Postwar Reconstruction and Stabilization in Lebanon," IMF Occasional Papers 176, International Monetary Fund.
- Jose Martelino & S. Nuri Erbas & Adnan Mazarei & Sena Eken & Paul Cashin, 1995. "Economic Dislocation and Recovery in Lebanon," IMF Occasional Papers 120, International Monetary Fund.
- Carmen M. Reinhart & Kenneth S. Rogoff & Miguel A. Savastano, 2003.
NBER Working Papers
9908, National Bureau of Economic Research, Inc.
- Jonathan David Ostry & Abdul Abiad, 2005. "Primary Surpluses and sustainable Debt Levels in Emerging Market Countries," IMF Policy Discussion Papers 05/6, International Monetary Fund.
- repec:rus:hseeco:123922 is not listed on IDEAS
- Steven B. Kamin, 2004. "Identifying the Role of Moral Hazard in International Financial Markets," International Finance, Wiley Blackwell, vol. 7(1), pages 25-59, 03.
- Harald Finger & Mauro Mecagni, 2007. "Sovereign Debt Restructuring and Debt Sustainability; An Analysis of Recent Cross-Country Experience," IMF Occasional Papers 255, International Monetary Fund.
When requesting a correction, please mention this item's handle: RePEc:imf:imfwpa:08/17. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jim Beardow)or (Hassan Zaidi)
If references are entirely missing, you can add them using this form.