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Shining a Light on Debt

Author

Listed:
  • Pazarbasioglu, Ceyla
  • Reinhart, Carmen

Abstract

As the COVID-19 crisis lingers, emerging market and developing economies are entering perilous waters that evoke memories of past debt defaults. Although all countries amassed debt to fight the pandemic, the economic recovery in these economies substantially lags their advanced economy counterparts. Tighter monetary policies in advanced economies are poised to push up international interest rates, which tends to put pressure on currencies and heighten the odds of default. To complicate matters, the extent of many emerging market and developing economy liabilities and their terms aren’t fully known. If they are to foster a sustained recovery and limit the risk of a crisis, they must make a full accounting of hidden debts, both public and private.

Suggested Citation

  • Pazarbasioglu, Ceyla & Reinhart, Carmen, 2022. "Shining a Light on Debt," MPRA Paper 117566, University Library of Munich, Germany, revised 01 Mar 2022.
    • Handle: RePEc:pra:mprapa:117566
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    File URL: https://mpra.ub.uni-muenchen.de/117566/1/FandD_PR_2022.pdf
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    Citations

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    Cited by:

    1. Ocampo, José Antonio & Eyzaguirre, Rodrigo, 2023. "Sostenibilidad de la deuda pública en América Latina y el Caribe," Documentos de Proyectos 48764, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Gautam Nair & Federico Sturzenegger, 2022. "The Global Distributive Impact of the US Inflation Shock," Working Papers 165, Universidad de San Andres, Departamento de Economia, revised Aug 2022.

    More about this item

    Keywords

    public debt; private debt; transparency; banks; bad loans; hidden debts;
    All these keywords.

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • F3 - International Economics - - International Finance
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G0 - Financial Economics - - General
    • G01 - Financial Economics - - General - - - Financial Crises
    • G2 - Financial Economics - - Financial Institutions and Services
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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