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The Next (but not new) Frontier for Sovereign Default

  • Reinhart, Carmen

There is a view today that “this time it’s different” for emerging markets. Governments are reducing their dependence on external debt and relying more on domestic debt financing for the first time! Furthermore, emerging market governments are increasingly issuing long-term domestic debt. Indeed, often this change in government debt management patterns is taken as evidence of graduation from “serial default.” In this new world, debt crises in emerging markets will be a thing of the past, and the IMF is plainly out of business.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 11865.

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Date of creation: Apr 2008
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Publication status: Published in VoxEU-CEPR (2008): pp. 1-9
Handle: RePEc:pra:mprapa:11865
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