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  1. Have currency-based capital flow management measures curbed international banking flows?
    Author: De Crescenzio, Annamaria; Golin, Marta; Molteni, Francesco
    Published: 2017
    Publisher:  OECD Publishing, Paris

    This paper analyses the impact of a specific type of banking regulation on operations in foreign currency, defined as currency-based capital flow management measures (CB-CFMs), on cross-border banking flows in a sample of 18 countries over the period... more

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    This paper analyses the impact of a specific type of banking regulation on operations in foreign currency, defined as currency-based capital flow management measures (CB-CFMs), on cross-border banking flows in a sample of 18 countries over the period 2005 to 2013. The results show that the introduction and tightening of these measures in the post-crisis period contributed to a reduction of the external debt of banks, controlling for capital flow management measures, domestic macro-prudential regulation, and a large set of push and pull factors. The examination of external debt by maturity and instruments suggests that these measures are more effective in curbing short-term debt and interbank borrowing, which are also the components that contracted more sharply in the aftermath of the 2008 crisis. Further analysis could look at the benefits these measures bring in terms of financial stability, and evaluate the costs of capital account openness against the risks that CB-CFMs aim to address.

     
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    Source: Staatsbibliothek zu Berlin
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    Series: OECD working papers on international investment ; 2017, 04
    Subjects: banking debt; currency-based measures; macro-prudential policies; external debt; capital flow management measures; Finance and Investment
    Scope: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  2. Have currency-based capital flow management measures curbed international banking flows?
    Author: De Crescenzio, Annamaria; Golin, Marta; Molteni, Francesco
    Published: 2017
    Publisher:  OECD Publishing, Paris

    This paper analyses the impact of a specific type of banking regulation on operations in foreign currency, defined as currency-based capital flow management measures (CB-CFMs), on cross-border banking flows in a sample of 18 countries over the period... more

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    This paper analyses the impact of a specific type of banking regulation on operations in foreign currency, defined as currency-based capital flow management measures (CB-CFMs), on cross-border banking flows in a sample of 18 countries over the period 2005 to 2013. The results show that the introduction and tightening of these measures in the post-crisis period contributed to a reduction of the external debt of banks, controlling for capital flow management measures, domestic macro-prudential regulation, and a large set of push and pull factors. The examination of external debt by maturity and instruments suggests that these measures are more effective in curbing short-term debt and interbank borrowing, which are also the components that contracted more sharply in the aftermath of the 2008 crisis. Further analysis could look at the benefits these measures bring in terms of financial stability, and evaluate the costs of capital account openness against the risks that CB-CFMs aim to address.

     
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    Source: Staatsbibliothek zu Berlin
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    Format: Online
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    Series: OECD working papers on international investment ; 2017, 04
    Subjects: banking debt; currency-based measures; macro-prudential policies; external debt; capital flow management measures; Finance and Investment
    Scope: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  3. External stress early warning indicators
    Author: Martín Machuca, César
    Published: 2017
    Publisher:  Banco de España, Madrid

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    Source: Union catalogues
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    Media type: Book
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    Series: Documentos de trabajo / Banco de España, Eurosistema ; no. 1733
    Subjects: International investment positions; external debt; external vulnerability; current account imbalances
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  4. External debt composition and domestic credit cycles
    Author: Avdjiev, Stefan; Binder, Stephan; Sousa, Ricardo M.
    Published: 2018
    Publisher:  ESM, Luxembourg

    We assess the role of external debt in shaping the dynamics of domestic credit cycles. Using quarterly data for 40 countries between 1980 and 2015, we examine four dimensions of external debt composition: instrument, sector, currency and maturity. We... more

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    We assess the role of external debt in shaping the dynamics of domestic credit cycles. Using quarterly data for 40 countries between 1980 and 2015, we examine four dimensions of external debt composition: instrument, sector, currency and maturity. We show that the first two dimensions provide valuable information about the likelihood of credit booms and busts. In particular, we find that a higher share of external bank lending in the form of bonds is associated with a greater likelihood of credit booms. Our results also reveal that credit busts tend to be associated with a lower share of interbank lending and a higher share of lending from banks to nonbanks.

     
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    ISBN: 9789295085497
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    Series: Working paper series / European Stability Mechanism ; 28
    Subjects: credit cycles; external debt composition; macroeconomics; interest; monetary policy; credit; external debt
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  5. Global imbalances from a stock perspective
    Author: Alberola, Enrique; Estrada, Ángel; Viani, Francesca
    Published: 2017
    Publisher:  Banco de España, Madrid

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    Source: Union catalogues
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    Series: Documentos de trabajo / Banco de España, Eurosistema ; no. 1742
    Subjects: global imbalances; current account; international investment position; external debt; growth
    Scope: 1 Online-Ressource (circa 73 Seiten), Illustrationen
  6. Debt sustainability in Sub-Saharan Africa
    unraveling country-specific risks
    Author: Battaile, William G.; Hernandez, Fernando L.; Norambuena, Vivian
    Published: noviembre de 2015
    Publisher:  Universidad de Chile, Departamento de Economía, Santiago

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    Series: Serie documentos de trabajo / Universidad de Chile, Facultad Economía y Negocios, Departamento de Economía ; SDT 413
    Subjects: Public debt; external debt; debt sustainability; Sub-Saharan Africa
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  7. Can this time be different?
    policy options in times of rising debt
    Author: Kose, M. Ayhan; Nagle, Peter; Ohnsorge, Franziska; Sugawara, Naotaka
    Published: March 2020
    Publisher:  World Bank Group, Prospects Group, [Washington, DC, USA]

    Episodes of debt accumulation have been a recurrent feature of the global economy over the past fifty years. Since 2010, emerging and developing economies have experienced another wave of historically large and rapid debt accumulation. Similar past... more

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    Episodes of debt accumulation have been a recurrent feature of the global economy over the past fifty years. Since 2010, emerging and developing economies have experienced another wave of historically large and rapid debt accumulation. Similar past debt buildups have often ended in widespread financial crises in these economies. This paper examines the factors that are likely to determine the outcome of the most recent debt wave, and considers policy options to help reduce the likelihood that it ends again in widespread crises. It reports two main results. First, the rapid increase in debt has made emerging and developing economies more vulnerable to shifts in market sentiment, notwithstanding historically low global interest rates. Second, policy options are available to lower the likelihood of financial crises, and to help manage the adverse impacts of crises when they do occur. These include sound debt management, strong monetary and fiscal frameworks, and robust bank supervision and regulation. The post-crisis debt buildup has coincided with a period of subdued growth as well as the emergence of non-traditional creditors. As a result, policy priorities also need to ensure that debt is spent on productive purposes to improve growth prospects and that all debt-related transactions are transparently reported

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Policy research working paper ; 9178
    World Bank E-Library Archive
    Subjects: Financial crises; currency crises; debt crises; banking crises; public debt; private debt; external debt
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  8. Commodity price volatility, external debt and exchange rate regimes
    Author: Majumder, Monoj Kumar; Raghavan, Mala; Vespignani, Joaquin
    Published: [2020]
    Publisher:  University of Tasmania, [Hobart, Tasmania]

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    ISBN: 9781922352712
    Series: Discussion paper series / Tasmanian School of Business and Economics, University of Tasmania ; N 2020, 13
    Subjects: Commodity price volatility; external debt; commodity-exporting countries; exchange rate regime
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  9. Hidden defaults
    Author: Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph
    Published: [2022]
    Publisher:  Kiel Institute for the World Economy, [Kiel]

    China’s lending boom to developing countries is morphing into defaults and debt distress. Given the secrecy surrounding China’s loans, also the associated defaults remain “hidden”, as missed payments and restructuring details are not disclosed. We... more

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    China’s lending boom to developing countries is morphing into defaults and debt distress. Given the secrecy surrounding China’s loans, also the associated defaults remain “hidden”, as missed payments and restructuring details are not disclosed. We construct an encompassing dataset of sovereign debt restructurings with Chinese lenders and find that these credit events are surprisingly frequent, exceeding the number of sovereign bond or Paris Club restructurings. Chinese lenders follow a resolution approach reminiscent of 1980s Western lenders; they seldom provide deep debt relief with face value reduction. If history is any guide, multi-year debt workouts with serial restructurings lie in store.

     
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    Series: Kiel working paper ; no. 2208 (January 2022)
    Subjects: China; external debt; default; crisis resolution; official lending; hidden debts; sovereign risk; Belt and Road initiative
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  10. Can this time be different?
    policy options in times of rising debt
    Author: Kose, M. Ayhan; Nagle, Peter; Ohnsorge, Franziska; Sugawara, Naotaka
    Published: [2020]
    Publisher:  Koç University - TÜSİAD Economic Research Forum, Sarıyer/Istanbul

    Episodes of debt accumulation have been a recurrent feature of the global economy over the past fifty years. Since 2010, emerging and developing economies have experienced another wave of historically large and rapid debt accumulation. Similar past... more

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    Episodes of debt accumulation have been a recurrent feature of the global economy over the past fifty years. Since 2010, emerging and developing economies have experienced another wave of historically large and rapid debt accumulation. Similar past debt buildups have often ended in widespread financial crises in these economies. This paper examines the factors that are likely to determine the outcome of the most recent debt wave, and considers policy options to help reduce the likelihood that it ends again in widespread crises. It reports two main results. First, the rapid increase in debt has made emerging and developing economies more vulnerable to shifts in market sentiment, notwithstanding historically low global interest rates. Second, policy options are available to lower the likelihood of financial crises, and to help manage the adverse impacts of crises when they do occur. These include sound debt management, strong monetary and fiscal frameworks, and robust bank supervision and regulation. The post-crisis debt buildup has coincided with a period of subdued growth as well as the emergence of non-traditional creditors. As a result, policy priorities also need to ensure that debt is spent on productive purposes to improve growth prospects and that all debt-related transactions are transparently reported.

     
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    hdl: 10419/227915
    Edition: This version: March 2020
    Series: Koç University - TÜSİAD Economic Research Forum working paper series ; no: 2008 (March 2020)
    Subjects: Financial crises; currency crises; debt crises; banking crises; public debt; private debt; external debt
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  11. Debt and financial crises
    Author: Koh, Wee Chian; Kose, M. Ayhan; Nagle, Peter; Ohnsorge, Franziska; Sugawara, Naotaka
    Published: [2020]
    Publisher:  Koç University - TÜSİAD Economic Research Forum, Sarıyer/Istanbul

    Emerging market and developing economies have experienced recurrent episodes of rapid debt accumulation over the past fifty years. This paper examines the consequences of debt accumulation using a three-pronged approach: an event study of debt... more

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    Emerging market and developing economies have experienced recurrent episodes of rapid debt accumulation over the past fifty years. This paper examines the consequences of debt accumulation using a three-pronged approach: an event study of debt accumulation episodes in 100 emerging market and developing economies since 1970; a series of econometric models examining the linkages between debt and the probability of financial crises; and a set of case studies of rapid debt buildup that ended in crises. The paper reports four main results. First, episodes of debt accumulation are common, with more than 500 episodes occurring since 1970. Second, around half of these episodes were associated with financial crises which typically had worse economic outcomes than those without crises- after 8 years output per capita was typically 6-10 percent lower and investment 15-22 percent weaker in crisis episodes. Third, a rapid buildup of debt, whether public or private, increased the likelihood of a financial crisis, as did a larger share of short-term external debt, higher debt service, and lower reserves cover. Fourth, countries that experienced financial crises frequently employed combinations of unsustainable fiscal, monetary and financial sector policies, and often suffered from structural and institutional weaknesses.

     
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    hdl: 10419/227908
    Edition: This version: January 2020
    Series: Koç University - TÜSİAD Economic Research Forum working paper series ; 2001 (February 2020)
    Subjects: Financial crises; currency crises; debt crises; banking crises; public debt; private debt; external debt
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  12. Effects of political institutions on the external debt-economic growth nexus in Africa
    Author: Nounamo, Yann; Asongu, Simplice; Ndieupa, Henri Njangang; Tadadjeu, Sosson
    Published: [2021]
    Publisher:  African Governance and Development Institute, [Yaoundé]

    The main contribution of this study is the determination of an endogenous threshold of institutional quality, beyond which external debt would affect economic growth differently. The focus is on 14 countries of the African Franc zone over the period... more

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    The main contribution of this study is the determination of an endogenous threshold of institutional quality, beyond which external debt would affect economic growth differently. The focus is on 14 countries of the African Franc zone over the period 1985-2015. Based on the panel Smooth Threshold Regression model, the results reveal that the relationship between external debt and economic growth is based on institutional quality. It is found that the level of indebtedness at which the effect of external debt on economic growth becomes negative is higher in countries with lower levels of corruption and high levels of democracy. This means that poor institutional quality prevents a country from taking full advantage of its credit opportunities. Thus, the more countries become democratic, the more debt helps finance economic growth. These results are robust to sensitivity analysis and Generalized Method of Moments estimation.

     
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    Series: AGDI working paper ; WP/21, 017
    Subjects: external debt; political institutions; economic growth
    Scope: 1 Online-Ressource (circa 10 Seiten)
  13. Currency depreciations in emerging economies: a blessing or a curse for external debt management?
    Author: Fisera, Boris; Menbere Workie Tiruneh; Hojdan, David
    Published: 2021
    Publisher:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    We investigate the long-term effect of domestic currency depreciation on the external debt for a panel of 41 emerging economies over the years 1999-2019. Using heterogenous panel cointegration methods, we find that domestic currency depreciation... more

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    We investigate the long-term effect of domestic currency depreciation on the external debt for a panel of 41 emerging economies over the years 1999-2019. Using heterogenous panel cointegration methods, we find that domestic currency depreciation leads to an increase in external debt to GDP ratio over the long-term and it reduces the sustainability of external debt. This is particularly the case for larger depreciations, while smaller depreciations might reduce the external debt burden over the long-term for more developed emerging economies. Poorer emerging economies face a greater increase in external debt burden following domestic currency depreciation. We also find that higher exchange rate volatility and the use of floating exchange rates contributes to an increase in external debt burden over the long-term. Consequently, our results suggest that for emerging economies, having more volatile and floating exchange rates reduces the sustainability of external debt. We find asymmetrical effects of exchange rate depreciation on external debt: higher central bank independence limits the effect of currency depreciation on external debt, while higher financial development and illicit financial flows augment the effect of depreciation on external debt.

     
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    hdl: 10419/247373
    Series: IES working paper ; 2021, 6
    Subjects: external debt; exchange rate; currency depreciation; exchange rate volatility; exchange rate regime; DFE estimator; PMG estimator
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  14. Commodity price volatility, external debt and exchange rate regimes
    Author: Majumder, Monoj Kumar; Raghavan, Mala; Vespignani, Joaquin
    Published: [2020]
    Publisher:  Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis, Canberra

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    Series: CAMA working paper ; 2020, 110 (December 2020)
    Subjects: Commodity price volatility; external debt; commodity-exporting countries; exchange rate regime
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  15. China as an international lender of last resort
    Author: Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; Trebesch, Christoph
    Published: [2023]
    Publisher:  Kiel Institute for the World Economy, [Kiel]

    This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt distress. We build the first comprehensive dataset on China’s overseas bailouts between 2000 and 2021 and provide new insights into... more

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    This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt distress. We build the first comprehensive dataset on China’s overseas bailouts between 2000 and 2021 and provide new insights into China’s growing role in the global financial system. A key finding is that the global swap line network put in place by the People’s Bank of China is increasingly used as a financial rescue mechanism, with more than USD 170 billion in liquidity support extended to crisis countries, including repeated rollovers of swaps coming due. The swaps bolster gross reserves and are mostly drawn by distressed countries with low liquidity ratios. In addition, we show that Chinese state-owned banks and enterprises have given out an additional USD 70 billion in rescue loans for balance of payments support. Taken together, China’s overseas bailouts correspond to more than 20 percent of total IMF lending over the past decade and bailout amounts are growing fast. However, China’s rescue loans differ from those of established international lenders of last resort in that they (i) are opaque, (ii) carry relatively high interest rates, and (iii) are almost exclusively targeted to debtors of China's Belt and Road Initiative. These findings have implications for the international financial and monetary architecture, which is becoming more multipolar, less institutionalized, and less transparent.

     
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    hdl: 10419/271030
    Edition: First draft: March 2023
    Series: Kiel working paper ; no. 2244 (March 2023)
    Subjects: China; financial crises; sovereign debt crises; bailouts; rescue loans; external debt; official lending; hidden debts; sovereign risk; Belt and Road initiative
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  16. Revisiting limits and pitfalls of QE in emerging markets
    Author: Dăianu, Daniel; Alupoaiei, Alexie; Kubinsch, Matei
    Published: November 2021
    Publisher:  National Bank of Romania, [Bucureşti]

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    Series: Occasional papers / National Bank of Romania ; no. 34
    Subjects: currency substitution; debt monetization; emerging economies; external debt; financial crisis; fiscal policy; inflation; monetary policy; pandemic shock; Quantitative Easing (QE); reserve currency
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  17. The impact of foreign capital inflows on poverty in Vietnam
    an empirical investigation
    Author: Magombeyi, Mercy Tsitsi; Odhiambo, Nicholas M.
    Published: [2021]
    Publisher:  University of South Africa, [Pretoria]

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    Series: UNISA economic research working paper series ; 2021, 20 (October 2021)
    Subjects: autoregressive distributed lag (ARDL); external debt; foreign direct investment; poverty; Vietnam
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  18. Growth led by government expenditure and exports
    public and external debt stability in a supermultiplier model
    Author: Morlin, Guilherme Spinato
    Published: [2021]
    Publisher:  Università di Siena, [Siena]

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    Series: Quaderni del Dipartimento di economia politica e statistica ; n. 862 (ottobre 2021)
    Subjects: Sraffian supermultiplier; Thirlwall’s Law; demand-led growth; public debt; external debt
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  19. Currency concentration in sovereign debt, exchange rate cyclicality, and volatility in consumption
    Author: Fujii, Eiji
    Published: November 2022
    Publisher:  CESifo, Munich, Germany

    For emerging economies, borrowing abroad is a double-edged sword: it can buffer against adverse economic shocks and smooth their domestic consumption; however, it can also amplify volatility in consumption, depending on the currency in which the debt... more

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    For emerging economies, borrowing abroad is a double-edged sword: it can buffer against adverse economic shocks and smooth their domestic consumption; however, it can also amplify volatility in consumption, depending on the currency in which the debt is denominated and cyclicality in the borrower’s exchange rate. We empirically investigate the nexus among external debt portfolios, exchange rate cyclicality, and volatility in consumption of low- and middle-income countries. Since 1980, many countries have concentrated their external debt portfolios’ currency composition. By constructing debt-weighted effective exchange rates, we find that currency concentration magnifies exchange rate pro-cyclicality, making domestic consumption more volatile when national income fluctuates. Our results endorse diversifying the currency composition of external debt to mitigate the negative consequences of “original sin.”

     
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    Series: CESifo working papers ; 10074 (2022)
    Subjects: external debt; currency portfolio; original sin; exchange rate cyclicality; volatility in consumption
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  20. Debt and financial crises
    Author: Koh, Wee Chian; Kose, M. Ayhan; Nagle, Peter; Ohnsorge, Franziska; Sugawara, Naotaka
    Published: January 2020
    Publisher:  World Bank Group, Prospects Group, [Washington, DC, USA]

    Emerging market and developing economies have experienced recurrent episodes of rapid debt accumulation over the past fifty years. This paper examines the consequences of debt accumulation using a three-pronged approach: an event study of debt... more

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    Emerging market and developing economies have experienced recurrent episodes of rapid debt accumulation over the past fifty years. This paper examines the consequences of debt accumulation using a three-pronged approach: an event study of debt accumulation episodes in 100 emerging market and developing economies since 1970; a series of econometric models examining the linkages between debt and the probability of financial crises; and a set of case studies of rapid debt buildup that ended in crises. The paper reports four main results. First, episodes of debt accumulation are common, with more than 500 episodes occurring since 1970. Second, around half of these episodes were associated with financial crises which typically had worse economic outcomes than those without crises - after 8 years output per capita was typically 6-10 percent lower and investment 15-22 percent weaker in crisis episodes. Third, a rapid buildup of debt, whether public or private, increased the likelihood of a financial crisis, as did a larger share of short-term external debt, higher debt service cover, and lower reserves cover. Fourth, countries that experienced financial crises frequently employed combinations of unsustainable fiscal, monetary and financial sector policies, and often suffered from structural and institutional weaknesses

     
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    Source: Union catalogues
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    Series: Policy research working paper ; 9116
    World Bank E-Library Archive
    Subjects: Financial crises; currency crises; debt crises; banking crises; public debt; private debt; external debt
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  21. Can this time be different?
    policy options in times of rising debt
    Author: Kose, M. Ayhan; Nagle, Peter; Ohnsorge, Franziska; Sugawara, Naotaka
    Published: 2020
    Publisher:  Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis, [Canberra]

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    Series: CAMA working paper ; 2020, 23 (March 2020)
    Subjects: Financial crises; currency crises; debt crises; banking crises; public debt; private debt; external debt
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  22. Debt and financial crises
    Author: Koh, Wee Chian; Kose, M. Ayhan; Nagle, Peter; Ohnsorge, Franziska; Sugawara, Naotaka
    Published: 2020
    Publisher:  Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis, [Canberra]

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    Series: CAMA working paper ; 2020, 09 (February 2020)
    Subjects: Financial crises; currency crises; debt crises; banking crises; public debt; private debt; external debt
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  23. Currency portfolio of external debt, exchange rate cyclicality, and consumption volatility
    Author: Fujii, Eiji
    Published: May 2020
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Even though external debt can play a buffer role against adverse shocks to assist consumption smoothing, it may also exert a volatility amplifying effect, depending on the currency of denomination and the cyclicality of the borrower’s exchange rate.... more

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    Even though external debt can play a buffer role against adverse shocks to assist consumption smoothing, it may also exert a volatility amplifying effect, depending on the currency of denomination and the cyclicality of the borrower’s exchange rate. We empirically investigate the nexus between the debt denomination portfolio, exchange rate cyclicality, and consumption volatility of low- and middle-income countries. On constructing the debt-weighted effective exchange rates, we examine how the denomination portfolio affects the debtors' exchange rate cyclicality to influence the consumption response to transitory income shocks. We find that portfolio concentration enhances exchange rate pro-cyclicality, which makes consumption more volatile when income shocks occur. Our results suggest that portfolio diversification is a useful tool for countries with original sin to hedge against bumpy consumption paths.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/219105
    Series: CESifo working paper ; no. 8287 (2020)
    Subjects: external debt; currency portfolio; original sin; exchange rate cyclicality; consumption volatility
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  24. The effect of non-resident investments on the French sovereign spread
    Author: Bui Quang, Pierre
    Published: [2018]
    Publisher:  EconomiX - UMR7235, Université Paris Nanterre, Nanterre

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / EconomiX ; 2018, 52
    Subjects: government bond yields; external debt; investor base; home bias; portfolio choice
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  25. Public debt sustainability and debt dynamics
    the case of Tanzania
    Author: Were, Maureen; Mollel, Lekinyi
    Published: September 2020
    Publisher:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    Rising public debt in sub-Saharan Africa remains a matter of concern. We provide an analysis of public debt and debt sustainability in Tanzania, focusing on external debt. Though current and previous analyses using the IMF-World Bank debt... more

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    Rising public debt in sub-Saharan Africa remains a matter of concern. We provide an analysis of public debt and debt sustainability in Tanzania, focusing on external debt. Though current and previous analyses using the IMF-World Bank debt sustainability framework indicate low risk of public external debt distress, these analyses are sensitive to exchange rate volatility and export shocks and are predicated on strong assumptions of robust future economic growth and reduced government borrowing. Moreover, empirical evidence of debt sustainability based on the fiscal reaction function approach is weak. The challenge lies in ensuring debt remains sustainable, given the need to scale up development expenditure to address infrastructure gaps amid dwindling donor financing and vulnerability to exogenous shocks, particularly in light of the COVID-19 pandemic. Rapid debt accumulation-particularly commercial debt-could expose Tanzania to external risks. Leveraging on concessional borrowing, efficient public investment, enhanced debt management, and domestic resource mobilization are critical.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789292568696
    Other identifier:
    hdl: 10419/229336
    Series: WIDER working paper ; 2020, 112
    Subjects: public debt; Tanzania; debt sustainability; external debt
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen