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Record Nr. |
UNINA9910788346103321 |
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Autore |
Guscina Anastasia |
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Titolo |
Impact of Macroeconomic, Political, and Institutional Factors on the Structure of Government Debt in Emerging Market Countries / / Anastasia Guscina |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2008 |
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ISBN |
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1-4623-1038-9 |
1-4518-7063-9 |
1-282-84156-4 |
9786612841569 |
1-4519-9838-4 |
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Descrizione fisica |
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1 online resource (45 pages) : illustrations (some color), tables |
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Collana |
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IMF Working Papers |
IMF working paper ; ; WP/08/205 |
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Disciplina |
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Soggetti |
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Debts, Public - Developing countries - Econometric models |
Fiscal policy - Developing countries - Econometric models |
Exports and Imports |
Finance: General |
Money and Monetary Policy |
Public Finance |
Debt |
Debt Management |
Sovereign Debt |
International Lending and Debt Problems |
Monetary Systems |
Standards |
Regimes |
Government and the Monetary System |
Payment Systems |
General Financial Markets: General (includes Measurement and Data) |
Public finance & taxation |
International economics |
Monetary economics |
Finance |
Domestic debt |
Public debt |
Foreign currency debt |
Currencies |
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Securities markets |
Debts, Public |
Debts, External |
Money |
Capital market |
Developing countries Economic conditions Econometric models |
Developing countries Politics and government |
Argentina |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Bibliographic Level Mode of Issuance: Monograph |
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Nota di bibliografia |
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Includes bibliographical references. |
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Sommario/riassunto |
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Debt crises that have shaken Latin America, Asia, and Russia have brought an increasing attention to the structure of debt in emerging market countries. Using the newly released Jeanne-Guscina EM Government Debt Database 2006 this paper empirically explores the role of macroeconomic, political, and institutional factors in determining the structure of government debt. Results show that unstable macroeconomic environment, poor quality institutions, and uncertain political climate hinder the development of domestic debt market. Moreover, such instability shifts the debt structure away from long-term local currency fixed rate debt towards short-term debt or to debt indexed to foreign currency, short-term interest rates or inflation. Original sin seems to be on the way out, as more and more countries are issuing local currency debt at longer maturities-which can be explained by successful macroeconomic stabilization policies and lessons learned from the debt crises. |
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