03992oam 22009854 450 991016294490332120230808201416.01-4755-6786-31-4755-6789-8(CKB)3710000001045025(MiAaPQ)EBC4800293(IMF)WPIEA2016253(EXLCZ)99371000000104502520020129d2016 uf 0engurcnu||||||||rdacontentrdamediardacarrierLost and Found : Market Access and Public Debt Dynamics /Carlo Cottarelli, Andrea Presbitero, Antonio BassanettiWashington, D.C. :International Monetary Fund,2016.1 online resource (35 pages) illustrations (some color), graphs, tablesIMF Working Papers1-4755-6320-5 Includes bibliographical references.The empirical literature on sovereign debt crises identifies the level of public debt (measured as a share of GDP) as a key variable to predict debt defaults and to determine sovereign market access. This evidence has led to the widespread use of (country-specific) debt thresholds to assess debt sustainability. We argue that the level of the debt-to-GDP ratio, whose use is justified on a theoretical and empirical ground, should not be the only fiscal metric to assess the complex relationship between public debt and debt defaults/market access. In particular, we show that, in a large panel of emerging markets, the dynamics of the debt ratio plays a critical role for market access. In particular, given a certain level of debt, a steadily declining debt ratio is associated with a lower probability of debt distress/market loss and with a higher likelihood of market re-access once access had been lost.IMF Working Papers; Working Paper ;No. 2016/253Debts, PublicGross domestic productForeign exchange marketExports and ImportsimfMacroeconomicsimfPublic FinanceimfInternational Lending and Debt ProblemsimfInternational Financial MarketsimfNational Deficit SurplusimfDebtimfDebt ManagementimfSovereign DebtimfFiscal PolicyimfInternational economicsimfPublic finance & taxationimfPublic debtimfDebt sustainabilityimfDebt sustainability analysisimfFiscal stanceimfDebt defaultimfExternal debtimfFiscal policyimfDebts, ExternalimfDebts, PublicimfUnited StatesimfDebts, Public.Gross domestic product.Foreign exchange market.Exports and ImportsMacroeconomicsPublic FinanceInternational Lending and Debt ProblemsInternational Financial MarketsNational Deficit SurplusDebtDebt ManagementSovereign DebtFiscal PolicyInternational economicsPublic finance & taxationPublic debtDebt sustainabilityDebt sustainability analysisFiscal stanceDebt defaultExternal debtFiscal policyDebts, ExternalDebts, Public336.34Cottarelli Carlo118928Presbitero Andrea319429Bassanetti Antonio1375294DcWaIMFBOOK9910162944903321Lost and Found3648695UNINA