05146oam 22012374 450 991078834610332120230721045702.01-4623-1038-91-4518-7063-91-282-84156-497866128415691-4519-9838-4(CKB)3170000000055111(SSID)ssj0000944144(PQKBManifestationID)11612519(PQKBTitleCode)TC0000944144(PQKBWorkID)10983860(PQKB)10240359(OCoLC)762655810(MiAaPQ)EBC1605852(IMF)WPIEE2008205(EXLCZ)99317000000005511120020129d2008 uf 0engurcnu||||||||txtccrImpact of Macroeconomic, Political, and Institutional Factors on the Structure of Government Debt in Emerging Market Countries /Anastasia GuscinaWashington, D.C. :International Monetary Fund,2008.1 online resource (45 pages) illustrations (some color), tablesIMF Working PapersIMF working paper ;WP/08/205Bibliographic Level Mode of Issuance: Monograph1-4519-1516-0 Includes bibliographical references.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.IMF Working Papers; Working Paper ;No. 2008/205Debts, PublicDeveloping countriesEconometric modelsFiscal policyDeveloping countriesEconometric modelsExports and ImportsimfFinance: GeneralimfMoney and Monetary PolicyimfPublic FinanceimfDebtimfDebt ManagementimfSovereign DebtimfInternational Lending and Debt ProblemsimfMonetary SystemsimfStandardsimfRegimesimfGovernment and the Monetary SystemimfPayment SystemsimfGeneral Financial Markets: General (includes Measurement and Data)imfPublic finance & taxationimfInternational economicsimfMonetary economicsimfFinanceimfDomestic debtimfPublic debtimfForeign currency debtimfCurrenciesimfSecurities marketsimfDebts, PublicimfDebts, ExternalimfMoneyimfCapital marketimfDeveloping countriesEconomic conditionsEconometric modelsDeveloping countriesPolitics and governmentArgentinaimfDebts, PublicEconometric models.Fiscal policyEconometric models.Exports and ImportsFinance: GeneralMoney and Monetary PolicyPublic FinanceDebtDebt ManagementSovereign DebtInternational Lending and Debt ProblemsMonetary SystemsStandardsRegimesGovernment and the Monetary SystemPayment SystemsGeneral Financial Markets: General (includes Measurement and Data)Public finance & taxationInternational economicsMonetary economicsFinanceDomestic debtPublic debtForeign currency debtCurrenciesSecurities marketsDebts, PublicDebts, ExternalMoneyCapital market336.3435091724Guscina Anastasia1493507DcWaIMFBOOK9910788346103321Impact of Macroeconomic, Political, and Institutional Factors on the Structure of Government Debt in Emerging Market Countries3716512UNINA