08209oam 22012854 450 991081213260332120200520144314.01-4623-1038-91-4518-7063-91-282-84156-497866128415691-4519-9838-4(CKB)3170000000055111(SSID)ssj0000944144(PQKBManifestationID)11612519(PQKBTitleCode)TC0000944144(PQKBWorkID)10983860(PQKB)10240359(OCoLC)762655810(MiAaPQ)EBC1605852(IMF)WPIEE2008205(IMF)WPIEA2008205(EXLCZ)99317000000005511120020129d2008 uf 0engurcnu||||||||txtccrImpact of Macroeconomic, Political, and Institutional Factors on the Structure of Government Debt in Emerging Market Countries /Anastasia Guscina1st ed.Washington, 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.Intro -- Content -- I. Introduction -- II. Data -- A. Jeanne-Guscina EM Debt Database 2006 -- B. Other Sources of Data -- C. Dependent Variables -- D. Explanatory Variables -- III. Stylized Facts About the Structure of Central Government Debt -- A. Importance of Domestic Debt in EM Countries -- B. Increase in Tradability of Domestic and International Government Debt -- C. The Domestic Original Sin is on the Way Out -- D. Lengthening of the Maturity Structure of Government Debt -- E. Dedollarization Trend in the Currency Composition of Domestic Debt -- F. Indexation to Inflation as an Alternative to Foreign Currency Indexation -- G. Floating Rate Debt Share in Domestic Debt -- IV. Empirical Methodology and Results -- A. Panel Data Analysis -- B. Determinants of Domestic Debt Share in Total Debt -- C. Determinants of Tradability of Domestic Debt -- D. Determinants of DLTF Debt in Domestic Debt -- E. Determinants of Short-Term Debt Share Debt in Domestic Debt -- F. Determinants of Foreign-Currency Denominated/Indexed Debt Share -- V. Conclusion -- Tables -- 1. Priors on Determinants of Various Debt Shares -- 2. Determinants of Domestic Debt Share in Total Debt-Summary -- 3. Determinants of Tradability of Domestic Debt-Summary -- 4. Determinants of DLTF Debt Share in Total Domestic Debt-Summary -- 5. Determinants of ST Debt Share in Total Domestic Debt-Summary -- 6. Determinants of Foreign Currency Debt Share in Total Domestic Debt -Summary -- Figures -- 1. Mexico's Debt Structure around the Tequila Crisis -- 2. Share of Traded Debt in Domestic and International Government Debt in Latin America, Asia, and Other countries -- 3. Evolution of DLTF Debt Share in Central Government Domestic Debt in Asia, Latin America, and CEE Economies -- 4. Share of ST Debt in Domestic Debt in Latin America, Asia, and CEE Economies.5. Short-Term Domestic Debt Share in Russia -- 6. Share of Foreign Currency Denominated/Indexed Debt in Domestic Debt in Latin America and Asia -- 7. Share of Foreign Currency Denominated/Indexed Debt in Central Government Domestic Debt in Latin American countries -- 8. Share of CPI-Indexed Debt in Domestic Debt in Argentina, Brazil, Chile, Colombia, Mexico, and Israel -- Appendices -- I. Government Domestic Debt Template -- II. Bivariate Regression Results -- III. Results of Alternative Specifications -- IV. Sources of Data -- Appendix Tables -- A.I. Government Domestic Debt Template from Jeanne-Guscina EM Debt Database 2006 -- A.II. Bivariate Regression Results-OLS and Country Fixed Effects Specifications -- A.III.1. Determinants of Domestic Debt Share in Total Debt -- A.III.2. Determinants of Traded Debt Share in Total Domestic Debt -- A.III.3. Determinants of DLTF Debt Share in Domestic Government Debt -- A.III.4. Determinants of Short-Term Debt Share in Domestic Government Debt -- A.III.5. Determinants of Foreign Currency Debt Share in Domestic Government Debt -- A.IV. Data Sources and Descriptions -- 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 modelsCapital marketimfCurrenciesimfDebt ManagementimfDebtimfDebts, ExternalimfDebts, PublicimfDomestic debtimfExports and ImportsimfFinanceimfFinance: GeneralimfForeign currency debtimfGeneral Financial Markets: General (includes Measurement and Data)imfGovernment and the Monetary SystemimfInternational economicsimfInternational Lending and Debt ProblemsimfMonetary economicsimfMonetary SystemsimfMoney and Monetary PolicyimfMoneyimfPayment SystemsimfPublic debtimfPublic finance & taxationimfPublic FinanceimfRegimesimfSecurities marketsimfSovereign DebtimfStandardsimfDeveloping countriesEconomic conditionsEconometric modelsDeveloping countriesPolitics and governmentArgentinaimfDebts, PublicEconometric models.Fiscal policyEconometric models.Capital marketCurrenciesDebt ManagementDebtDebts, ExternalDebts, PublicDomestic debtExports and ImportsFinanceFinance: GeneralForeign currency debtGeneral Financial Markets: General (includes Measurement and Data)Government and the Monetary SystemInternational economicsInternational Lending and Debt ProblemsMonetary economicsMonetary SystemsMoney and Monetary PolicyMoneyPayment SystemsPublic debtPublic finance & taxationPublic FinanceRegimesSecurities marketsSovereign DebtStandards336.3435091724Guscina Anastasia1606039DcWaIMFBOOK9910812132603321Impact of Macroeconomic, Political, and Institutional Factors on the Structure of Government Debt in Emerging Market Countries3954412UNINA