03017nam 2200601Ia 450 991082217830332120200520144314.01-4623-7300-31-4527-0271-31-283-51768-X97866138301351-4519-0981-0(CKB)3360000000443938(EBL)3014534(SSID)ssj0000943215(PQKBManifestationID)11593669(PQKBTitleCode)TC0000943215(PQKBWorkID)10976958(PQKB)11734706(OCoLC)694141239(IMF)WPIEE2006268(MiAaPQ)EBC3014534(EXLCZ)99336000000044393820060622d2006 uf 0engur|n|---|||||txtccrSpecification of a stochastic simulation model for assessing debt sustainability in emerging market economies /prepared by Doug Hostland and Philippe Karam1st ed.[Washington, D.C.] International Monetary Fund, Research Dept.c20061 online resource (35 p.)IMF working paper ;WP/06/268"December 2006."1-4518-6528-7 Includes bibliographical references.""Contents""; ""I. OVERVIEW""; ""II. MODEL STRUCTURE""; ""III. CALIBRATION METHODOLOGY""; ""IV. MODEL PROPERTIES""; ""V. CONCLUSIONS""; ""REFERENCES""This paper documents the specification of a model that was constructed to assess debt sustainability in emerging market economies. Key features of the model include external and fiscal sectors, which allow assessment of external and public debt in a unified framework; public and external debt, which both have an explicit maturity structure along with a distinction between denomination in domestic versus foreign currency to facilitate debt management analysis; monetary and fiscal policy, which are endogenous and specified using explicit forward-looking policy rules; an endogenous risk premium on public and external debt; and a mechanism for invoking a sudden stop in private capital flows. The paper provides an overview of the basic structure of the model, outlines the methodology used to calibrate the parameters, and illustrates the key properties of the model with reference to dynamic responses of selected variables to shocks of interest.IMF working paper ;WP/06/268.Debts, ExternalDeveloping countriesEconomic developmentDeveloping countriesDebts, ExternalEconomic developmentHostland Doug1752809Karam Philippe D1752808MiAaPQMiAaPQMiAaPQBOOK9910822178303321Specification of a stochastic simulation model for assessing debt sustainability in emerging market economies4188279UNINA