04807oam 22012134 450 991096732340332120250426110909.0978661383013597814623730001462373003978145270271114527027139781283517683128351768X97814519098141451909810(CKB)3360000000443938(EBL)3014534(SSID)ssj0000943215(PQKBManifestationID)11593669(PQKBTitleCode)TC0000943215(PQKBWorkID)10976958(PQKB)11734706(OCoLC)694141239(IMF)WPIEE2006268(MiAaPQ)EBC3014534(IMF)WPIEA2006268WPIEA2006268(EXLCZ)99336000000044393820020129d2006 uf 0engur|n|---|||||txtccrSpecification of a Stochastic Simulation Model for Assessing Debt Sustainability in Emerging Market Economies /Philippe Karam, Douglas Hostland1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (35 p.)IMF Working Papers"December 2006."9781451865288 1451865287 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 Papers; Working Paper ;No. 2006/268Debts, ExternalDeveloping countriesEconomic developmentDeveloping countriesBanks and BankingimfDebt burdenimfDebt ManagementimfDebtimfDebts, ExternalimfDebts, PublicimfDeflationimfExports and ImportsimfExternal debtimfFinanceimfInflationimfInterest ratesimfInterest Rates: Determination, Term Structure, and EffectsimfInternational economicsimfInternational Lending and Debt ProblemsimfMacroeconomicsimfPrice LevelimfPricesimfPublic debtimfPublic finance & taxationimfPublic FinanceimfReal interest ratesimfSovereign DebtimfDebts, ExternalEconomic developmentBanks and BankingDebt burdenDebt ManagementDebtDebts, ExternalDebts, PublicDeflationExports and ImportsExternal debtFinanceInflationInterest ratesInterest Rates: Determination, Term Structure, and EffectsInternational economicsInternational Lending and Debt ProblemsMacroeconomicsPrice LevelPricesPublic debtPublic finance & taxationPublic FinanceReal interest ratesSovereign DebtKaram Philippe1815665Hostland Douglas1816210DcWaIMFBOOK9910967323403321Specification of a Stochastic Simulation Model for Assessing Debt Sustainability in Emerging Market Economies4372007UNINA