LEADER 04958oam 22012134 450 001 9910162944003321 005 20230808201451.0 010 $a1-4755-6898-3 010 $a1-4755-6900-9 035 $a(CKB)3710000001045034 035 $a(MiAaPQ)EBC4800307 035 $a(IMF)WPIEA2016246 035 $a(EXLCZ)993710000001045034 100 $a20020129d2016 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $2rdacontent 182 $2rdamedia 183 $2rdacarrier 200 10$aDoes Gross or Net Debt Matter More for Emerging Market Spreads? /$fMetodij Hadzi-Vaskov, Luca Ricci 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2016. 215 $a1 online resource (38 pages) $cillustrations 225 1 $aIMF Working Papers 311 $a1-4755-6310-8 320 $aIncludes bibliographical references. 330 3 $aDoes gross or net debt matter for long-term sovereign spreads in emerging markets? The topic is important for undestanding the borrowing cost implications of public assetliability management decisions (e.g. using assets to lower debt). We investigate this question using data on emerging market economies (EMEs) over the period 1998?2014. We find that both gross debt and assets have a significant impact on long-term sovereign bond spreads in emerging markets, with effects roughly offsetting each other (coefficients of opposite sign and similar magnitude). Hence, net debt seems more appropriate than gross debt when evaluating the impact of indebtedness on spreads. The empirical results suggest that an increase in net debt by 10 percentage points of GDP implies an increase in the spread by 100?120 basis points, and the effect is larger during periods of domestic distress. The key results from this empirical study are quite robust to alternative specifications and subgroups of EMEs. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2016/246 606 $aDebts, Public$zDeveloping countries 606 $aDebts, Public 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aInflation$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPublic Finance$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aInternational Financial Markets$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aMonetary Policy$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aFinance$2imf 606 $aPublic finance & taxation$2imf 606 $aBanking$2imf 606 $aMacroeconomics$2imf 606 $aMonetary economics$2imf 606 $aEmerging and frontier financial markets$2imf 606 $aPublic debt$2imf 606 $aInternational reserves$2imf 606 $aCredit default swap$2imf 606 $aFinancial markets$2imf 606 $aCentral banks$2imf 606 $aPrices$2imf 606 $aMoney$2imf 606 $aFinancial services industry$2imf 606 $aDebts, Public$2imf 606 $aForeign exchange reserves$2imf 606 $aCredit$2imf 607 $aUnited States$2imf 615 0$aDebts, Public 615 0$aDebts, Public. 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aInflation 615 7$aMoney and Monetary Policy 615 7$aPublic Finance 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aInternational Financial Markets 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aMonetary Policy 615 7$aPrice Level 615 7$aDeflation 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aFinance 615 7$aPublic finance & taxation 615 7$aBanking 615 7$aMacroeconomics 615 7$aMonetary economics 615 7$aEmerging and frontier financial markets 615 7$aPublic debt 615 7$aInternational reserves 615 7$aCredit default swap 615 7$aFinancial markets 615 7$aCentral banks 615 7$aPrices 615 7$aMoney 615 7$aFinancial services industry 615 7$aDebts, Public 615 7$aForeign exchange reserves 615 7$aCredit 676 $a336.3435091724 700 $aHadzi-Vaskov$b Metodij$01378121 701 $aRicci$b Luca$01449348 801 0$bDcWaIMF 906 $aBOOK 912 $a9910162944003321 996 $aDoes Gross or Net Debt Matter More for Emerging Market Spreads$93649967 997 $aUNINA