LEADER 03992oam 22009854 450 001 9910162944903321 005 20230808201416.0 010 $a1-4755-6786-3 010 $a1-4755-6789-8 035 $a(CKB)3710000001045025 035 $a(MiAaPQ)EBC4800293 035 $a(IMF)WPIEA2016253 035 $a(EXLCZ)993710000001045025 100 $a20020129d2016 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $2rdacontent 182 $2rdamedia 183 $2rdacarrier 200 10$aLost and Found : $eMarket Access and Public Debt Dynamics /$fCarlo Cottarelli, Andrea Presbitero, Antonio Bassanetti 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2016. 215 $a1 online resource (35 pages) $cillustrations (some color), graphs, tables 225 1 $aIMF Working Papers 311 $a1-4755-6320-5 320 $aIncludes bibliographical references. 330 3 $aThe empirical literature on sovereign debt crises identifies the level of public debt (measured as a share of GDP) as a key variable to predict debt defaults and to determine sovereign market access. This evidence has led to the widespread use of (country-specific) debt thresholds to assess debt sustainability. We argue that the level of the debt-to-GDP ratio, whose use is justified on a theoretical and empirical ground, should not be the only fiscal metric to assess the complex relationship between public debt and debt defaults/market access. In particular, we show that, in a large panel of emerging markets, the dynamics of the debt ratio plays a critical role for market access. In particular, given a certain level of debt, a steadily declining debt ratio is associated with a lower probability of debt distress/market loss and with a higher likelihood of market re-access once access had been lost. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2016/253 606 $aDebts, Public 606 $aGross domestic product 606 $aForeign exchange market 606 $aExports and Imports$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aInternational Financial Markets$2imf 606 $aNational Deficit Surplus$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aFiscal Policy$2imf 606 $aInternational economics$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic debt$2imf 606 $aDebt sustainability$2imf 606 $aDebt sustainability analysis$2imf 606 $aFiscal stance$2imf 606 $aDebt default$2imf 606 $aExternal debt$2imf 606 $aFiscal policy$2imf 606 $aDebts, External$2imf 606 $aDebts, Public$2imf 607 $aUnited States$2imf 615 0$aDebts, Public. 615 0$aGross domestic product. 615 0$aForeign exchange market. 615 7$aExports and Imports 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aInternational Lending and Debt Problems 615 7$aInternational Financial Markets 615 7$aNational Deficit Surplus 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aFiscal Policy 615 7$aInternational economics 615 7$aPublic finance & taxation 615 7$aPublic debt 615 7$aDebt sustainability 615 7$aDebt sustainability analysis 615 7$aFiscal stance 615 7$aDebt default 615 7$aExternal debt 615 7$aFiscal policy 615 7$aDebts, External 615 7$aDebts, Public 676 $a336.34 700 $aCottarelli$b Carlo$0118928 701 $aBassanetti$b Antonio$01375294 701 $aPresbitero$b Andrea$0319429 801 0$bDcWaIMF 906 $aBOOK 912 $a9910162944903321 996 $aLost and Found$93648695 997 $aUNINA