LEADER 08209oam 22012854 450 001 9910812132603321 005 20200520144314.0 010 $a1-4623-1038-9 010 $a1-4518-7063-9 010 $a1-282-84156-4 010 $a9786612841569 010 $a1-4519-9838-4 035 $a(CKB)3170000000055111 035 $a(SSID)ssj0000944144 035 $a(PQKBManifestationID)11612519 035 $a(PQKBTitleCode)TC0000944144 035 $a(PQKBWorkID)10983860 035 $a(PQKB)10240359 035 $a(OCoLC)762655810 035 $a(MiAaPQ)EBC1605852 035 $a(IMF)WPIEE2008205 035 $a(IMF)WPIEA2008205 035 $a(EXLCZ)993170000000055111 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aImpact of Macroeconomic, Political, and Institutional Factors on the Structure of Government Debt in Emerging Market Countries /$fAnastasia Guscina 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (45 pages) $cillustrations (some color), tables 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/205 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1516-0 320 $aIncludes bibliographical references. 327 $aIntro -- 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. 327 $a5. 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. 330 3 $aDebt crises that have shaken Latin America, Asia, and Russia have brought an increasing attention to the structure of debt in emerging market countries. Using the newly released Jeanne-Guscina EM Government Debt Database 2006 this paper empirically explores the role of macroeconomic, political, and institutional factors in determining the structure of government debt. Results show that unstable macroeconomic environment, poor quality institutions, and uncertain political climate hinder the development of domestic debt market. Moreover, such instability shifts the debt structure away from long-term local currency fixed rate debt towards short-term debt or to debt indexed to foreign currency, short-term interest rates or inflation. Original sin seems to be on the way out, as more and more countries are issuing local currency debt at longer maturities-which can be explained by successful macroeconomic stabilization policies and lessons learned from the debt crises. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/205 606 $aDebts, Public$zDeveloping countries$xEconometric models 606 $aFiscal policy$zDeveloping countries$xEconometric models 606 $aCapital market$2imf 606 $aCurrencies$2imf 606 $aDebt Management$2imf 606 $aDebt$2imf 606 $aDebts, External$2imf 606 $aDebts, Public$2imf 606 $aDomestic debt$2imf 606 $aExports and Imports$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aForeign currency debt$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aGovernment and the Monetary System$2imf 606 $aInternational economics$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aMonetary economics$2imf 606 $aMonetary Systems$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMoney$2imf 606 $aPayment Systems$2imf 606 $aPublic debt$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aRegimes$2imf 606 $aSecurities markets$2imf 606 $aSovereign Debt$2imf 606 $aStandards$2imf 607 $aDeveloping countries$xEconomic conditions$xEconometric models 607 $aDeveloping countries$xPolitics and government 607 $aArgentina$2imf 615 0$aDebts, Public$xEconometric models. 615 0$aFiscal policy$xEconometric models. 615 7$aCapital market 615 7$aCurrencies 615 7$aDebt Management 615 7$aDebt 615 7$aDebts, External 615 7$aDebts, Public 615 7$aDomestic debt 615 7$aExports and Imports 615 7$aFinance 615 7$aFinance: General 615 7$aForeign currency debt 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aGovernment and the Monetary System 615 7$aInternational economics 615 7$aInternational Lending and Debt Problems 615 7$aMonetary economics 615 7$aMonetary Systems 615 7$aMoney and Monetary Policy 615 7$aMoney 615 7$aPayment Systems 615 7$aPublic debt 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aRegimes 615 7$aSecurities markets 615 7$aSovereign Debt 615 7$aStandards 676 $a336.3435091724 700 $aGuscina$b Anastasia$01606039 801 0$bDcWaIMF 906 $aBOOK 912 $a9910812132603321 996 $aImpact of Macroeconomic, Political, and Institutional Factors on the Structure of Government Debt in Emerging Market Countries$93954412 997 $aUNINA