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[null,"1.","Record Nr.",null,"UNINA9910162944903321"]
[null,null,"Autore",null,"Cottarelli Carlo"]
[null,null,"Titolo",null,"Lost and Found : : Market Access and Public Debt Dynamics / / Carlo Cottarelli, Andrea Presbitero, Antonio Bassanetti"]
[null,null,"Pubbl/distr/stampa",null,"Washington, D.C. : , : International Monetary Fund, , 2016"]
[null,null,"ISBN",null,"9781475567861"]
[{"$nulls":4},"1475567863"]
[{"$nulls":4},"9781475567892"]
[{"$nulls":4},"1475567898"]
[null,null,"Descrizione fisica",null,"1 online resource (35 pages) : illustrations (some color), graphs, tables"]
[null,null,"Collana",null,"IMF Working Papers"]
[null,null,"Disciplina",null,"336.34"]
[null,null,"Soggetti",null,"Debts, Public"]
[{"$nulls":4},"Gross domestic product"]
[{"$nulls":4},"Foreign exchange market"]
[{"$nulls":4},"Exports and Imports"]
[{"$nulls":4},"Macroeconomics"]
[{"$nulls":4},"Public Finance"]
[{"$nulls":4},"International Lending and Debt Problems"]
[{"$nulls":4},"International Financial Markets"]
[{"$nulls":4},"National Deficit Surplus"]
[{"$nulls":4},"Debt"]
[{"$nulls":4},"Debt Management"]
[{"$nulls":4},"Sovereign Debt"]
[{"$nulls":4},"Fiscal Policy"]
[{"$nulls":4},"International economics"]
[{"$nulls":4},"Public finance & taxation"]
[{"$nulls":4},"Public debt"]
[{"$nulls":4},"Debt sustainability"]
[{"$nulls":4},"Debt sustainability analysis"]
[{"$nulls":4},"Fiscal stance"]
[{"$nulls":4},"Debt default"]
[{"$nulls":4},"External debt"]
[{"$nulls":4},"Fiscal policy"]
[{"$nulls":4},"Debts, External"]
[{"$nulls":4},"United States"]
[null,null,"Lingua di pubblicazione",null,"Inglese"]
[null,null,"Formato",null,"Materiale a stampa"]
[null,null,null,"Livello bibliografico","Monografia"]
[null,null,null,"Nota di bibliografia","Includes bibliographical references."]
[null,null,null,"Sommario/riassunto","The 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."]