Lost and Found : : Market Access and Public Debt Dynamics / / Carlo Cottarelli, Andrea Presbitero, Antonio Bassanetti
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| Autore: |
Cottarelli Carlo
|
| Titolo: |
Lost and Found : : Market Access and Public Debt Dynamics / / Carlo Cottarelli, Andrea Presbitero, Antonio Bassanetti
|
| Pubblicazione: | Washington, D.C. : , : International Monetary Fund, , 2016 |
| Descrizione fisica: | 1 online resource (35 pages) : illustrations (some color), graphs, tables |
| Disciplina: | 336.34 |
| Soggetto topico: | Debts, Public |
| Gross domestic product | |
| Foreign exchange market | |
| Exports and Imports | |
| Macroeconomics | |
| Public Finance | |
| International Lending and Debt Problems | |
| International Financial Markets | |
| National Deficit Surplus | |
| Debt | |
| Debt Management | |
| Sovereign Debt | |
| Fiscal Policy | |
| International economics | |
| Public finance & taxation | |
| Public debt | |
| Debt sustainability | |
| Debt sustainability analysis | |
| Fiscal stance | |
| Debt default | |
| External debt | |
| Fiscal policy | |
| Debts, External | |
| Soggetto geografico: | United States |
| Altri autori: |
BassanettiAntonio
PresbiteroAndrea
|
| Nota di bibliografia: | Includes bibliographical references. |
| 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. |
| Titolo autorizzato: | Lost and Found |
| ISBN: | 1-4755-6786-3 |
| 1-4755-6789-8 | |
| Formato: | Materiale a stampa  |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione: | Inglese |
| Record Nr.: | 9910162944903321 |
| Lo trovi qui: | Univ. Federico II |
| Opac: | Controlla la disponibilità qui |
Serie:
IMF Working Papers; Working Paper ; ; No. 2016/253