Impact of macroeconomic, political, and institutional factors on the structure of government debt in emerging market countries /
Debt 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...
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Format: | Electronic eBook |
Language: | English |
Published: |
Washington, D.C. :
International Monetary Fund,
©2008.
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Online Access: |
Full text (MFA users only) |
ISBN: | 1451915160 9781451915167 |
Local Note: | ProQuest Ebook Central |
Table of Contents:
- Intro
- 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.
- 5. 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.