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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Bibliographic Details
Main Author: Guscina, Anastasia (Author)
Corporate Author: IMF Institute
Format: Electronic eBook
Language:English
Published: Washington, D.C. : International Monetary Fund, ©2008.
Subjects:
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.