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Impact of Macroeconomic, Political, and Institutional Factors on the Structure of Government Debt in Emerging Market Countries

Impact of Macroeconomic, Political, and Institutional Factors on the Structure of Government Debt in Emerging Market Countries »

Source: Impact of Macroeconomic, Political, and Institutional Factors on the Structure of Government Debt in Emerging Market Countries

Volume/Issue: 2008/205

Series: IMF Working Papers

Author(s): Anastasia Guscina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2008

ISBN: 9781451870633

Keywords: Original Sin, Debt Structure, foreign currency, debt market,

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 Da...

Sovereign Debt Composition in Advanced Economies

Sovereign Debt Composition in Advanced Economies »

Source: Sovereign Debt Composition in Advanced Economies : A Historical Perspective

Volume/Issue: 2014/162

Series: IMF Working Papers

Author(s): S. M. Ali Abbas , Laura Blattner , Mark De Broeck , Asmaa ElGanainy , and Malin Hu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 September 2014

ISBN: 9781498358781

Keywords: sovereign debt composition, sovereign debt management, historical debt database, central bank, government debt, debt structure, debt management,

We examine how the composition of public debt, broken down by currency, maturity, holder profile and marketability, has responded to major debt accumulation and consolidation episodes during 1900-2011. Covering thi...

Dollarization and Maturity Structure of Public Securities

Dollarization and Maturity Structure of Public Securities »

Source: Dollarization and Maturity Structure of Public Securities : The Experience of Bolivia

Volume/Issue: 2008/157

Series: IMF Working Papers

Author(s): Esteban Vesperoni , and Walter Orellana R.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2008

ISBN: 9781451870152

Keywords: debt profiles, maturity structure, currency composition, bonds, central bank, domestic currency, domestic debt, public debt,

The public debt profile has improved in Bolivia in recent years, with regard to both the maturity structure and the currency composition. This paper analyzes changes in the public debt profile in Bolivia since 2000...

Structuring and Restructuring Sovereign Debt

Structuring and Restructuring Sovereign Debt »

Source: Structuring and Restructuring Sovereign Debt : The Role of a Bankruptcy Regime

Volume/Issue: 2007/192

Series: IMF Working Papers

Author(s): Patrick Bolton , and Olivier Jeanne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2007

ISBN: 9781451867565

Keywords: Sovereign Debt Restructuring Mechanism (SDRM), debt structure, sovereign debt restructuring, debt renegotiations, Sovereign Debt Restructuring Mechanism (sdrm) Mechanism (sdrm),

In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competi...

Managing Public Debt and Its Financial Stability Implications

Managing Public Debt and Its Financial Stability Implications »

Source: Managing Public Debt and Its Financial Stability Implications

Volume/Issue: 2010/280

Series: IMF Working Papers

Author(s): Udaibir Das , Jay Surti , Faisal Ahmed , Michael Papaioannou , and Guilherme Pedras

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2010

ISBN: 9781455210879

Keywords: Public Debt Structure, debt management, public debt, debt managers, bonds, Macroeconomic Aspects Of International Trade And Finance,

This paper explores the relationship between the level and management of public debt and financial stability, and explains the channels through which the two are interlinked. It suggests that the broader implicatio...

Optimal Maturity Structure of Sovereign Debt in Situation of Near Default

Optimal Maturity Structure of Sovereign Debt in Situation of Near Default »

Source: Optimal Maturity Structure of Sovereign Debt in Situation of Near Default

Volume/Issue: 2014/168

Series: IMF Working Papers

Author(s): Gabriel Desgranges , and Celine Rochon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2014

ISBN: 9781498379779

Keywords: Long Term Debt, Maturity Structure, Optimal Default, Sovereign Debt Crisis, Uncertainty, debt portfolio, debt burden, sovereign debt, hedging, financial institutions

We study the relationship between default and the maturity structure of the debt portfolio of a Sovereign, under uncertainty. The Sovereign faces a trade-off between a future costly default and a high current fisca...

Second-Generation Fiscal Rules: Balancing Simplicity, Flexibility, and Enforceability

Second-Generation Fiscal Rules: Balancing Simplicity, Flexibility, and Enforceability »

Source: Second-Generation Fiscal Rules : Balancing Simplicity, Flexibility, and Enforceability

Volume/Issue: 2018/4

Series: Staff Discussion Notes

Author(s): Luc Eyraud , Xavier Debrun , Andrew Hodge , Victor Lledo , and Catherine Pattillo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484350683

Keywords: Debt, Fiscal policy, Fiscal rules, deficit bias, fiscal governance, Structure and Scope of Government, Deficit

Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fisca...

Second-Generation Fiscal Rules: Balancing Simplicity, Flexibility, and Enforceability - Technical Background Papers

Second-Generation Fiscal Rules: Balancing Simplicity, Flexibility, and Enforceability - Technical Background Papers »

Source: Second-Generation Fiscal Rules : Balancing Simplicity, Flexibility, and Enforceability

Volume/Issue: 2018/4

Series: Staff Discussion Notes

Author(s): Luc Eyraud , Xavier Debrun , Andrew Hodge , Victor Lledo , and Catherine Pattillo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484350683

Keywords: Debt, Fiscal policy, Fiscal rules, deficit bias, fiscal governance, Structure and Scope of Government, Deficit

Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fisca...

The Impact of Corporate Governance Structures on the Agency Cost of Debt

The Impact of Corporate Governance Structures on the Agency Cost of Debt »

Source: The Impact of Corporate Governance Structures on the Agency Cost of Debt

Volume/Issue: 2001/204

Series: IMF Working Papers

Author(s): Jorge Chan-Lau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2001

ISBN: 9781451874501

Keywords: agency cost of debt, exit decision, shareholders, equation, shareholder, corporate governance structures, Corporate Finance And Governance,

This paper uses a stochastic continuous time model of the firm to study how different corporate governance structures affect the agency cost of debt. In the absence of asymmetric information, it shows that control...

Taxation and Leverage in International Banking

Taxation and Leverage in International Banking »

Source: Taxation and Leverage in International Banking

Volume/Issue: 2012/281

Series: IMF Working Papers

Author(s): Grace Weishi Gu , Ruud A. Mooij , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2012

ISBN: 9781475572209

Keywords: Bank taxation, corporate tax, debt bias, leverage, international tax, subsidiaries, capital requirement, capital structure, tax differences

This paper explores how corporate taxes affect the financial structure of multinational banks. Guided by a simple theory of optimal capital structure it tests (i) whether corporate taxes induce subsidiary banks to...