Series: IMF Working Papers
Author(s): Alberto Ramos
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 May 1998
Keywords: Government arrears, BRO countries, Securitization, Russia, aggregate demand, capital market, capital markets, budget deficit, Kyrgyzstan, Moldova
On occasions, by running arrears, governments have unilaterally borrowed from domestic agents. These agents ended up with implicit claims on the government for which they had no title and that would be honored, at...