- Manmohan Kumar, and Pablo Guidotti
- Published Date:
- March 1991
© 1991 International Monetary Fund
Library of Congress Cataloging-in-Publication Data
Guidotti. Pablo Emilio, 1958-Domestic public debt of externally indebted countries / Pablo E. Guidotti and Manmohan S. Kumar. p. cm. — (Occasional paper : 80) Includes bibliographical references.
ISBN 1-55775-208-7 : $10.00
1. Debts, Public—Developing countries. 2. Debts, External—Developing countries. 3. Fiscal policy—Developing countries. 4. Economic stabilization—Developing countries. I. Kumar, Manmohan S. II. Title. III. Series: Occasional paper (International Monetary Fund) : no. 80.
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- Prefatory Note
- I. Introduction
- II. Evolution of Public Debt and Fiscal Developments
- III. An Analytical Framework for Fiscal Policy and Public Debt
- IV. Issues in Domestic Public Debt Management
- V. Concluding Remarks
- I. Debt Maturity and Inflation
- II. Statistical Tables
- 1. Fifteen Heavily Indebted Developing Countries: Public Debt, Selected Periods
- 2. Fifteen Heavily Indebted Developing Countries: External and Total Public Debt at Market Prices, Selected Periods
- 3. Fifteen Heavily Indebted Developing Countries: Monthly Inflation and Real Interest Rates, Selected Periods
- 4. Fifteen Heavily Indebted Developing Countries: Fiscal Accounts of the Consolidated Public Sector, Selected Periods
- 5. Illustrative Examples of Government Net Worth Calculation
- 6. Fiscal Surplus Required to Service Outstanding Public Debt
- 7. Eight G-15 Countries: Debt Maturities, 1982–88 and 1987–88
- 8. Debt Maturity and Inflation
- Appendix II
- 1. Fifteen Heavily Indebted Developing Countries: Domestic Public Debt, 1976–88
- 2. Fifteen Heavily Indebted Developing Countries: Total Public Debt and External Public Debt, 1976–88
- 3. Fifteen Heavily Indebted Developing Countries: Market Value of External Public Debt, 1984–88
- 4. Fifteen Heavily Indebted Developing Countries: Summary of Fiscal Accounts, 1978–88
The following symbols have been used throughout this paper:
- … to indicate that data are not available;
- — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
- – between years or months (e.g., 1990–91 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
- / between years (e.g., 1990/91) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
The authors of this study are economists in the Research Department of the International Monetary Fund. The study has benefited from comments and suggestions from numerous colleagues and visiting scholars in the Research Department, as well as from other departments of the Fund. In particular, they wish to thank Bijan Aghevli, Matthew Canzoneri, Michael Dooley, Ernesto Feldman, Morris Goldstein, Mohsin Khan, Saul Lizondo, Leonardo Leiderman, Claudio Loser, Liliana Rojas-Suarez, Assaf Razin, and, especially, Peter Wickham for their many valuable comments. They are particularly grateful to Guillermo Calvo for his advice and encouragement throughout the course of this study. They also thank Huyen Le and, in particular, Raja Hettiarachchi for efficient research assistance, and Paul Gleason and Catherine Fleck for editorial help. The opinions expressed in the study are those of the authors and do not necessarily reflect the views of the Fund.