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The Level and Composition of Public Sector Debt in Emerging Market Crises
Author:
Mr. Bjoern Rother
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Ms. Ivetta Hakobyan
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Mrs. Monica B de Bolle
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Series:
IMF Working Papers
Volume/Issue:
Volume 2006: Issue 186
Language:
English
Publication Date:
01 Aug 2006
DOI:
https://doi.org/10.5089/9781451864465.001
ISBN:
9781451864465
ISSN:
1018-5941
Pages:
35
Keywords:
WP; crisis; short-term debt; debt-to-GDP; financial crisis; GDP; net; ratio
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The paper examines the evolution of public sector debt levels and structures in 12 emerging market countries around the time of financial crises. In particular, it focuses on whether the debt situation of sovereign borrowers became more vulnerable in the aftermath of crises. The principal findings are that (i) debt levels tend to increase significantly post-crisis, and (ii) countries often experience more rigid debt structures following such events, with an increase in the share of external public debt to multilateral creditors and a greater exposure of the domestic banking system to sovereign debt.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 2006: Issue 186