The Level and Composition of Public Sector Debt in Emerging Market Crises
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Summary:
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.
Series:
Working Paper No. 2006/186
Subject:
Domestic debt External debt Financial crises Public and publicly-guaranteed external debt Public debt
English
Publication Date:
August 1, 2006
ISBN/ISSN:
9781451864465/1018-5941
Stock No:
WPIEA2006186
Pages:
35
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