The Level and Composition of Public Sector Debt in Emerging Market Crises

By Bjoern Rother, Ivetta Hakobyan, Monica B de Bolle

August 1, 2006

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Format: Chicago

Bjoern Rother, Ivetta Hakobyan, and Monica B de Bolle. The Level and Composition of Public Sector Debt in Emerging Market Crises, (USA: International Monetary Fund, 2006) accessed September 19, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

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.

Subject: Domestic debt, External debt, Financial crises, Public and publicly-guaranteed external debt, Public debt

Keywords: Crisis, Debt-to-GDP, Financial crisis, GDP, Net, Ratio, Short-term debt, WP

Publication Details

Pages:

35
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2006/186
Stock No:

WPIEA2006186
ISBN:

9781451864465
ISSN:

1018-5941

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