{
  "title": "Is Foreign Debt Portfolio Management Efficient in Emerging Economies?",
  "publication": "IMF Working Papers, August 1, 2001",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/is-foreign-debt-portfolio-management-efficient-in-emerging-economies-15214",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2016/12/30/is-foreign-debt-portfolio-management-efficient-in-emerging-economies-15214",
  "overlayPath": "/en/publications/wp/issues/2016/12/30/is-foreign-debt-portfolio-management-efficient-in-emerging-economies-15214/index.md",
  "summary": "This paper develops a simple model of foreign debt portfolio management. The model suggests that, under mild conditions, the currency composition of a country's foreign debt portfolio is responsive to exchange rate movements.",
  "sections": [
    {
      "heading": "Model of foreign debt portfolio management",
      "content": "- Develops a simple model of foreign debt portfolio management.\n- Model implication: under mild conditions, the currency composition of a country's foreign debt portfolio is responsive to exchange rate movements."
    },
    {
      "heading": "Empirical design and data",
      "content": "- Panel of 14 emerging economies.\n- Sample period: 1970-98.\n- Focus on stocks of foreign liabilities denominated in U.S. dollars, deutsche marks (DM), Japanese yen, and Swiss francs.\n- Pages: 23; Volume: 2001; Issue: 121; Series: Working Paper No. 2001/121; Stock No: WPIEA1212001; ISBN: 9781451854381; ISSN: 1018-5941; DOI: https://doi.org/10.5089/9781451854381.001."
    },
    {
      "heading": "Key empirical findings",
      "content": "- Foreign debt portfolio management has been sub-optimal in the countries examined.\n- The currency composition of foreign debt has not reflected a substitution effect away from the currencies that have appreciated over time vis-à-vis the U.S. dollar."
    },
    {
      "heading": "Subject classifications and keywords",
      "content": "- Subjects: Asset and liability management; Currencies; Debt management; Exchange rates; External debt; Foreign exchange; Government debt management; Money; Public financial management (PFM).\n- Keywords: Asia and Pacific; Central America; Central and Eastern Europe; Currencies; Debt management; debt share; deutsche mark; emerging economies; exchange rate movement; exchange rates; Foreign debt; Global; Government debt management; portfolio management; portfolio manager; U.S. dollar; WP.\n\nIMF Working Paper: \"Is Foreign Debt Portfolio Management Efficient in Emerging Economies?\" by Khaled Hussein, Working Paper No. 2001/121.\n\n---\n\n Content in this bundle\n\n- Is Foregin Debt Portfolio Management Efficient in Emerging Economies? - WP/01/120\n  - Is Foregin Debt Portfolio Management Efficient in Emerging Economies? - WP/01/120 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Is Foregin Debt Portfolio Management Efficient in Emerging Economies? - WP/01/120 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/is-foreign-debt-portfolio-management-efficient-in-emerging-economies-15214"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2016/12/30/is-foreign-debt-portfolio-management-efficient-in-emerging-economies-15214/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2016/12/30/is-foreign-debt-portfolio-management-efficient-in-emerging-economies-15214/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2016/12/30/is-foreign-debt-portfolio-management-efficient-in-emerging-economies-15214/bundle-manifest.json)",
    "Authors: Khaled Hussein",
    "Published: August 1, 2001",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451854381.001",
    "Develops a simple model of foreign debt portfolio management.",
    "Model implication: under mild conditions, the currency composition of a country's foreign debt portfolio is responsive to exchange rate movements.",
    "Panel of 14 emerging economies.",
    "Sample period: 1970-98.",
    "Focus on stocks of foreign liabilities denominated in U.S. dollars, deutsche marks (DM), Japanese yen, and Swiss francs.",
    "Pages: 23; Volume: 2001; Issue: 121; Series: Working Paper No. 2001/121; Stock No: WPIEA1212001; ISBN: 9781451854381; ISSN: 1018-5941; DOI: https://doi.org/10.5089/9781451854381.001.",
    "Foreign debt portfolio management has been sub-optimal in the countries examined.",
    "The currency composition of foreign debt has not reflected a substitution effect away from the currencies that have appreciated over time vis-à-vis the U.S. dollar.",
    "Subjects: Asset and liability management; Currencies; Debt management; Exchange rates; External debt; Foreign exchange; Government debt management; Money; Public financial management (PFM).",
    "Keywords: Asia and Pacific; Central America; Central and Eastern Europe; Currencies; Debt management; debt share; deutsche mark; emerging economies; exchange rate movement; exchange rates; Foreign debt; Global; Government debt management; portfolio management; portfolio manager; U.S. dollar; WP.",
    "**Is Foregin Debt Portfolio Management Efficient in Emerging Economies? - WP/01/120**"
  ],
  "related": [
    {
      "title": "Is Foregin Debt Portfolio Management Efficient in Emerging Economies? - WP/01/120",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2001/_wp01121.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2001/_wp01121.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2001/_wp01121.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2016/12/30/is-foreign-debt-portfolio-management-efficient-in-emerging-economies-15214/index.md",
    "json": "/en/publications/wp/issues/2016/12/30/is-foreign-debt-portfolio-management-efficient-in-emerging-economies-15214/index.json",
    "bundleManifest": "/en/publications/wp/issues/2016/12/30/is-foreign-debt-portfolio-management-efficient-in-emerging-economies-15214/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-17T06:49:55.231Z"
}