## Is Foreign Debt Portfolio Management Efficient in Emerging Economies?

_IMF Working Papers, August 1, 2001_

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## Bibliographic details
- Authors: Khaled Hussein
- Published: August 1, 2001
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451854381.001

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### Model of foreign debt portfolio management
- 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.

### Empirical design and data
- 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.

### Key empirical findings
- 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.

### Subject classifications and keywords
- 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.

*IMF Working Paper: "Is Foreign Debt Portfolio Management Efficient in Emerging Economies?" by Khaled Hussein, Working Paper No. 2001/121.*

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/30/is-foreign-debt-portfolio-management-efficient-in-emerging-economies-15214_