{
  "title": "The Level and Composition of Public Sector Debt in Emerging Market Crises",
  "publication": "IMF Working Papers, August 1, 2006",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/the-level-and-composition-of-public-sector-debt-in-emerging-market-crises-19397",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2016/12/31/the-level-and-composition-of-public-sector-debt-in-emerging-market-crises-19397",
  "overlayPath": "/en/publications/wp/issues/2016/12/31/the-level-and-composition-of-public-sector-debt-in-emerging-market-crises-19397/index.md",
  "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.",
  "sections": [
    {
      "heading": "Summary and scope",
      "content": "- Examines the evolution of public sector debt levels and structures in 12 emerging market countries around the time of financial crises.\n- Focuses on whether the debt situation of sovereign borrowers became more vulnerable in the aftermath of crises.\n- Principal findings:\n  - (i) debt levels tend to increase significantly post-crisis, and\n  - (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."
    },
    {
      "heading": "Key findings",
      "content": "- Debt dynamics around crises:\n  - Debt levels tend to increase significantly post-crisis.\n  - Debt structures become more rigid after crises.\n- Composition shifts:\n  - Increase in the share of external public debt to multilateral creditors.\n  - Greater exposure of the domestic banking system to sovereign debt."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subject: Domestic debt, External debt, Financial crises, Public and publicly-guaranteed external debt, Public debt\n- Keywords: crisis, debt-to-GDP, financial crisis, GDP, net, ratio, short-term debt, WP\n\n---\n\n Content in this bundle\n\n- wp06186\n  - wp06186 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp06186 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/the-level-and-composition-of-public-sector-debt-in-emerging-market-crises-19397"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2016/12/31/the-level-and-composition-of-public-sector-debt-in-emerging-market-crises-19397/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2016/12/31/the-level-and-composition-of-public-sector-debt-in-emerging-market-crises-19397/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2016/12/31/the-level-and-composition-of-public-sector-debt-in-emerging-market-crises-19397/bundle-manifest.json)",
    "Authors: Björn Rother, Ivetta Hakobyan, Monica B de Bolle",
    "Published: August 1, 2006",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451864465.001",
    "Examines the evolution of public sector debt levels and structures in 12 emerging market countries around the time of financial crises.",
    "Focuses on whether the debt situation of sovereign borrowers became more vulnerable in the aftermath of crises.",
    "Principal findings:",
    "Debt dynamics around crises:",
    "Composition shifts:",
    "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",
    "**_wp06186**"
  ],
  "related": [
    {
      "title": "_wp06186",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2006/_wp06186.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2006/_wp06186.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2006/_wp06186.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2016/12/31/the-level-and-composition-of-public-sector-debt-in-emerging-market-crises-19397/index.md",
    "json": "/en/publications/wp/issues/2016/12/31/the-level-and-composition-of-public-sector-debt-in-emerging-market-crises-19397/index.json",
    "bundleManifest": "/en/publications/wp/issues/2016/12/31/the-level-and-composition-of-public-sector-debt-in-emerging-market-crises-19397/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-18T08:09:02.197Z"
}