| I. |
Introduction |
|
| II. |
Analytical Background |
|
| III. |
Existing Work in the Fund |
| |
A. |
External Sustainability |
| |
|
|
Medium-term current account and balance of payments
projections |
| |
|
|
Current account and exchange rate assessments |
| |
B. |
Fiscal Sustainability |
| |
|
|
Fiscal indicators
|
| |
|
|
Medium-term fiscal projections |
| |
C. |
Financial Sector Stability |
| |
D. |
Conclusions |
|
| IV. |
A Proposed Framework |
|
| V. |
Conclusions and Next Steps |
|
| Text Tables |
| 1. |
Medium-Term Frameworks—BOP Information
in Board Documents for the EMBI Global Emerging Market Countries |
| 2. |
Medium-Term Frameworks—Fiscal Information
in Board Documents for the EMBI Global Emerging Market Countries |
| 3. |
External Sustainability Framework |
| 4. |
Public Sector Debt Sustainability Framework |
| 5. |
External Sustainability Framework Applied
to Turkey (1999) |
| 6. |
External Sustainability Framework Applied
to Argentina (1999) |
|
| Figures |
| 1. |
Projections of Public Debt to GDP Ratio: Selected Emerging
Market Countries |
| 2. |
Projections of Public Debt to GDP Ratio: Selected Emerging
Market Countries |
|
| Text Boxes |
| Box 1: |
Solvency, Liquidity, Sustainability, Vulnerability—Defining
the Concepts
|
| Box 2: |
Debt Sustainability in the Baltics, Russia,
and Other States of the FSU |
| Box 3: |
Data Deficiencies in Undertaking Fiscal
Sustainability Analyses. |
| Box 4: |
Good Practices for Realistic Fiscal Sustainability
Assessments |
| Box 5: |
Calibrating the Sensitivity
Tests |
|
| Appendix I. Assessing External Debt Sustainability—An
Indicative Threshold Approach |
|
| Appendix II. Best Practices for Vulnerability Indicators |
