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Sectoral debt capacity and business cycles : developing Asia and the world economy

Han, Bada; Ahmed, Rashad; Jinjarak, Yothin; Aizenman, Joshua - 2023

This paper reviews the patterns of sectoral debts and growth and the mechanisms explaining the adverse effects of debt burdens on growth rates. The empirical analysis covers a sample of 55 emerging and frontier market economies. Future economic growth is more sensitive to rising household debt...

Persistent link: https://www.econbiz.de/10014280028

Preferred and non-preferred creditors

Cordella, Tito; Powell, Andrew - 2021

International financial institutions (IFIs) generally enjoy preferred creditors treatment (PCT). Although PCT rarely appears in legal contracts, when sovereigns restructure bilateral or commercial debts, they normally pay IFIs in full. This paper presents a model where a creditor, such as an...

Persistent link: https://www.econbiz.de/10012586734

Emerging markets bond index performance and sovereign default : the case of Ecuador

Zanoni, Wladimir; Díaz, Emily; Paredes, Jorge; … - 2024

This paper delves into the dynamic impact of Ecuador's 2008 sovereign debt default on the subsequent performance of the country's bonds, specifically as measured by the Emerging Markets Bond Index (EMBI). Through a blend of qualitative and quantitative analyses, the paper develops a framework...

Persistent link: https://www.econbiz.de/10014529939

Economic and political determinants of sovereign default and IMF credit use : a robustness assessment post 2010

Maddah, Lina; Sherry, Hassan; Zeaiter, Hussein - In: Economies : open access journal 12 (2024) 7, pp. 1-36

According to the IMF, the current public debt makes up nearly 40 percent of the global debt, marking the highest share since the mid-1960s. Despite the vast research on alarming levels of sovereign default, the literature remains inconclusive. This paper investigates macroeconomic, financial,...

Persistent link: https://www.econbiz.de/10014636157

Sovereign debt vulnerabilities in Asia and the Pacific

Ferrarini, Benno; Dagli, Suzette; Mariano, Paul - 2023

Asia and the Pacific. This is confirmed by debt ratio projections and evidence of widening pockets of vulnerability picked …

Persistent link: https://www.econbiz.de/10014259234

Fiscal rules: challenges and reform opportunities for emerging markets

Ardanaz, Martin; Cavallo, Eduardo A.; Izquierdo, Alejandro - 2023

Fiscal rules have gained popularity as tools to strengthen debt sustainability by constraining policy discretion. However, their track record in the case of emerging markets is mixed, as setting up a fiscal rule has been no guarantee of debt stabilization. International experience and empirical...

Persistent link: https://www.econbiz.de/10014471228

Fiscal rules and optimal currency composition of sovereign debt in emerging economies

Valencia, Oscar M.; Rodriguez, Luis Alberto; Siachoque, … - 2023

Total public debt in most emerging markets grew before and after the pandemic with a sizable share in foreign currency. Along this trend, interest payments increased even in the presence of active fiscal rules in some countries. How should debt management of public debt be set under a fiscal...

Persistent link: https://www.econbiz.de/10014471269

Why are Latin American crises deeper than those in Emerging Asia, including that of COVID-19?

García Herrero, Alicia - 2021

The COVID-19 pandemic has challenged global economies with unparalleled negative shock. Asia and Latin America have … America and Asia, such as the Latin American balance-of-payment crisis in the 1980s and a number of Latin American banking … challenged with worse debt dynamics and more limited access to dollar liquidity. Asia, instead, seems to have developed a much …

Persistent link: https://www.econbiz.de/10012490544

Sudden stops, sovereign risk, and fiscal rules

Gómez González, José Eduardo; Valencia, Oscar M.; … - 2021

This paper studies the effect of implementing fiscal rules on sovereign default risk and on the probability of large capital ow reversals for a large sample of countries including both developed and emerging market economies. Results indicate that fiscal rules are beneficial for macroeconomic...

Persistent link: https://www.econbiz.de/10012586437

The impact of external debt on economic growth : the case of emerging countries

Elkhalfi, Oussama; Chaâbita, Rachid; Benboubker, Mounir; … - In: Research in globalization 9 (2024), pp. 1-10

This article empirically examines the impact of external debt on economic growth in emerging economies from 1990 to 2022, considering the effects of globalization. Using a deductive methodology that combines a comprehensive literature review with econometric analysis, particularly a...

Persistent link: https://www.econbiz.de/10015361640