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|z 9781475563207
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|a 1018-5941
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|a Cottarelli, Carlo.
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|a Lost and Found :
|b Market Access and Public Debt Dynamics /
|c Carlo Cottarelli, Andrea Presbitero, Antonio Bassanetti.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2016.
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|a 1 online resource (34 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a The empirical literature on sovereign debt crises identifies the level of public debt (measured as a share of GDP) as a key variable to predict debt defaults and to determine sovereign market access. This evidence has led to the widespread use of (country-specific) debt thresholds to assess debt sustainability. We argue that the level of the debt-to-GDP ratio, whose use is justified on a theoretical and empirical ground, should not be the only fiscal metric to assess the complex relationship between public debt and debt defaults/market access. In particular, we show that, in a large panel of emerging markets, the dynamics of the debt ratio plays a critical role for market access. In particular, given a certain level of debt, a steadily declining debt ratio is associated with a lower probability of debt distress/market loss and with a higher likelihood of market re-access once access had been lost.
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|a Mode of access: Internet
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|a Bassanetti, Antonio.
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|a Presbitero, Andrea.
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|a IMF Working Papers; Working Paper ;
|v No. 2016/253
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2016/253/001.2016.issue-253-en.xml
|z IMF e-Library
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