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|z 9781513596259
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|a Moreno Badia, Marialuz.
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|a Debt Dynamics in Emerging and Developing Economies :
|b Is R-G a Red Herring? /
|c Marialuz Moreno Badia, Juliana Gamboa-Arbelaez, Yuan Xiang.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2021.
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|a 1 online resource (38 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 In the wake of the COVID-19 pandemic, debt levels in emerging and developing economies have surged raising concerns about fiscal sustainability. Historically, negative interest-growth differentials in these countries have played a debt-stabilizing role. But is this enough to prevent countries from falling into debt distress? Drawing from a sample of 150 emerging and developing economies going back to the 1970s, we find that interest-growth differentials have remained relatively low, dampening debt increases in the run up to a crisis. But in the face of persistent primary deficits, debt service tends to rise abruptly-particularly in emerging markets-and a fiscal crisis ensues. There is also evidence that a large part of the debt build-up around crises stems from valuation effects associated with external debt and the materialization of contingent liabilities. These findings underscore that, though not necessarily a red-herring, low interest-growth differentials cannot fully offset the deleterious effects of large fiscal deficits, forex exposures, or hidden debts.
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|a Mode of access: Internet
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|a Debt Management
|2 imf
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| 650 |
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|a Debt
|2 imf
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|a Fiscal Policy
|2 imf
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|a International Lending and Debt Problems
|2 imf
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|a Sovereign Debt
|2 imf
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|a Gamboa-Arbelaez, Juliana.
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|a Xiang, Yuan.
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|a IMF Working Papers; Working Paper ;
|v No. 2021/229
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2021/229/001.2021.issue-229-en.xml
|z IMF e-Library
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