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The Evolution Of Public Debt Vulnerabilities In Lower Income Economies
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Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1513529110 Total Pages :56 pages Book Rating :4.5/5 (135 download)
Book Synopsis The Evolution of Public Debt Vulnerabilities In Lower Income Economies by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book The Evolution of Public Debt Vulnerabilities In Lower Income Economies written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2020-02-10 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public debt in lower-income economies (LIEs) has risen in recent years, with half of the countries covered in this report now assessed to be at high risk of or already in debt distress.
Book Synopsis Public Debt Vulnerabilities in Low-Income Countries - The Evolving Landscape by : International Monetary Fund
Download or read book Public Debt Vulnerabilities in Low-Income Countries - The Evolving Landscape written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-09-11 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first joint IMF/World Bank report on public debt vulnerabilities in low income countries (LICs). It examines debt-related developments and their underlying causes since the onset of the global financial crisis. The findings will inform the upcoming review of the IMF/WB debt sustainability framework for LICs. Over this period, improved macroeconomic performance in LICs, combined with HIPC/MDRI debt relief and high demand for commodities, contributed to improved LIC creditworthiness. At the same time, new borrowing opportunities emerged as a result of the accommodative liquidity conditions in international capital markets, the deepening of domestic financial markets for some LICs, and the growing lending activities of non-Paris Club countries. These new financing possibilities helped mitigate the decline in Paris Club lending to LICs and have been associated with a shift toward greater reliance on non-concessional credit. The changing financing landscape has been most significant for frontier LICs.
Book Synopsis Evolution of Debt Sustainability Analysis in Low-Income Countries by : Mr.Benedicte Baduel
Download or read book Evolution of Debt Sustainability Analysis in Low-Income Countries written by Mr.Benedicte Baduel and published by International Monetary Fund. This book was released on 2012-06-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Debt Sustainability Analysis (DSA) for low-income countries (LICs) is a standardized analytical tool to monitor debt sustainability. This paper uses DSAs from three periods around the time of the global economic crisis to analyze the projected trajectories of debt ratios for a sample of LICs. The aggregate data suggest that LIC vulnerabilities improved on the whole during the period prior to the crisis, and that the crisis had a strong short-run impact on key ratios of debt (debt-to-GDP, -exports, and -fiscal revenues) and debt service (debt service-to-exports, and -revenues). Although projected debt burdens increased following the crisis, debt indicators tend to return to their pre-crisis levels over the projection horizon. This may reflect a strong and durable policy response by LICs towards the crisis, or also reflect specific assumptions on the long-run growth dividends of public external debt.
Book Synopsis Public Debt in Developing Countries by : Indermit Singh Gill
Download or read book Public Debt in Developing Countries written by Indermit Singh Gill and published by World Bank Publications. This book was released on 2005 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Over the past 25 years, significant levels of public debt and external finance are more likely to have enhanced macroeconomic vulnerability than economic growth in developing countries. This applies not just to countries with a history of high inflation and past default, but also to those in East Asia, with a long tradition of prudent macroeconomic policies and rapid growth. The authors examine why with the help of a conceptual framework drawn from the growth, capital flows, and crisis literature for developing countries with access to the international capital markets (market access countries or MACs). They find that, while the chances of another generalized debt crisis have receded since the turbulence of the late 1990s, sovereign debt is indeed constraining growth in MACs, especially those with debt sustainability problems ... " -- Cover verso.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498307264 Total Pages :72 pages Book Rating :4.4/5 (983 download)
Book Synopsis Guidance Note on the Bank-Fund Debt Sustainability Framework for Low Income Countries by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Guidance Note on the Bank-Fund Debt Sustainability Framework for Low Income Countries written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2018-02-14 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Low-income countries (LICs) face significant challenges in meeting their Sustainable Development Goals (SDGs) while at the same time ensuring that their external debt remains sustainable. In April 2005, the Executive Boards of the International Monetary Fund (IMF) and the International Development Association (IDA) approved the introduction of the Debt Sustainability Framework (DSF), a tool developed jointly by IMF and World Bank staff to conduct public and external debt sustainability analysis in low-income countries. The DSF has since been serving to help guide the borrowing decisions of LICs, provide guidance for creditors’ lending and grant allocation decisions, and improve World Bank and IMF assessments and policy advice. The latest review of the framework was approved by the Executive Boards in September 2017. This introduced reforms to ensure that the DSF remains appropriate for the rapidly changing financing landscape facing LICs and to further improve insights into debt vulnerabilities. This note provides operational and technical guidance on the implementation of the reformed framework.
Book Synopsis Global Waves of Debt by : M. Ayhan Kose
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Book Synopsis A Review of Some Aspects of the Low-Income Country Debt Sustainability Framework by : International Monetary Fund
Download or read book A Review of Some Aspects of the Low-Income Country Debt Sustainability Framework written by International Monetary Fund and published by International Monetary Fund. This book was released on 2009-05-08 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Bank-Fund Debt Sustainability Framework (DSF) is a standardized framework for analyzing debt-related vulnerabilities in low-income countries (LICs). It aims to help countries monitor their debt burden and take early preventive action, to provide guidance to creditors in ensuring their lending decisions are consistent with countries’ development goals, and to improve the Bank and Fund’s assessments and policy advice. The DSF was last reviewed in 2006, and a reconsideration of some aspects of the framework is timely.
Book Synopsis Debt Sustainability Analyses for Low-Income Countries: An Assessment of Projection Performance by : Mr.Henry Mooney
Download or read book Debt Sustainability Analyses for Low-Income Countries: An Assessment of Projection Performance written by Mr.Henry Mooney and published by International Monetary Fund. This book was released on 2017-10-30 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops new error assessment methods to evaluate the performance of debt sustainability analyses (DSAs) for low-income countries (LICs) from 2005-2015. We find some evidence of a bias towards optimism for public and external debt projections, which was most appreciable for LICs with the highest incomes, prospects for market access, and at ‘moderate’ risk of debt distress. This was often driven by overly-ambitious fiscal and/or growth forecasts, and projected ‘residuals’. When we control for unanticipated shocks, we find that biases remain evident, driven in part by optimism regarding government fiscal reaction functions and expected growth dividends from investment.
Book Synopsis Are We Heading for Another Debt Crisis in Low-Income Countries? Debt Vulnerabilities: Today Vs the Pre-HIPC Era by : Chuku Chuku
Download or read book Are We Heading for Another Debt Crisis in Low-Income Countries? Debt Vulnerabilities: Today Vs the Pre-HIPC Era written by Chuku Chuku and published by International Monetary Fund. This book was released on 2023-04-04 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are growing concerns that 25 years after the launch of the HIPC debt relief initiative, many low-income countries are again facing high debt vulnerabilities. This paper compares debt vulnerabilities in LICs today versus those on the eve of the HIPC Initiative and examines challenges to a similarly designed debt-relief framework. While solvency and liquidity indicators in most LICs have steadily worsened in recent years, they remain substantially better on average than they were on the eve of HIPC in the mid-1990s. This said, if current trends persist, debt vulnerabilities in LICs could (but would not necessarily) reach levels comparable to the pre-HIPC era over the medium- to long-term. Today’s more complex creditor landscape makes coordination challenging. It is therefore essential for countries to reduce today’s debt burdens promptly through economic reform, lowering the cost of financing, and debt restructuring on a case-by-case basis. The international community should also step up efforts to improve debt restructuring processes, including the G20 Common Framework, to ensure that debt relief is delivered in a timely and efficient manner where it is needed.
Book Synopsis Evolution of Debt Sustainability Analysis in Low-Income Countries by : Benedicte Baduel
Download or read book Evolution of Debt Sustainability Analysis in Low-Income Countries written by Benedicte Baduel and published by . This book was released on 2014 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Debt Sustainability Analysis (DSA) for low-income countries (LICs) is a standardized analytical tool to monitor debt sustainability. This paper uses DSAs from three periods around the time of the global economic crisis to analyze the projected trajectories of debt ratios for a sample of LICs. The aggregate data suggest that LIC vulnerabilities improved on the whole during the period prior to the crisis, and that the crisis had a strong short-run impact on key ratios of debt (debt-to-GDP, -exports, and -fiscal revenues) and debt service (debt service-to-exports, and -revenues). Although projected debt burdens increased following the crisis, debt indicators tend to return to their pre-crisis levels over the projection horizon. This may reflect a strong and durable policy response by LICs towards the crisis, or also reflect specific assumptions on the long-run growth dividends of public external debt.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498336256 Total Pages :50 pages Book Rating :4.4/5 (983 download)
Book Synopsis Changing Patterns in Low-Income Country Financing and Implications for Fund Policies on External Financing and Debt by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Changing Patterns in Low-Income Country Financing and Implications for Fund Policies on External Financing and Debt written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2009-02-26 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Low-income countries (LICs) face significant challenges in meeting their development objectives while maintaining a sustainable debt position. The international community’s main answer to this dilemma has been to promote recourse to concessional external resources. The Fund’s recommendations to LICs conform to this preference: the practice in Fund-supported programs in LICs has generally been to set zero limits on nonconcessional external borrowing while not restricting concessional financing, although flexibility has been applied on a case-by-case basis to allow some nonconcessional borrowing when warranted.
Book Synopsis World Bank Group And International Monetary Fund Support For Debt Relief Under The Common Framework And Beyond by : International Monetary Fund
Download or read book World Bank Group And International Monetary Fund Support For Debt Relief Under The Common Framework And Beyond written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-04-02 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses World Bank and IMF support for addressing fiscal and debt distress in IDA countries, with emphasis on strong continued concessional flows for green, resilient, and inclusive development.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498341039 Total Pages :39 pages Book Rating :4.4/5 (983 download)
Book Synopsis Debt Limits in Fund Programs with Low-Income Countries by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Debt Limits in Fund Programs with Low-Income Countries written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2013-12-23 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This annotated presentation on the debt limits policy (DLP) for Fund programs with low income countries (LICs) was discussed at an informal session of the IMF Executive Board on January 10, 2014. The presentation contains a proposed new approach to the handling of external borrowing limits in such programs, building on the analysis contained in an earlier paper, discussed by the IMF Board in March 2013. The January 10 Board discussion provided staff with suggestions on how to refine their proposals, but the Board did not take a position on the merits of the proposed approach. IMF staff are to present a formal proposal to modify the IMF’s Debt Limits Policy (which covers all IMF lending programs, not merely those with low income countries) for consideration by the Fund’s Executive Board in the coming months.
Book Synopsis Debt Limits and the Structure of Public Debt by : Alex Pienkowski
Download or read book Debt Limits and the Structure of Public Debt written by Alex Pienkowski and published by International Monetary Fund. This book was released on 2017-05-22 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a tractable framework to assess how the structure of debt instruments—specifically by currency denomination and indexation to GDP—can raise the debt limit of a sovereign. By calibrating the model to different country fundamentals, it is clear that there is no one-size-fits-all approach to optimal instrument design. For instance, low income countries may find benefit in issuing local currency debt; while in advanced economies debt tolerance can be substantially enhanced through issuing GDP-linked bonds. By looking at the marginal impact of these instruments, the paper also provides insight into the optimal portfolio compostion.
Book Synopsis Debt Sustainability in Low-Income Countries by : Yasemin Bal Gunduz
Download or read book Debt Sustainability in Low-Income Countries written by Yasemin Bal Gunduz and published by International Monetary Fund. This book was released on 2017-05-09 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the determinants of external debt distress in low-income countries (LICs), disentangling the roles of institutions, shocks, and policies. The most prominent factors in raising the risk of debt distress are the weak protection of private property rights, adverse shocks to real non-oil commodity prices, and a high debt burden. Results also suggest that weak economic institutions tend to raise the probability of debt distress through persistently weak economic policies and high vulnerability to external shocks. The model enables a more granular analysis of debt sustainability in LICs and has a higher predictive power compared to the earlier scant literature.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498335748 Total Pages :37 pages Book Rating :4.4/5 (983 download)
Book Synopsis Debt Limits in Fund-Supported Programs - Proposed New Guidelines by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Debt Limits in Fund-Supported Programs - Proposed New Guidelines written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2009-05-08 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Low-income countries (LICs) face significant challenges in meeting their development objectives, while maintaining a sustainable debt position. To address this dilemma, the international community has largely advocated recourse to concessional external finance. The Fund’s existing policy and practice on external debt limits conforms to this preference.
Book Synopsis Debt Relief Initiatives by : Marco Arnone
Download or read book Debt Relief Initiatives written by Marco Arnone and published by Routledge. This book was released on 2016-05-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the recent debt crises in developing countries and analyzes the design and implementation of the Heavily Indebted Poor Countries (HIPC) Initiative, by providing background concepts, pointing out the main drawbacks and suggesting a different approach to debt sustainability and debt relief programs. The authors merge academic, operational and institutional expertise, in order to provide an evaluation as complete and balanced as possible on the much-debated effectiveness of debt relief in fostering economic growth, reducing poverty and reaching debt sustainability. Marco Arnone and Andrea F. Presbitero assess the joint evolution of external and domestic public debt and produce original empirical evidence on the potential effects of public debt on investment, economic growth and institution-building in low- and middle-income countries. The book also explores relevant and up-to-date policy issues, such as the loans-grants mix and the development of responsible lending strategies in foreign assistance, the surge of non-concessional and domestic borrowing by low-income countries, and the impact of the 2008-2009 global financial crisis on debt sustainability.
