THE EFFECT OF INTERNATIONAL POLICIES ON BORROWING AND DEBT OF DEVELOPING COUNTRIES
Tesi di Dottorato
Data di Pubblicazione:
2015
Citazione:
THE EFFECT OF INTERNATIONAL POLICIES ON BORROWING AND DEBT OF DEVELOPING COUNTRIES / G. Bua ; supervisor: A. Missale ; coordinator: M. Santoni. DIPARTIMENTO DI ECONOMIA, MANAGEMENT E METODI QUANTITATIVI, 2015 Feb 12. 26. ciclo, Anno Accademico 2013. [10.13130/bua-giovanna_phd2015-02-12].
Abstract:
The first paper introduces a new dataset on the stock and structure of domestic debt in 36 Low-Income Countries over the period 1971-2011. We characterize the recent trends regarding LICs domestic public debt and explore the relevance of different arguments put forward on the benefits and costs of government borrowing in local public debt markets. The main stylized fact emerging from the data is the increase in domestic government debt since 1996. We also observe that poor countries have been able to increase the share of long-term instruments over time and that the maturity lengthening went together with a decrease in borrowing costs. However, the concentration of the investor base, mainly dominated by commercial banks and the Central Bank, may crowd out lending to the private sector.
Tipologia IRIS:
Tesi di dottorato
Keywords:
Public Debt; Domestic Debt; Low Income Countries; External Debt; Debt structure; Concessionality; debt; debt limits policy; IMF programs; propensity score matching; monetary policy; risk-taking channel; gross capital flows; Emerging Markets
Elenco autori:
G. Bua
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