By Inter-Amer Dev Bank
Dwelling with Debt specializes in the way to deal with sovereign debt thoroughly and successfully. The file strains the heritage of sovereign borrowing in Latin the US, releases a brand new info set on public debt, and analyzes the evolution of debt, highlighting the hot pattern towards larger degrees of household debt and reduce exterior borrowing. The record additionally encompasses a precise examine of the prices of sovereign defaults comparable to those who have affected a few Latin American international locations lately. Drawing from in-depth state reports, the record notes the advance of household debt markets, that have the capability to extend the supply of finance for the non-public quarter and improve monetary markets' balance extra mostly. even though, the file concludes that appropriately dealing with family debt provides just a little different--but now not inevitably simpler--challenges. particularly, the wider diversity of debt tools interacts with the diversity of shocks to which economies are uncovered, requiring a extra finished method of debt sustainability research, which the record outlines.
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Additional resources for Living with Debt: How to Limit the Risks of Sovereign Finance (David Rockefeller Inter-American Development Bank)
They study the determinants of international original sin and find that good policies are a necessary but not a sufficient condition for redemption from original sin and that the only vari- able that is robustly correlated with original sin is country size. Research on the domestic component of original sin has been limited by the difficulty of finding data on the currency and maturity composition of domestic debt. Hausmann and Panizza (2003) were able to collect data for a small sample of countries and show that, unlike international original sin, domestic original sin is associated with past bad policies, especially inflationary history.
Data on external debt are available for a longer period and show a visible downward trend in debt ratios, which fell from a peak of 42 percent in 1987 to 25 percent of GDP in 2004 (bottoming out at about 18 percent in 1997). 4). Bilateral lending has, instead, become progressively less important, falling from a peak of 6 percent of GDP in 1987 to 2 percent of GDP in 2004. Borrowing from private sources (comprising bank and bonded debt) has fallen sharply from a peak at 30 percent of GDP in 1987 to about 16 percent of GDP in 2004.
In calculating net debt, Brazilian authorities subtract from gross debt a series of assets that can be used to redeem gross debt. These assets include both liquid assets that can be used to repay short-term debt and less-liquid assets. The rationale for including the latter class of assets is that they can be used to redeem debt with longer maturity (Goldfajn and Refinetti Guardia, 2003). The table below lists the main assets used by the Brazilian authorities in their calculation of net debt. Deposits in the social security system, tax collected but not yet transferred to the treasury, and demand deposits of the federal, state, and local governments (including government deposits in the central bank) are among the most liquid assets that are included.