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How Does Public External Debt Affect Corporate Borrowing Costs In Emerging Markets?

How Does Public External Debt Affect Corporate Borrowing Costs In Emerging Markets? »

Volume/Issue: 2009/266

Series: IMF Working Papers

Author(s): Oya Celasun , and Senay Agca

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

DOI: http://dx.doi.org/10.5089/9781451874112.001

ISBN: 9781451874112

Keywords: syndicated loans, yield spreads, creditor rights, public external debt, bond, external public debt,

Using data on syndicated loan issuances by emerging market firms, we find that an increase in the external debt of emerging market governments significantly raises the borrowing costs of the domestic corporate sect...

Budget Deficits and Interest Rates
			: A Fresh Perspective

Budget Deficits and Interest Rates : A Fresh Perspective »

Volume/Issue: 2008/42

Series: IMF Working Papers

Author(s): Ari Aisen , and David Hauner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2008

DOI: http://dx.doi.org/10.5089/9781451869040.001

ISBN: 9781451869040

Keywords: system GMM, inflation, budget deficit, money supply,

We extend the literature on budget deficits and interest rates in three ways: we examine both advanced and emerging economies and for the first time a large emerging market panel; explore interactions to explain so...

Robbing the Riches
			: Capital Flight, Institutions, and Instability

Robbing the Riches : Capital Flight, Institutions, and Instability »

Volume/Issue: 2005/199

Series: IMF Working Papers

Author(s): Sweta Saxena , Meenakshi Rishi , and Valerie Cerra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2005

DOI: http://dx.doi.org/10.5089/9781451862188.001

ISBN: 9781451862188

Keywords: Institutions, external debt, debt accumulation, external borrowing, short-term debt, International Factor Movements and International Business: General, International Lending and Debt Problems,

Capital flight may undermine economic growth and the effectiveness of debt relief and foreign aid. This paper is the first attempt to test whether unsound macroeconomic policies or weak institutions lead to capital...

Multi-Country Evidenceon the Effects of Macroeconomic, Financial and Trade Policieson Efficiency of Resource Utilization in the Developing Countries

Multi-Country Evidenceon the Effects of Macroeconomic, Financial and Trade Policieson Efficiency of Resource Utilization in the Developing Countries »

Volume/Issue: 1992/53

Series: IMF Working Papers

Author(s): Mathew Odedokun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1992

DOI: http://dx.doi.org/10.5089/9781451847307.001

ISBN: 9781451847307

Keywords: real interest rate, inflation, real gdp

This study examines the effects of selected policies on economic efficiency in 81 developing countries by pooling cross-country data over various subperiods between 1961-90. An incremental output-capital ratio is t...

Dynamiccs of Asian Savings
			: Role of Growth and Age Structure

Dynamiccs of Asian Savings : Role of Growth and Age Structure »

Volume/Issue: 1988/49

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 June 1988

DOI: http://dx.doi.org/10.5089/9781451971545.001

ISBN: 9781451971545

Keywords: inflation, terms of trade, disposable income, private consumption, consumption function

This paper shows how growth and demography, two important determinants of the savings rate in the life-cycle approach, explain a large part of the diversity in savings behavior in Asia across eight countries as wel...

The Role of the Public Sector in the Market Economies of Developing Asia
			: General Lessons for the Current Debt Strategy

The Role of the Public Sector in the Market Economies of Developing Asia : General Lessons for the Current Debt Strategy »

Volume/Issue: 1988/7

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1988

DOI: http://dx.doi.org/10.5089/9781451928266.001

ISBN: 9781451928266

Keywords: expenditure, public expenditure, public spending, foreign debt, tax revenue

This paper pursues several objectives. First, it presents a sketch of a positive (or real-world) theory of public sector intervention. Second, it analyzes in some detail the activity of the public sector in nine ma...