Public Debt Sustainability In Developing Asia

Author : Benno Ferrarini,Arief Ramayandi,Raghbendra Jha
Publisher : Routledge
Page : 226 pages
File Size : 52,8 Mb
Release : 2012-11-12
Category : Business & Economics
ISBN : 9781136199905

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Public Debt Sustainability in Developing Asia by Benno Ferrarini,Arief Ramayandi,Raghbendra Jha Pdf

Addressing the Global Financial Crisis required fiscal intervention on a substantial scale by governments around the world. The consequent build up of public debt, in particular its sustainability, have moved centre stage in the policy debate. If the Asia Pacific region is to continue to serve as an engine for global growth its public debt must be sustainable. The book addresses this issue for Asia Pacific as a whole as well as for three of the most dynamic economies in the region: China, India and Vietnam. The book begins with a discussion of the reasons why there is increased attention on debt related issues and outline the contents of the volume. The book also includes fiscal indicators for Developing Member Countries (DMCs) as categorized by the Asian Development Bank (ADB). Debt sustainability for these countries is assessed through extant approaches and with the most updated data sources. It also surveys the extant literature on debt sustainability, outlining the main issues related to debt sustainability and discusses the key implications for the application of debt sustainability analysis in developing Asia. The book highlights the importance of doing individual country studies in view of wide variations in definitions of public expenditure, revenues, contingent liabilities, government structures (e.g. federal), and the like as well as in the impact of debt on interest rates. It provides in-depth debt sustainability analyses of China, India and Vietnam. The book is a comprehensive analytical and empirical update of the sustainability public debt in developing Asia. It breakes new ground in that various characteristics of the sustainability that have not yet been explored in the literature which, nevertheless, are crucial to understanding it. As a consequence, the policy analysis is based on firmer footings than in the extant literature and should prove useful to graduate students, researchers as well as policymakers.

Author : Benno Ferrarini,Arief Ramayandi
Publisher : Unknown
Page : 35 pages
File Size : 45,6 Mb
Release : 2015
Category : Electronic
ISBN : OCLC:932514414

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Public Debt Sustainability in Developing Asia by Benno Ferrarini,Arief Ramayandi Pdf

Author : Ferrarini, Benno,Giugale, Marcelo M.,Pradelli, Juan J.
Publisher : Edward Elgar Publishing
Page : 456 pages
File Size : 47,9 Mb
Release : 2022-02-22
Category : Business & Economics
ISBN : 9781800883727

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The Sustainability of Asia’s Debt by Ferrarini, Benno,Giugale, Marcelo M.,Pradelli, Juan J. Pdf

This is an open access title available under the terms of a [CC BY 3.0 IGO] License. It is free to read, download and share on Elgaronline.com. Asia has shown the world what success in economic development looks like. From the amazing transformations of Japan, the Republic of Korea, and the other ‘tigers’ in the early 70s, to the more recent takeoffs of the People’s Republic of China (PRC), India, and the leading economies in Southeast Asia, the region has prospered at a startling pace. Technologies were adopted, productivity raised, and export markets conquered. Billions were lifted out of poverty. What was once a backwater is now a global engine of growth.

Author : Indermit Singh Gill,Brian Pinto
Publisher : World Bank Publications
Page : 43 pages
File Size : 43,6 Mb
Release : 2005
Category : Debts, Public
ISBN : 8210379456XXX

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Public Debt in Developing Countries by Indermit Singh Gill,Brian Pinto Pdf

"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 : United Nations Economic and Social Commission for Asia and the Pacific
Publisher : Unknown
Page : 0 pages
File Size : 44,6 Mb
Release : 2023
Category : Electronic
ISBN : 9210025563

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Economic and Social Survey of Asia and the Pacific 2023 by United Nations Economic and Social Commission for Asia and the Pacific Pdf

One of the main value additions of the Survey 2023 is a proposal for an augmented Debt Sustainability Analysis (DSA) approach that duly incorporates SDG investment needs, potential socioeconomic and environmental gains, government's structural policies that go beyond financial considerations, and government's resource mobilization strategies and financial capacity. The Survey 2023 also provides new insights on how to prevent potential public debt crises and resolve public debt distress in order to effectively pursue the SDGs. For example, in prevention of public debt crisis, governments will need to explore unconventional policy measures such as leveraging the potential of non-tax policy measures and public assets. In resolving public debt distress governments might need to bring the rising number of commercial debt creditors into discussions with the existing institutional investors, while fundamental policy actions to enhance fiscal resources are still needed, governments will also need to explore unconventional policy measures, such as leveraging the potential of non-tax policy measures and public assets amid rising public indebtedness. In resolving public debt distress, while the emergence of commercial creditors brings new opportunities as many of them are increasingly mindful about the importance of sustainable development, their participation in the existing global debt architecture is virtually missing. At the same time, several unconventional, SDG-aligned debt relief modalities have recently been proposed. Amid these and other changes in the global and Asia-Pacific debt landscapes and rising public indebtedness in the region, it is time to rethink public debt issues in support of the SDGs.

Author : Barry W. Poulson,John Merrifield,Steve H. Hanke
Publisher : Rowman & Littlefield
Page : 389 pages
File Size : 50,7 Mb
Release : 2022-01-04
Category : Business & Economics
ISBN : 9781666902570

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Public Debt Sustainability by Barry W. Poulson,John Merrifield,Steve H. Hanke Pdf

As countries recover from the coronavirus pandemic, they are confronted with an even more challenging debt crisis. Xavier Debrun argues in the foreword that in deciding where we go from here that there is no longer a consensus regarding the optimum design and enforcement of fiscal rules. Rather we must address a series of questions and challenges to the conventional wisdom. This book provides an opportunity for scholars to explore these questions from an international perspective, with reference to European countries, and emerging nations as well as the United States.

Author : United Nations Publications
Publisher : UN
Page : 0 pages
File Size : 40,8 Mb
Release : 2023-06-26
Category : Political Science
ISBN : 9211208548

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Economic and Social Survey of Asia and the Pacific 2023 by United Nations Publications Pdf

One of the main value additions of the Survey 2023 is a proposal for an augmented Debt Sustainability Analysis (DSA) approach that duly incorporates SDG investment needs, potential socioeconomic and environmental gains, government's structural policies that go beyond financial considerations, and government's resource mobilization strategies and financial capacity. The Survey 2023 also provides new insights on how to prevent potential public debt crises and resolve public debt distress in order to effectively pursue the SDGs. For example, in prevention of public debt crisis, governments will need to explore unconventional policy measures such as leveraging the potential of non-tax policy measures and public assets. In resolving public debt distress governments might need to bring the rising number of commercial debt creditors into discussions with the existing institutional investors, while fundamental policy actions to enhance fiscal resources are still needed, governments will also need to explore unconventional policy measures, such as leveraging the potential of non-tax policy measures and public assets amid rising public indebtedness. In resolving public debt distress, while the emergence of commercial creditors brings new opportunities as many of them are increasingly mindful about the importance of sustainable development, their participation in the existing global debt architecture is virtually missing. At the same time, several unconventional, SDG-aligned debt relief modalities have recently been proposed. Amid these and other changes in the global and Asia-Pacific debt landscapes and rising public indebtedness in the region, it is time to rethink public debt issues in support of the SDGs.

Author : Naoyuki Yoshino,Peter J. Morgan
Publisher : Edward Elgar Publishing
Page : 448 pages
File Size : 48,5 Mb
Release : 2024-05-20
Category : Electronic
ISBN : 9781786436870

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Central and Local Government Relations in Asia by Naoyuki Yoshino,Peter J. Morgan Pdf

Sustainable and inclusive growth in emerging Asian economies requires high levels of public investment in areas such as infrastructure, education, health, and social services. The increasing complexity and regional diversity of these investment needs, together with the trend of democratization, has led to fiscal decentralization being implemented in many Asian economies. This book takes stock of some major issues regarding fiscal decentralization, including expenditure and revenue assignments, transfer programs, and sustainability of local government finances, and develops important findings and policy recommendations.

Author : Mr. Giovanni Melina,Ms. Shu-Chun S. Yang,Luis-Felipe Zanna
Publisher : International Monetary Fund
Page : 41 pages
File Size : 55,8 Mb
Release : 2014-04-01
Category : Business & Economics
ISBN : 9781475521078

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Debt Sustainability, Public Investment, and Natural Resources in Developing Countries: the DIGNAR Model by Mr. Giovanni Melina,Ms. Shu-Chun S. Yang,Luis-Felipe Zanna Pdf

This paper presents the DIGNAR (Debt, Investment, Growth, and Natural Resources) model, which can be used to analyze the debt sustainability and macroeconomic effects of public investment plans in resource-abundant developing countries. DIGNAR is a dynamic, stochastic model of a small open economy. It has two types of households, including poor households with no access to financial markets, and features traded and nontraded sectors as well as a natural resource sector. Public capital enters production technologies, while public investment is subject to inefficiencies and absorptive capacity constraints. The government has access to different types of debt (concessional, domestic and external commercial) and a resource fund, which can be used to finance public investment plans. The resource fund can also serve as a buffer to absorb fiscal balances for given projections of resource revenues and public investment plans. When the fund is drawn down to its minimal value, a combination of external and domestic borrowing can be used to cover the fiscal gap in the short to medium run. Fiscal adjustments through tax rates and government non-capital expenditures—which may be constrained by ceilings and floors, respectively—are then triggered to maintain debt sustainability. The paper illustrates how the model can be particularly useful to assess debt sustainability in countries that borrow against future resource revenues to scale up public investment.

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 47,5 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

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.

Author : Rossen Rozenov
Publisher : International Monetary Fund
Page : 28 pages
File Size : 53,9 Mb
Release : 2017-03-13
Category : Business & Economics
ISBN : 9781475587029

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Public Debt Sustainability Under Uncertainty by Rossen Rozenov Pdf

The paper offers an approach to assessing the sustainability of public debt taking into account the effect of fiscal policy on output, as well as uncertainty in the model parameters and system dynamics. Uncertainty is specified in general terms, and the analysis is based on the notion of invariant sets. Examples are provided to illustrate how the method can be applied in practice.

Author : Craig Burnside
Publisher : World Bank Publications
Page : 312 pages
File Size : 51,7 Mb
Release : 2005
Category : Business & Economics
ISBN : 082135874X

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Fiscal Sustainability in Theory and Practice by Craig Burnside Pdf

Topics discussed in this publication include: an introduction to theoretical and practical aspects of fiscal sustainability; theoretical prerequisites for fiscal sustainability analysis; debt indicators in the measurement of vulnerability; cyclical adjustment of budget surplus; pro-cyclical fiscal policy using Mexico's fiscal accounts as a case study; fiscal rules and the experience of Chile; currency crises and models for deal with financing costs.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 12 pages
File Size : 46,9 Mb
Release : 2004-01-08
Category : Business & Economics
ISBN : 9781451821116

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Kenya by International Monetary Fund Pdf

This report of the Debt Sustainability Analysis (DSA) indicates that the envisaged strategy of a partial substitution of domestic debt by increased inflows of external grants and concessional loans, as well as a rescheduling of external debt by the Paris and London Clubs, would facilitate the achievement of debt sustainability. The DSA also confirms that such a debt rescheduling could constitute an appropriate exit strategy for Kenya. The DSA also shows that debt sustainability would improve significantly with a concessional rescheduling, particularly under the Naples terms.

Author : International Monetary Fund. European Dept.,International Monetary Fund. Middle East and Central Asia Dept.,European Bank for Reconstruction and Development,World Bank,International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 45 pages
File Size : 50,6 Mb
Release : 2002-04-02
Category : Political Science
ISBN : 9781498328869

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Poverty Reduction, Growth and Debt Sustainability in Low-Income CIS Countries by International Monetary Fund. European Dept.,International Monetary Fund. Middle East and Central Asia Dept.,European Bank for Reconstruction and Development,World Bank,International Monetary Fund. Asia and Pacific Dept Pdf

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Author : George Kopits
Publisher : Oxford University Press
Page : 300 pages
File Size : 43,6 Mb
Release : 2013-10
Category : Business & Economics
ISBN : 9780199644476

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Restoring Public Debt Sustainability by George Kopits Pdf

Restoring Public Debt Sustainability represents the first comprehensive survey of a new generation of independent fiscal institutions, established to promote transparency in public finances through real-time monitoring of the soundness of budgetary policymaking. The chapters, written by heads of the institutions, as well as distinguished policy analysts and academics, explore the rationale and experience of these fiscal watchdogs. Consequently, useful lessons and implications are drawn for the design and practical operation of such institutions. The timeliness of the volume is underscored by the potential role of fiscal watchdogs in containing the public debt crisis that has engulfed a number of countries. Specifically, the recent proliferation of these institutions has been largely in response to the need for enhancing policy credibility of highly indebted governments in financial markets, and for strengthening the quality of economic governance-especially in the current European context. The first part of the book deals with key analytical and institutional issues: the political environment, the scope and limits of these institutions, and a comparison to delegation of monetary policymaking to an independent body. The second part contains case studies of institutions that were born as a result of domestic developments. The third part presents the experience of institutions in Sweden, Hungary, and the United Kingdom, whose origins can be traced directly or indirectly to an earlier or a recent external financial crisis. The chapters are written from a multidisciplinary (economic, financial, political, legal) perspective, intended for academics, researchers, and practitioners alike.