When Is External Debt Sustainable?

The article empirically examines the determinants of debt distress, defined as periods in which countries resort to any of three forms of exceptional finance: significant arrears on external debt, Paris Club rescheduling, and non-concessional Inter...

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Bibliographic Details
Main Authors:	Kraay, Aart, Nehru, Vikram
Format:	Journal Article
Language:	English en_US
Published:	Oxford University Press on behalf of the World Bank 2013
Subjects:	ACCOUNTING ACCUMULATION OF ARREARS AID EFFECTIVENESS ARREARS BALANCE OF PAYMENTS BANK LOANS BANK POLICY BIASES BILATERAL CREDITORS CHECKS CONSUMER PRICE INDEX COUNTRY RISK CREDITOR CREDITORS CREDITWORTHINESS CURRENCY CURRENCY CRISES CURRENCY UNITS DEBT BURDEN DEBT BURDENS DEBT CRISES DEBT CRISIS DEBT DATA DEBT DEFAULT DEBT INTOLERANCE DEBT LEVEL DEBT LEVELS DEBT OUTSTANDING DEBT REDUCTION DEBT REDUCTIONS DEBT RELIEF DEBT RELIEF INITIATIVE DEBT RESCHEDULING DEBT SECURITIES DEBT SERVICE DEBT SERVICE OBLIGATIONS DEBT SERVICE PAYMENTS DEBT SERVICING DEBT SUSTAINABILITY DEBT-SERVICE DEBT-SERVICE OBLIGATIONS DEBTOR DEBTOR COUNTRIES DEBTOR COUNTRY DEBTOR REPORTING DEBTOR REPORTING SYSTEM DEBTORS DEBTS DEPENDENT DERIVATIVE DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT ASSISTANCE DISBURSEMENTS DUMMY VARIABLE ECONOMETRICS ECONOMIC ACTIVITY ECONOMIC POLICY EMERGING MARKET EMERGING MARKET ECONOMIES EXCESSIVE BORROWING EXCESSIVE DEBT EXCHANGE RATE MOVEMENTS EXPORT EARNINGS EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL DEBT BURDEN EXTERNAL DEBT BURDENS EXTERNAL DEBT SERVICE EXTERNAL OBLIGATIONS EXTERNAL SHOCKS FACE VALUE FACE VALUE OF DEBT FINANCIAL CRISIS FINANCIAL STATEMENTS FUTURE DEBT GLOBAL DEVELOPMENT FINANCE GOVERNMENT REVENUES GRACE PERIODS HIGH DEBT HIGHLY INDEBTED COUNTRIES HOLDING IMPORTANCE OF LIQUIDITY INCIDENCE OF DEBT INCOME INEQUALITY INDEBTED INDEBTED POOR COUNTRIES INDEBTEDNESS INFLATION INSTITUTIONAL INVESTOR INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEBT INTERNATIONAL DEVELOPMENT INTERNATIONAL ECONOMICS INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL RESERVES LENDING POLICIES LEVEL OF DEBT LEVELS OF DEBT LIQUIDITY LOAN LOCAL CURRENCY LOWER DEBT MACROECONOMIC INSTABILITY MACROECONOMIC STABILITY MACROECONOMIC VARIABLES MARKET INTEREST RATES MATURITY MONETARY FUND MULTILATERAL CREDITORS MULTILATERAL DEBT MULTILATERAL DEBT RELIEF MULTILATERAL LENDERS PAST DEBT PAST DEBTS PATTERNS OF DEBT PAYMENTS IMBALANCES POLICY ENVIRONMENT POLICY RESPONSE PORTFOLIO PRESENT VALUE PRESENT VALUE OF DEBT PRIVATE CREDITORS PROPERTY RIGHTS PROPERTY RIGHTS PROTECTION PROTECTION OF PROPERTY PUBLIC SERVICES REAL EXCHANGE RATE RECIPIENT COUNTRY REPAYMENT REPAYMENT HISTORIES REPAYMENT HISTORY REPAYMENT PERFORMANCE REPAYMENT RATES REPAYMENTS RESERVES RISK OF DEBT RULE OF LAW SECONDARY MARKET SHARE OF DEBT SINGLE DEBT SOLVENCY SOVEREIGN DEBT SOVEREIGN DEBT CRISES SOVEREIGN DEFAULT SOVEREIGN RISK SOVEREIGN RISK RATINGS STOCK OF DEBT SYSTEMIC RISK TOTAL DEBT TYPE OF DEBT VALUE OF DEBT
Online Access:	http://documents.worldbank.org/curated/en/2006/09/17760901/external-debt-sustainable http://hdl.handle.net/10986/16425