Government Financial Assets and Debt Sustainability /

Do government financial assets help improve public debt sustainability? To answer this question, we assemble a comprehensive dataset on government assets using multiple sources and covering 110 advanced and emerging market economies since the late 1980s. We then use this rich database to estimate th...

Descripción completa

Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Henao, Camila (Autor), Sobrinho, Nelson (Autor)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, 2017.
Colección:IMF working paper ; WP/17/173.
Temas:
Debts, Public.
Government financial institutions.
Dettes publiques.
Institutions financières publiques.
Acceso en línea:Texto completo

MARC

LEADER 00000cam a2200000Mi 4500
001 EBSCO_on1001376798
003 OCoLC
005 20231017213018.0
006 m o d
007 cr |n|---|||||
008 170819t20172017dcu o 000 0 eng d
040 |a EBLCP  |b eng  |e pn  |c EBLCP  |d IDEBK  |d MERUC  |d YDX  |d CUY  |d OCLCQ  |d CEF  |d OCLCQ  |d OTZ  |d OCLCQ  |d CUS  |d N$T  |d OCLCO  |d OCLCF  |d OCLCQ  |d K6U  |d OCLCO  |d OCLCQ 
066 |c (S 
019 |a 1001450837  |a 1055823786  |a 1259172643  |a 1264899089 
020 |a 1484313283 
020 |a 1484311051 
020 |a 9781484311059 
020 |a 9781484313282  |q (electronic bk.) 
024 7 |a 10.5089/9781484311059.001  |2 doi 
029 1 |a DKDLA  |b 820120-katalog:9910102850505765 
029 1 |a AU@  |b 000067150048 
035 |a (OCoLC)1001376798  |z (OCoLC)1001450837  |z (OCoLC)1055823786  |z (OCoLC)1259172643  |z (OCoLC)1264899089 
050 4 |a HG3810  |b .I45 
082 0 4 |a 336.34  |2 23 
049 |a UAMI 
100 1 |a Henao, Camila,  |e author. 
245 1 0 |a Government Financial Assets and Debt Sustainability /  |c by Camila Henao-Arbelaez and Nelson Sobrinho. 
264 1 |a [Washington, D.C.] :  |b International Monetary Fund,  |c 2017. 
264 4 |c ©2017 
300 |a 1 online resource (42 pages) 
336 |a text  |b txt  |2 rdacontent 
337 |a computer  |b c  |2 rdamedia 
338 |a online resource  |b cr  |2 rdacarrier 
490 1 |a IMF Working Papers,  |x 1018-5941 ;  |v WP17/173 
588 0 |a Print version record. 
505 0 |6 880-01  |a Cover; CONTENTS; ABSTRACT; I. INTRODUCTION; II. LITERATURE REVIEW; III. METHODOLOGY; A.A Simple Economic Model; B. Financial Assets and Sovereign Risk; C. Financial Assets and Probability of Debt Distress; IV. DATA; A. Sample; B. Descriptive Statistics; V. RESULTS; A. Financial Assets and Sovereign Spreads; B. Robustness of the Results for Sovereign Spreads; C. Financial Assets and Probability of Debt Distress; D. Liquidity versus Solvency; E. Robustness of the Results for the Probability of Debt Distress; VI. ILLUSTRATIVE SIMULATIONS; VII. CONCLUDING REMARKS; VIII. REFERENCES; APPENDIX. 
505 8 |a A. Country CoverageB. Control Variables; C. Asset Data-Government Balance Sheets; D. Asset Data-WEO; E. Quantile Regressions-Baseline Parameters; F. Quantile Regressions-Robustness; G. Panel OLS and Probit Regressions-Robustness; TABLES; Table 1. Net Debt and Baseline Controls: Descriptive Statistics, 1980-2015; Table 2. Asset Holdings by Category and Country Group, 1980-2015 (Percent of GDP); Table 3. Asset Holdings by Category and Instrument (Percent of GDP); Table 4. Pairwise Correlations, 1980-2015; Table 5. Triggers of Debt Crises in AMs and EMs, 1980-2015. 
505 8 |a Table 6. Panel OLS Fixed Effect Regressions (Dep. Variable: Bond Spreads, in bps)Table 7. Pooled Probit (Dependent Variable: Probability of Debt Distress); Table 8. Pooled Probit (Dep. Variable: Probability of Liquidity and Solvency Crises); FIGURES; Figure 1. Description of Financial Asset Categories; Figure 2. Asset Holdings Across Government Units and Asset Instruments; Figure 3. Growth, Assets, Debt and Spreads during the GFC (Median); Figure 4. Commodity Prices and Equity Value of Commodity-Producing Firms; Figure 5. Dynamics Around Debt Distress Episodes in EMs (Median). 
520 3 |a Do government financial assets help improve public debt sustainability? To answer this question, we assemble a comprehensive dataset on government assets using multiple sources and covering 110 advanced and emerging market economies since the late 1980s. We then use this rich database to estimate the impact of assets on two key dimensions of debt sustainability: borrowing costs and the probability of debt distress. Government financial assets significantly reduce sovereign spreads and the probability of debt crises in emerging economies but not in advanced economies, and the effect varies with asset characteristics, notably liquidity. Government finacial assets also help discriminate countries across the distribution of sovereign spreads, thus signaling information about emerging economies' creditworthiness. 
590 |a eBooks on EBSCOhost  |b EBSCO eBook Subscription Academic Collection - Worldwide 
650 0 |a Debts, Public. 
650 0 |a Government financial institutions. 
650 6 |a Dettes publiques. 
650 6 |a Institutions financières publiques. 
650 7 |a Debts, Public.  |2 fast  |0 (OCoLC)fst00888850 
650 7 |a Government financial institutions.  |2 fast  |0 (OCoLC)fst00945353 
700 1 |a Sobrinho, Nelson,  |e author. 
776 0 8 |i Print version:  |a Henao Arbelaez, Camila.  |t Government Financial Assets and Debt Sustainability.  |d Washington, D.C. : International Monetary Fund, ©2017  |z 9781484311059 
830 0 |a IMF working paper ;  |v WP/17/173. 
856 4 0 |u https://ebsco.uam.elogim.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1577277  |z Texto completo 
880 8 |6 505-01/(S  |a Figure 6. Marginal Effects on Spreads (left to right): Λ1(τ), β(τ), γ(τ), β(τ)+γ(τ)Figure 7. Counterfactual Asset Levels Conditional on Initial Gross Debt. 
938 |a ProQuest Ebook Central  |b EBLB  |n EBL4978923 
938 |a ProQuest MyiLibrary Digital eBook Collection  |b IDEB  |n cis38745959 
938 |a YBP Library Services  |b YANK  |n 14755032 
938 |a EBSCOhost  |b EBSC  |n 1577277 
994 |a 92  |b IZTAP 

Ejemplares similares