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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...
| Clasificación: | Libro Electrónico |
|---|---|
| Autores principales: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
2017.
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| Colección: | IMF working paper ;
WP/17/173. |
| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- 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.
- 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.
- 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).