The determinants of the composition of public debt in developing and emerging market countries

被引：37

作者：

Forslund, Kristine ^{[1
]}

Lima, Lycia ^{[2
]}

Panizza, Ugo ^{[1
]}

机构：

[1] United Nations Conf Trade & Dev, Debt & Dev Finance Branch, Geneva, Switzerland

[2] PUC, Dept Econ, Rio De Janeiro, Brazil

来源：

REVIEW OF DEVELOPMENT FINANCE | 2011年 / 1卷 / 3-4期

关键词：

Public debt; Government bond markets; Debt structure; Sovereign bonds;

D O I：

10.1016/j.rdf.2011.09.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper uses a new dataset on the composition of public debt in developing and emerging market countries to look at the correlation between country characteristics and domestic debt share. While the paper finds that most variables have the expected sign, it also finds that country characteristics cannot explain regional differences in the composition of public debt. Moreover, the paper finds a weak correlation between inflationary history and the composition of public debt. The paper explores the determinants of this finding and shows that the results are driven by the presence of capital controls. (C) 2011 Production and hosting by Elsevier B.V. on behalf of Africagrowth Institute. Open access under CC BY-NC-ND license.

引用

页码：207 / 222

页数：16

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