Domestic Public Debt in Low-Income Countries : Trends and Structure
This paper introduces a new data set on the stock and structure of domestic debt in 36 low-income countries over the period 1971-2011. It characterizes the recent trends regarding the do-mestic public debt of low-income countries and explores the r...
| Main Authors: | , , |
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2014/02/18937088/domestic-public-debt-low-income-countries-trends-structure http://hdl.handle.net/10986/17320 |
| Summary: | This paper introduces a new data set on
the stock and structure of domestic debt in 36 low-income
countries over the period 1971-2011. It characterizes the
recent trends regarding the do-mestic public debt of
low-income countries and explores the relevance of different
arguments put forward on the benefits and costs of
government borrowing in local public debt markets. The main
stylized fact emerging from the data is the increase in
domestic government debt since 1996. It is also observed
that poor countries have been able to increase the share of
long-term in-struments over time and that maturity
lengthening went together with a decrease in borrowing
costs. However, the concentration of the investor base,
mainly dominated by commercial banks and the central bank,
may crowd out lending to the private sector. |
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