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When Is External Debt Sustainable?

This paper examines the determinants of "debt distress," which they define as periods in which countries resort to exceptional finance in any of three forms: (1) significant arrears on external debt, (2) Paris Club rescheduling, and (3) n...

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Bibliographic Details
Main Authors:	Kraay, Aart, Nehru, Vikram
Language:	English en_US
Published:	World Bank, Washington, D.C. 2013
Subjects:	EXTERNAL DEBT DEBT DISTRESSED COUNTRIES DEBT STRATEGY BORROWING POLICIES PARIS CLUB LENDING HEAVILY INDEBTED POOR COUNTRIES INTERNATIONAL MONETARY FUND BALANCE OF PAYMENTS BENCHMARK BORROWING CREDITOR CREDITORS CURRENCY UNITS DEBT DEBT BURDEN DEBT CRISES DEBT OUTSTANDING DEBT PROBLEMS DEBT REDUCTION DEBT RELIEF DEBT RESCHEDULING DEBT SECURITIES DEBT SERVICE DEBT SERVICE PAYMENTS DEBT SERVICING DEBT STOCKS DEBT SUSTAINABILITY DEBTOR DEBTOR COUNTRIES DEBTOR REPORTING DEBTS DEFLATORS DEVELOPMENT ASSISTANCE DEVELOPMENT BANKS EMERGING MARKET ECONOMIES EMERGING MARKETS EXCHANGE RATE EXPORTS FACE VALUE FINANCIAL CRISIS FISCAL YEAR GROWTH RATE IMPORTANCE OF LIQUIDITY IMPORTS INCOME INCOME EFFECT INCOME INEQUALITY INFLATION INFLATION RATE INTEREST RATES INTERNATIONAL RESERVES LIQUIDITY LONG TERM DEBT MACROECONOMIC STABILITY PAYMENTS IMBALANCES PER CAPITA INCOME PRESENT VALUE PRESENT VALUE OF DEBT PROBABILITY OF DEFAULT PROPERTY RIGHTS PUBLIC SERVICES REAL GDP REGRESSION ANALYSIS REPAYMENT SECONDARY MARKETS SOLVENCY SOVEREIGN DEBT SOVEREIGN RISK SOVEREIGN RISK RATINGS TERMS OF TRADE TRADEOFFS
Online Access:	http://documents.worldbank.org/curated/en/2004/02/3911464/external-debt-sustainable http://hdl.handle.net/10986/14314