Domestic Public Debt in Low-Income Countries : Trends and Structure

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Tác giả: Giovanna Bua

Ngôn ngữ: eng

Ký hiệu phân loại: 332.71 Agricultural credit

Thông tin xuất bản: Elsevier, 2014

Mô tả vật lý:

Bộ sưu tập: Tài liệu truy cập mở

ID: 244900

This paper introduces a new dataset on the stock and structure of domestic debt in 36 Low-Income Countries over the period 1971-2011. We characterize the recent trends regarding LICs domestic public debt and explore 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. We also observe that poor countries have been able to increase the share of long-term instruments over time and that the 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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