Borrowing for Growth

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Tác giả: Luis-Felipe Zanna

Ngôn ngữ: eng

Ký hiệu phân loại: 591.13 Specific topics in natural history of animals

Thông tin xuất bản: Published by Oxford University Press on behalf of the World Bank, 2021

Mô tả vật lý:

Bộ sưu tập: Tài liệu truy cập mở

ID: 301132

 The paper evaluates big push borrowing-and-investment programs in a new model-based framework of debt sustainability that is explicitly designed for policy analysis. The new framework is grounded in a fully-articulated, dynamic macroeconomic model. It allows for financing schemes that mix concessional, external commercial, and domestic debt, while taking into account the impact of public investment on growth and constraints on the speed and magnitude of fiscal adjustment. Supplementing concessional loans with nonconcessional borrowing in world capital markets is generally a high-risk, high-return strategy. It may greatly enhance the prospects for debt sustainability or lead to spectacular failure
  much depends on the fine details governing debt contracts, the dynamics of growth, and the speed of fiscal adjustment.
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