DOMESTIC AND EXTERNAL PUBLIC DEBT IN DEVELOPING …
DOMESTIC AND EXTERNAL PUBLIC DEBT IN DEVELOPING COUNTRIES
No. 188 March 2008
DOMESTIC AND EXTERNAL PUBLIC DEBT IN DEVELOPING COUNTRIES
Ugo Panizza
No. 188 March 2008
Acknowledgement: The author is grateful to Heiner Flassbeck, Barry Herman, Shari Spiegel, Monica Ya?ez, and an anonymous referee for their useful comments. Monica Ya?ez provided invaluable help with data collection. The opinions expressed are only those of the author and do not necessarily reflect the views of UNCTAD.
UNCTAD/OSG/DP/2008/3
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The opinions expressed in this paper are those of the author and are not to be taken as the official views of the UNCTAD Secretariat or its Member States. The designations and terminology employed are also those of the author. UNCTAD Discussion Papers are read anonymously by at least one referee, whose comments are taken into account before publication. Comments on this paper are invited and may be addressed to the author, c/o the Publications Assistant, Macroeconomic and Development Policies Branch (MDPB), Division on Globalization and Development Strategies (DGDS), United Nations Conference on Trade and Development (UNCTAD), Palais des Nations, CH-1211 Geneva 10, Switzerland (Telefax no: (4122) 9170274/Tel. no: (4122) 9175896). Copies of Discussion Papers may also be obtained from this address. New Discussion Papers are available on the UNCTAD website at .
JEL classification: F21, F34, F36, G15
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Contents
Page Abstract ........................................................................................................................... 1 I. INTRODUCTION............................................................................................................ 1 II. GETTING THE DATA .................................................................................................... 2 III. WHAT IS DOMESTIC DEBT? ....................................................................................... 4
External debt and vulnerabilities...................................................................................... 5 IV. TRENDS .......................................................................................................................... 6 V. TRADE-OFFS................................................................................................................ 10
A. Risk ........................................................................................................................ 10 B. Cost ........................................................................................................................ 12 C. Externalities............................................................................................................ 13 VI. CONCLUSIONS............................................................................................................ 14 Table 1 Coverage of the public debt dataset ......................................................................... 3 Table 2 Public debt composition in developing countries .................................................... 8 Figure1 Composition of public debt in developing countries................................................ 8 Figure 2 Share of domestic public debt over total public debt (simple average) ................... 9 Figure 3 Share of domestic public debt over total public debt (weighted average) ............... 9 REFERENCES ....................................................................................................................... 16
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