Living with Debt: How to Limit the Risks of Sovereign Finance

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Overview

Living with Debt focuses on how to manage sovereign debt safely and effectively. The report traces the history of sovereign borrowing in Latin America, releases a new data set on public debt, and analyzes the evolution of debt, highlighting the recent trend toward higher levels of domestic debt and lower external borrowing. The report also includes a detailed study of the costs of sovereign defaults such as those that have affected some Latin American countries in recent years.

Drawing from in-depth country studies, the report notes the development of domestic debt markets, which have the potential to increase the availability of finance for the private ...

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More About This Book

Overview

Living with Debt focuses on how to manage sovereign debt safely and effectively. The report traces the history of sovereign borrowing in Latin America, releases a new data set on public debt, and analyzes the evolution of debt, highlighting the recent trend toward higher levels of domestic debt and lower external borrowing. The report also includes a detailed study of the costs of sovereign defaults such as those that have affected some Latin American countries in recent years.

Drawing from in-depth country studies, the report notes the development of domestic debt markets, which have the potential to increase the availability of finance for the private sector and enhance financial markets' stability more generally. However, the report concludes that safely managing domestic debt presents somewhat different—but not necessarily simpler—challenges. In particular, the broader range of debt instruments interacts with the variety of shocks to which economies are exposed, requiring a more comprehensive approach to debt sustainability analysis, which the report outlines.

What People Are Saying

Daniel Cohen
Everything you wanted to know about sovereign debt but were afraid to ask: When, how, does debt become unmanageable? What is the true cost of default? Why is Latin America debt crisis prone? How far can countries go in using derivatives, contingent debt or local currency bonds? What role can international financial institutions play in implementing new insurance schemes? For all those who believe, with the authors, that tranquil times are the best to discuss and introduce new ideas that can prevent the next crisis: reading this report is a must.
— Daniel Cohen, Professor of Economics, Ecole Normale Superieure, Paris
Enrique Mendoza
The report provides a comprehensive analysis of both the challenges that public debt poses for developing economies and a rich set of new ideas aimed at addressing them. An adaptation of Vito Tanzi's famous quote on taxation is an excellent way to summarize the main lesson of this document: discussions of public debt in developing countries are not about the pursuit of the optimal but about the art of the possible. This report shows that indeed this is a fine art.
— Enrique Mendoza, Professor of International Economics and Finance, University of Maryland, College Park
Marcus Miller
Here we have an invaluable primer of lessons from Latin America on living with debt to make life in emerging markets less risky in times to come. Key issues are examined with professional panache: whether "ability" or "willingness to pay" accounts for default; what factors explain debt volatility and how to manage them; how international financial institutions can help mitigate capital market crises of the twenty-first century. A must-read for policymakers and aficionados of debt and development everywhere.
— Marcus Miller, Professor of Economics, University of Warwick, UK
Ricardo J. Caballero
This report advances the modern thinking about sovereign debt and public asset management. Traditional analysis of public debt vulnerability focuses on the level of debt and, at best, on the currency composition and maturity structure of that debt. The modern view puts risk management at the center of the analysis. It follows from this analysis that there is a need for more sophisticated contingencies and insurance arrangements. The report facilitates the road toward implementation of the new strategy, not only through informed advocacy, but also by highlighting practical obstacles and ways around them. It is a tour de force.
— Ricardo J. Caballero, Ford International Professor of Economics, MIT This report advances the modern thinking about sovereign debt and public asset management. Traditional analysis of public debt vulnerability focuses on the level of debt and, at best, on the currency composition and maturity structure of that debt. The modern view puts risk management at the center of the analysis. It follows from this analysis that there is a need for more sophisticated contingencies and insurance arrangements. The report facilitates the road toward implementation of the new strategy, not only through informed advocacy, but also by highlighting practical obstacles and ways around them. It is a tour de force.

Product Details

Meet the Author

The Inter-American Development Bank is the main source of multilateral financing for economic, social, and institutional development projects as well as trade and regional integration programs in Latin America and the Caribbean.

Table of Contents

Preface

Acknowledgments

Executive Summary

Part I: Stylized Facts

1. Introduction

2. Public Debt in Latin America and around the World

3. How Does Debt Grow?

Part II: International Borrowing

4. History of Sovereign Debt in Latin America

5. The International Emerging Bond Market Today

6. The Role of Multilateral Lending

Part III: The Domestic Market

7. The Dawn of the Domestic Bond Market

8. Institutional Investors and the Domestic Debt Market

Part IV: Debt and the Economy

9. The Political Economy of Debt

10. Debt and Development

11. Fiscal Sustainability in Latin America: Old and New Approaches

12. The Costs of Default

Part V: Towards Safer Debt

13. The Risks of Sovereign Finance

14. Lowering the Risks of Sovereign Finance

Appendix: Public Debt in Latin America and the Caribbean—Country Profiles

References

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