The Growth In Government Domestic Debt: Changing Burdens And Risks
This paper analyzes the recent growth of government domestic debt, including central bank debt, using a new data base on government domestic debt in developing countries with large, open financial systems. On average, government domestic debt grew much faster than GDP between 1994 and 2004 and becam...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2007
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| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | This paper analyzes the recent growth of government domestic debt, including central bank debt, using a new data base on government domestic debt in developing countries with large, open financial systems. On average, government domestic debt grew much faster than GDP between 1994 and 2004 and became larger than foreign debt. The rapid growth of domestic debt reflects financial crises, the growth of central bank debt and the greater attractiveness to governments of issuing domestic debt as well as the recent increase in demands for it. Both its attractiveness and the increased demands for it reflect the current benign international environment to some degree. The main risk of government debt, domestic or foreign, remains its overall size relative to a country's fiscal, financial, and political institutions. While government domestic debt can help the domestic private capital market, large domestic debt, like large external debt, has risks. For example, there can be "sudden stops" in the demand for domestic debt as well as in foreign lending. Governments need to be aware of the risks and burdens in domestic debt issue-crowding out small borrowers, transferring risks to banks when issuing longer maturity, fixed-interest domestic debt and reducing returns, and imposing risks on holders of pensions, annuities, and life insurance policies. Growth of central bank debt can divert central banks from pursuit of the objective of price stability |
| Beschreibung: | 1 Online-Ressource (41 Seiten)) |
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| 520 | 3 | |a This paper analyzes the recent growth of government domestic debt, including central bank debt, using a new data base on government domestic debt in developing countries with large, open financial systems. On average, government domestic debt grew much faster than GDP between 1994 and 2004 and became larger than foreign debt. The rapid growth of domestic debt reflects financial crises, the growth of central bank debt and the greater attractiveness to governments of issuing domestic debt as well as the recent increase in demands for it. Both its attractiveness and the increased demands for it reflect the current benign international environment to some degree. The main risk of government debt, domestic or foreign, remains its overall size relative to a country's fiscal, financial, and political institutions. While government domestic debt can help the domestic private capital market, large domestic debt, like large external debt, has risks. For example, there can be "sudden stops" in the demand for domestic debt as well as in foreign lending. Governments need to be aware of the risks and burdens in domestic debt issue-crowding out small borrowers, transferring risks to banks when issuing longer maturity, fixed-interest domestic debt and reducing returns, and imposing risks on holders of pensions, annuities, and life insurance policies. Growth of central bank debt can divert central banks from pursuit of the objective of price stability | |
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| spelling | Hanson, James A. Verfasser aut The Growth In Government Domestic Debt Changing Burdens And Risks Hanson, James A Washington, D.C The World Bank 2007 1 Online-Ressource (41 Seiten)) txt rdacontent c rdamedia cr rdacarrier This paper analyzes the recent growth of government domestic debt, including central bank debt, using a new data base on government domestic debt in developing countries with large, open financial systems. On average, government domestic debt grew much faster than GDP between 1994 and 2004 and became larger than foreign debt. The rapid growth of domestic debt reflects financial crises, the growth of central bank debt and the greater attractiveness to governments of issuing domestic debt as well as the recent increase in demands for it. Both its attractiveness and the increased demands for it reflect the current benign international environment to some degree. The main risk of government debt, domestic or foreign, remains its overall size relative to a country's fiscal, financial, and political institutions. While government domestic debt can help the domestic private capital market, large domestic debt, like large external debt, has risks. For example, there can be "sudden stops" in the demand for domestic debt as well as in foreign lending. Governments need to be aware of the risks and burdens in domestic debt issue-crowding out small borrowers, transferring risks to banks when issuing longer maturity, fixed-interest domestic debt and reducing returns, and imposing risks on holders of pensions, annuities, and life insurance policies. Growth of central bank debt can divert central banks from pursuit of the objective of price stability Online-Ausg Bank debt Bankruptcy and Resolution of Financial Distress Banks and Banking Reform Capital market Central bank Debt Markets Developing countries Domestic Debt Emerging Markets External Debt Finance and Financial Sector Development Financial crises Financial systems Foreign debt Government debt International Economics & Trade Private Sector Development Private capital Hanson, James A. Sonstige oth Hanson, James A The Growth In Government Domestic Debt http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4348 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Hanson, James A. The Growth In Government Domestic Debt Changing Burdens And Risks Bank debt Bankruptcy and Resolution of Financial Distress Banks and Banking Reform Capital market Central bank Debt Markets Developing countries Domestic Debt Emerging Markets External Debt Finance and Financial Sector Development Financial crises Financial systems Foreign debt Government debt International Economics & Trade Private Sector Development Private capital |
| title | The Growth In Government Domestic Debt Changing Burdens And Risks |
| title_auth | The Growth In Government Domestic Debt Changing Burdens And Risks |
| title_exact_search | The Growth In Government Domestic Debt Changing Burdens And Risks |
| title_exact_search_txtP | The Growth In Government Domestic Debt Changing Burdens And Risks |
| title_full | The Growth In Government Domestic Debt Changing Burdens And Risks Hanson, James A |
| title_fullStr | The Growth In Government Domestic Debt Changing Burdens And Risks Hanson, James A |
| title_full_unstemmed | The Growth In Government Domestic Debt Changing Burdens And Risks Hanson, James A |
| title_short | The Growth In Government Domestic Debt |
| title_sort | the growth in government domestic debt changing burdens and risks |
| title_sub | Changing Burdens And Risks |
| topic | Bank debt Bankruptcy and Resolution of Financial Distress Banks and Banking Reform Capital market Central bank Debt Markets Developing countries Domestic Debt Emerging Markets External Debt Finance and Financial Sector Development Financial crises Financial systems Foreign debt Government debt International Economics & Trade Private Sector Development Private capital |
| topic_facet | Bank debt Bankruptcy and Resolution of Financial Distress Banks and Banking Reform Capital market Central bank Debt Markets Developing countries Domestic Debt Emerging Markets External Debt Finance and Financial Sector Development Financial crises Financial systems Foreign debt Government debt International Economics & Trade Private Sector Development Private capital |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4348 |
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