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. © 2014 Africagrowth Institute.

Domestic public debt in low-income countries : trends and structure / G. Bua, J. Pradelli, A.F. Presbitero. - In: REVIEW OF DEVELOPMENT FINANCE. - ISSN 1879-9337. - 4:1(2014 Jan), pp. 1-19. [10.1016/j.rdf.2014.02.002]

Domestic public debt in low-income countries : trends and structure

G. Bua
Primo
;
2014

Abstract

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. © 2014 Africagrowth Institute.
Debt structure ; Domestic debt ; HIPCs ; Low-Income Countries ; Economics and Econometrics ; Finance
Settore SECS-P/06 - Economia Applicata
Article (author)
File in questo prodotto:
File Dimensione Formato  
Published_version.pdf

accesso riservato

Tipologia: Publisher's version/PDF
Dimensione 1.33 MB
Formato Adobe PDF
1.33 MB Adobe PDF   Visualizza/Apri   Richiedi una copia
Pubblicazioni consigliate

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/2434/250927
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 15
  • ???jsp.display-item.citation.isi??? ND
social impact