Public Debt in Emerging Markets: Is it Too High?

WORLD ECONOMIC OUTLOOK, p. 113, September 2003

26 Pages Posted: 17 Apr 2012

See all articles by James Daniel

James Daniel

International Monetary Fund (IMF)

Tim Callen

International Monetary Fund (IMF) - Asia and Pacific Department

Marco E. Terrones

International Monetary Fund (IMF)

Xavier Debrun

International Monetary Fund (IMF) - Research Department

Céline Allard

International Monetary Fund (IMF)

Date Written: 2003

Abstract

Daniel, Callen, Terrones, Debrun and Allard apply a number of different approaches to assess fiscal sustainability in emerging markets. Their analysis suggests that for these countries the sustainable level of public debt is often quite low. They discuss the heavy policy agenda that confronts policies to reduce public debt and cushion against the risks that high debt presents, including: a) reforms to strengthen and broaden the tax base; b) better control of expenditures during economic upswings; c) improving the credibility of fiscal policy; d) reducing exposure to exchange rate and interest rate movements; e) structural reforms to boost growth prospects; f) addressing the risks from contingent and implicit liabilities.

Suggested Citation

Daniel, James and Callen, Tim and Terrones, Marco E. and Debrun, Xavier and Allard, Celine, Public Debt in Emerging Markets: Is it Too High? (2003). WORLD ECONOMIC OUTLOOK, p. 113, September 2003. Available at SSRN: https://ssrn.com/abstract=2040761

James Daniel (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Tim Callen

International Monetary Fund (IMF) - Asia and Pacific Department ( email )

700 19th Street NW
Washington, DC 20431
United States

Marco E. Terrones

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States
202-623-4329 (Phone)

HOME PAGE: http://imf.org/external/np/CV/AuthorCV.aspx?AuthID=171

Xavier Debrun

International Monetary Fund (IMF) - Research Department ( email )

700 19th Street NW
Washington, DC 20431
United States
202-623-8321 (Phone)
202-623-6343 (Fax)

Celine Allard

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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