 Foreign debt and financial fragility in the perspective of the emerging countriesMario Tonveronachi ()
BNL Quarterly Review, 2006, vol. 59, issue 236, 23-48 Abstract: Following the financial fragility approach of H. Minsky and its later extension by J. Kregel, the paper addresses some basic aspects of the dynamics and management offoreign debt in the perspective of the emerging countries. Minsky's definitions of hedge, speculative and Ponzi positions are restated in order to define a country'sexternal fragility. How international asymmetries in the external financial fragilitymay influence global fragility is then discussed, leading to analyse the limits offinancial openness. Finally, the distinction between domestic and external financialfragility permits to look at how the dynamic interplay among the economic units, including the government and its policies, may influence both the distribution and the level of the two types of fragilities. Keywords: Debt; Foreign Debt (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:psl:bnlaqr:2006:12 Ordering information: This journal article can be ordered from Access Statistics for this article BNL Quarterly Review is currently edited by Alessandro Roncaglia More articles in BNL Quarterly Review from Banca Nazionale del Lavoro |
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