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

Giovanna Bua (), Juan Pradelli and Andrea Presbitero
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Juan Pradelli: The World Bank

No 85, Mo.Fi.R. Working Papers from Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences

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.

Keywords: Debt structure; Domestic debt; HIPCs; Low-income countries (search for similar items in EconPapers)
JEL-codes: E62 H63 O23 (search for similar items in EconPapers)
Pages: 30
Date: 2013-08
New Economics Papers: this item is included in nep-mac and nep-pbe
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http://docs.dises.univpm.it/web/quaderni/pdfmofir/Mofir085.pdf First version, 2013 (application/pdf)

Related works:
Working Paper: Domestic public debt in low-income countries: trends and structure (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:anc:wmofir:85

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