External Borrowing by the Baltics, Russia and Other Countries of the Former Soviet Union: Developments and Policy Issues

International Monetary Fund

No 1997/072, IMF Working Papers from International Monetary Fund

Abstract: Many countries among the Baltics, Russia and other CIS states are increasingly borrowing on international capital markets, a development that generally reflects their success in achieving financial stabilization. In view of the low level of domestic saving and large capital requirements, recourse to foreign borrowing may of course generate significant benefits for these economies in transition. However, the rapid increase in external debt suggests that consideration also needs to be given to the risks from too high a dependence on foreign saving, including inter alia risk of the postponement of needed structural reforms.

Keywords: WP; CIS country; government; country; B-; external financing; external debt; capital market borrowing; financing government deficit; matter B-CIS borrower; B-CIS country; government borrowing; explicit government guarantee; short-term debt; borrowing country; creditor country; government debt service; state enterprise; transition country; Debt service; Foreign direct investment; Debt service payments; Baltics; Eastern Europe (search for similar items in EconPapers)
Pages: 43
Date: 1997-06-01
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=2237 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:1997/072

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Working Papers from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().