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Public debt

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Public debt --- Private finance

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Debt --- Dettes --- Law and legislation --- Droit

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The external debt of many countries of the Baltics, Russia, and the former Soviet Union has been growing rapidly in recent years and has played an important part in the transition process. However, it is vital to strike a balance between financing transition and ensuring that the external debt is not used to finance wasteful expenditures or delay the transition process. This is especially important since the rising stock of external debt makes the borrowing countries increasingly vulnerable to changes in perceived creditworthiness. Accordingly, countries must adopt policies, including pressing ahead with structural reforms, to ensure that the borrowing is used to promote sound growth.

Budgeting --- Exports and Imports --- Macroeconomics --- Public Finance --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Institutions and the Macroeconomy --- National Budget --- Budget Systems --- International economics --- Public finance & taxation --- Budgeting & financial management --- External debt --- Public debt --- Structural reforms --- Budget planning and preparation --- Debt financing --- Macrostructural analysis --- Public financial management (PFM) --- Government debt management --- Debts, External --- Debts, Public --- Budget --- Russian Federation

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While the literature on external debt repayment performance by sovereign debtors is extensive, repayment performance vis-à-vis the International Monetary Fund has not been dealt with separately. Given differences between the Fund and other providers of financial resources, this paper considers whether it is possible to distinguish through logit analysis between the countries that make timely repayments to the Fund and those that become overdue. The paper finds that the inclusion of Fund-specific financial variables and a small number of macroeconomic variables yields a highly significant econometric model of the probability of a country incurring Fund arrears.

Exports and Imports --- International Monetary Arrangements and Institutions --- International Lending and Debt Problems --- Trade: General --- International economics --- Arrears --- External debt --- Debt service --- Debt burden --- Exports --- International trade --- Debts, External --- Cambodia