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Debt crises that have shaken Latin America, Asia, and Russia have brought an increasing attention to the structure of debt in emerging market countries. Using the newly released Jeanne-Guscina EM Government Debt Database 2006 this paper empirically explores the role of macroeconomic, political, and institutional factors in determining the structure of government debt. Results show that unstable macroeconomic environment, poor quality institutions, and uncertain political climate hinder the development of domestic debt market. Moreover, such instability shifts the debt structure away from long-term local currency fixed rate debt towards short-term debt or to debt indexed to foreign currency, short-term interest rates or inflation. Original sin seems to be on the way out, as more and more countries are issuing local currency debt at longer maturities-which can be explained by successful macroeconomic stabilization policies and lessons learned from the debt crises.

Debts, Public --- Fiscal policy --- Econometric models. --- Developing countries --- Economic conditions --- Politics and government. --- Tax policy --- Taxation --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Government policy --- Emerging nations --- Fourth World --- Global South --- LDC's --- Least developed countries --- Less developed countries --- Newly industrialized countries --- Newly industrializing countries --- NICs (Newly industrialized countries) --- Third World --- Underdeveloped areas --- Underdeveloped countries --- Economic policy --- Finance, Public --- Debt --- Bonds --- Deficit financing --- Exports and Imports --- Finance: General --- Money and Monetary Policy --- Public Finance --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- General Financial Markets: General (includes Measurement and Data) --- Public finance & taxation --- International economics --- Monetary economics --- Finance --- Domestic debt --- Foreign currency debt --- Currencies --- Securities markets --- Debts, External --- Money --- Capital market --- Argentina

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This paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone countries and Denmark. Using a newly constructed database on primary market debt issuance during 2007–09, we find evidence of a shift away from precrisis standards of best funding practices—competitive auctions of debt instruments with a fixed coupon, long maturity and local currency denomination (DLTF). Exploiting the crosscountry panel data dimension of the data, we conclude that the crisis and related changes in the macroeconomic environment and investor sentiment can account for a significant proportion of the deviation. The negative effect of the crisis on DLTF debt issuance was especially pronounced in high deficit and high debt euro area countries, and has forced governments to assume additional risk.

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This paper explores the link between the cyclical patterns of macroeconomic and policy variables and the currency composition of domestic sovereign debt in emerging market countries. The empirical analysis is anchored in an equilibrium model, in which the dollarization of sovereign debt arises as a result of the optimal portfolio choices by risk-averse investors, and of a sovereign debt manager who takes fiscal policy as given. The model predicts that in countries where the exchange rate is countercyclical (i.e., the exchange rate depreciates during recessions), a more procyclical fiscal policy (i.e., expansionary in good times and contractionary in bad times) would lead, on average, to a more dollarized domestic sovereign debt. The empirical analysis using the Jeanne-Guscina EM Debt database (2006) on the currency structure of the central government debt in 22 emerging market countries over 1980 - 2005, supports these predictions.

Fiscal policy --- Dollarization. --- Debts, Public --- Econometric models. --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Monetary policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Government policy --- Foreign Exchange --- Money and Monetary Policy --- Public Finance --- Debt Management --- Sovereign Debt --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Fiscal Policy --- Public finance & taxation --- Monetary economics --- Currency --- Foreign exchange --- Macroeconomics --- Currencies --- Exchange rates --- Domestic debt --- Money --- Costa Rica

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This paper presents a new database on government debt in 19 emerging market countries since 1980. The data set focuses on the structure of debt in terms of jurisdiction of insurance, maturity, currency composition and indexation. The paper presents stylized facts on debt structures and preliminary evidence on their determinants. We observe substantial crosscountry variation in the structure of domestic debt and find it to be associated with countries' record of monetary stability.

Debt -- Econometric models. --- Debts, Public -- Econometric models. --- Electronic books. -- local. --- Political Science --- Law, Politics & Government --- Public Finance --- Debts, Public --- Debt --- Econometric models. --- Indebtedness --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Finance --- Bonds --- Deficit financing --- Finance: General --- Inflation --- Money and Monetary Policy --- Debt Management --- Sovereign Debt --- General Financial Markets: General (includes Measurement and Data) --- Price Level --- Deflation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Public finance & taxation --- Macroeconomics --- Monetary economics --- Domestic debt --- Emerging and frontier financial markets --- Currencies --- Financial services industry --- Prices --- Money --- Mexico