This paper examines the determinants of "debt distress," which they define as periods in which countries resort to exceptional finance in any of three forms: (1) significant arrears on external debt, (2) Paris Club rescheduling, and (3) nonconcessional International Monetary Fund lending. Using probit regressions, the authors find that three factors explain a substantial fraction of the cross-country and time-series variation in the incidence of debt...
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INFORMATION
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2004/02/01
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Document de travail de recherche sur les politiques
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WPS3200
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1
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1
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2010/07/01
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When is external debt sustainable?
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present value of debt
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