Publikationen der StiftungThe practice of sovereign debt sustainability analysis
Publikationen der StiftungThe practice of sovereign debt sustainability analysis
Inhalt
- Summary
- 1. Introduction
- 2. What is a DSA?
- 3. Debt sustainability in an environment of incomplete contracts
- 4. The key questions for a DSA
- 5. Misaligned incentives for timely restructurings
- 6. The elements of a DSA
- 6.1 The constraints for debt sustainability
- 6.2 The endogenous effects of macroeconomic and fiscal policies on debt sustainability
- 6.3 Beliefs
- 7. Who performs DSAs?
- 8. Five issues with the IMF’s DSA practice
- 8.1 Having an IMF DSA undertaken and published
- 8.2 Dealing with the IMF itself as a large (senior) creditor in DSAs
- 8.3 Considering local vs. foreign currency debts in the IMF DSA
- 8.4 Choosing the right discount rate in IMF DSAs
- 8.5 Addressing overoptimism and its deeper causes
- 9. Conclusion
- References