The determinants of the composition of public debt in developing and emerging market countries

Kristine Forslund (), Lycia Lima () and Ugo Panizza

POLIS Working Papers from Institute of Public Policy and Public Choice - POLIS

Abstract: This paper uses a new dataset on the composition of public debt in developing and emerging market countries to look at the correlation between country characteristics and domestic debt share. While the paper finds that most variables have the expected sign, it also finds that country characteristics cannot explain regional differences in the composition of public debt. Moreover, the paper finds a weak correlation between inflationary history and the composition of public debt. The paper explores the determinants of this finding and shows that the results are driven by the presence of capital controls.

Keywords: Public debt; Government bond markets; Debt structure; Sovereign bonds (search for similar items in EconPapers)
JEL-codes: F21 F34 F36 G15 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2011-06
New Economics Papers: this item is included in nep-lam and nep-pbe
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (44)

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Persistent link: https://EconPapers.repec.org/RePEc:uca:ucapdv:156

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