Arbeitspapier
The cyclicality of international public sector borrowing in developing countries: Does the lender matter?
The paper shows that international government borrowing from multilateral development banks is countercyclical while international government borrowing form private sector lenders is procyclical. The countercyclicality of official lending is mostly driven by the behavior of the World Bank (borrowing from regional development banks tends to be acyclical). The paper also shows that official sector lending to Latin America and East Asia is more countercyclical than official lending to other regions. Private sector lending is instead procyclical in all developing regions. While the cyclicality of official lending does not depend on domestic or international conditions, private lending becomes particularly procyclical in periods of limited global capital flows. By focusing on both borrower and lender's heterogeneity the paper shows that the cyclical properties of international government debt are mostly driven by credit supply shocks. Demand factors appear to be less important drivers of procyclical international government borrowing. The paper's focus on supply and demand factors is different from the traditional push and pull classification, as push and pull factors could affect both the demand and the supply of international government debt.
- Language
-
Englisch
- Bibliographic citation
-
Series: IDB Working Paper Series ; No. IDB-WP-839
- Classification
-
Wirtschaft
Fiscal Policy
International Lending and Debt Problems
Current Account Adjustment; Short-term Capital Movements
- Subject
-
International Government Debt
Capital Flows
Fiscal Policy
International Financial Institutions
- Event
-
Geistige Schöpfung
- (who)
-
Galindo Andrade, Arturo José
Panizza, Ugo
- Event
-
Veröffentlichung
- (who)
-
Inter-American Development Bank (IDB)
- (where)
-
Washington, DC
- (when)
-
2017
- DOI
-
doi:10.18235/0000848
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Galindo Andrade, Arturo José
- Panizza, Ugo
- Inter-American Development Bank (IDB)
Time of origin
- 2017
Other Objects (12)
The cyclicality of international public sector borrowing in developing countries: Does the lender matter?
The cyclicality of consumption, wages and employment of the public sector in the euro area
Low Interest Rates and Public Borrowing
Monetary implications of public sector borrowing in Germany : 1974 - 1989
Monetary implications of public sector borrowing in Germany : 1974 - 1989
Public Investment, Revenue Shocks, and Borrowing Restrictions
Public Deficits and Borrowing Costs: The Missing Half of Market Discipline
Household sector borrowing in the euro area - a micro data perspective
Public deficits and borrowing costs: the missing half of market discipline
Household sector borrowing in the Euro area : a micro data perspective
Optimal fiscal policy and private sector borrowing constraints
The nature of financial and real business cycles: The great moderation and banking sector pro-cyclicality
The cyclicality of international public sector borrowing in developing countries: Does the lender matter?
The cyclicality of consumption, wages and employment of the public sector in the euro area
Low Interest Rates and Public Borrowing
Monetary implications of public sector borrowing in Germany : 1974 - 1989
Monetary implications of public sector borrowing in Germany : 1974 - 1989
Public Investment, Revenue Shocks, and Borrowing Restrictions
Public Deficits and Borrowing Costs: The Missing Half of Market Discipline
Household sector borrowing in the euro area - a micro data perspective
Public deficits and borrowing costs: the missing half of market discipline
Household sector borrowing in the Euro area : a micro data perspective
Optimal fiscal policy and private sector borrowing constraints
The nature of financial and real business cycles: The great moderation and banking sector pro-cyclicality
The cyclicality of international public sector borrowing in developing countries: Does the lender matter?
The cyclicality of consumption, wages and employment of the public sector in the euro area
Low Interest Rates and Public Borrowing
Monetary implications of public sector borrowing in Germany : 1974 - 1989
Monetary implications of public sector borrowing in Germany : 1974 - 1989
Public Investment, Revenue Shocks, and Borrowing Restrictions
Public Deficits and Borrowing Costs: The Missing Half of Market Discipline
Household sector borrowing in the euro area - a micro data perspective
Public deficits and borrowing costs: the missing half of market discipline
Household sector borrowing in the Euro area : a micro data perspective
Optimal fiscal policy and private sector borrowing constraints