Sovereign Debt Defaults and Financing Needs Mark Kruger

Sovereign Debt Defaults and Financing Needs by Mark Kruger
March 1st 2004 | ebook | PDF, EPUB, FB2, DjVu, audiobook, mp3, ZIP | 34 pages | ISBN: 9786613781390 | 10.79 Mb

We construct a financial vulnerability indicator that is consistent with the theoretical literature on determinants of defaults. It is based on the amount of new foreign financing that is needed to avoid a default or an import adjustment, expressedMoreWe construct a financial vulnerability indicator that is consistent with the theoretical literature on determinants of defaults.

It is based on the amount of new foreign financing that is needed to avoid a default or an import adjustment, expressed as a proportion of the countrys sources of foreign currency. As the need for new foreign financing increases, so does a countrys financial vulnerability.

The indicator has a higher correlation with default episodes than other indicators used in previous studies. In addition, the level at which it leads to a high probability of default is comparable across countries.

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