The Demand for Loans : Governments Restructure Their Debt

Harford, Tim ; Klein, Michael ; Martin, Facundo

World Bank, Washington, DC

关键词: BANK LENDING;    BILATERAL DEBT;    BOND MARKET;    BONDS;    BORROWING;   

RP-ID  :  32838

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

More than ever, governments indeveloping countries have access to capital markets, butmost are not using it. Instead, they have restructured theirdebt portfolios, cutting the share of private sector debtand increasing the share of longer-term multilateral debt.While some argue that this increase in official debt isalarming, the evidence suggests that most governments aresensibly taking advantage of their menu of financingoptions extending maturities to lessen their vulnerabilityto therollover riskposed by shorterterm debt andreducing their overall debt ratios.