Hidden Bibliographic Details
| Other authors / contributors: | Messmacher, Miguel.
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| ISBN: | 9781451847413
1451847416
9781451894325
1451894325
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| Notes: | Includes bibliographical references.
Description based on online resource; title from PDF cover (ebrary, viewed July 6, 2015).
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| Summary: | 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, expressed as a proportion of the country's sources of foreign currency. As the need for new foreign financing increases, so does a country's 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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| Other form: | Print version: Kruger, Mark. Sovereign debt defaults and financing needs. [Washington, District of Columbia] : International Monetary Fund, c2004 32 pages IMF working paper ; WP/04/53. 9781451847413
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