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1.
Regional Science Policy and Practice ; 2023.
Article in English | Web of Science | ID: covidwho-20231263

ABSTRACT

The SARS-CoV-2 coronavirus pandemic has raised public debt sustainability issues, especially for Heavily Indebted Poor Countries (HIPC). Developing countries with limited fiscal space have had to take on significant external debts to help deal with the negative effects of the pandemic. This has led to further increases in the debt levels of these countries, with the potential to trigger a debt default. Addressing these issues, this study uses a framework for fiscal policy and public debt sustainability analysis. The results confirm the impact of the SARS-CoV-2 coronavirus pandemic on the debt levels of Ghana and Kenya. This study recommends the creation of domestic fiscal buffers and fiscal space toward the attainment of long-term debt sustainability, contrary to the popular view of offering debt relief to these countries.

2.
Public Finance Quarterly ; 67(2):217-234, 2022.
Article in Hungarian | Scopus | ID: covidwho-1989031
3.
PUBLIC FINANCE QUARTERLY-HUNGARY ; 67(2):213-230, 2022.
Article in English | Web of Science | ID: covidwho-1939733

ABSTRACT

The Covid-19 crisis and its economic consequences for emerging countries have highlighted the role of robust, inclusive, and equitable elements of multiple contingency lines to keep these economies away from falling into a devastating cycle of rising sovereign spread. This study first summarizes the crisis-fighting performance of the IMF and eight major RFAs since the outbreak of Covid-19. Then our theoretical model focuses on the deterioration of market expectations (namely about future global economic growth, funding conditions in key currencies and public default) influence on the sovereign spread, by employing a structural panel Vector Autoregression. The results showed that sovereign spread depended not only on the global and local growth or the external funding environment but on the market sentiment as well. Also, the results pointed out the importance of financial supports by international actors like the IMF and partially the RFAs in managing the sovereign spread.

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