This page contains a wealth of public debt-related information pertaining to Latin America and the Caribbean, as well as to other regions. It includes LAC Debt Group’s current and past research as well as research of interest to the Group. LAC Debt Group pursues some of the most challenging and relevant issues facing Latin America and the Caribbean on public debt, of interest for both practionners and academics.
To access the presentations made by our members and guests during the annual meetings and thematic workshops please refer to the relevant event page.
Date: Jan, 2010
This report updates data on gross and net public debt for countries in the Latin America and Caribbean (LAC) region up to June and December 2010. Gross public debt refers to the total debt of the central government and the central bank, excluding the latter's monetary liabilities and its short-term debt issued for the purpose of monetary regulation. Net public debt subtracts from the previous amount, Central Banks holdings of public debt and international reserves. The data in this report was collected from questionnaires sent to the LAC countries debt offices in April 2011. A record twenty-three countries completed the questionnaire for this report. These countries were: Argentina, The Bahamas, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Suriname, Trinidad & Tobago, Uruguay and Venezuela. This report is organized as follows. Section 1 summarizes the new developments regarding public debt during 2010. It also presents summary cross country tables for relevant variables. Section 2 displays, in a nutshell, basic information on sovereign debt level and composition by country, as well as information on benchmark bonds and the most recent debt issuances. Section 3 shows more detailed country data in the Data Tables. Finally, the Methodological Appendix in Section 4 describes the debt concepts included in this report, and attaches the questionnaire sent to each country debt office to gather the data.
Sovereign Debt in Latin America and the Caribbean: An Analysis of its Composition and Sustainability
Date: Apr, 2010
This paper addresses the solvency of the public sector in Latin American economies. In particular, it analyzes the standardized public debt statistics for the these economies that have been compiled for the LAC Debt Group and the Inter-American Development Bank and the rist associated with the composition of public debt.
Date: Aug, 2010
This report updates data on gross public debt for countries in the Latin American and Caribbean region up to December 2009. The data in this report were collected from a questionnaire sent to the LAC debt offices in April, 2010.
Date: Nov, 2009
This report updates on gross public debt for countries in the LAC region up to June 2009. The data presented in this report was collected from a questionnaire sent to the LAC debt offices in August of 2009. The report summarizes the new developments regarding public debt, and presents summary cross country tables for relevant variables.
Date: Apr, 2009
Public Debt levels and composition differ as well among LAC countries. Using data up to the end of 2008 this report will present these cross-country differences and will also highlight the similarities and general trends for the region as a whole. We use as input the information provided by the public debt offices of the region in response to a questionnaire specially created for this purpose. The questionnaire intended to compile up-to-date standardized public debt statistics to conduct crosscountry comparisons over clear, objective and homogeneous definitions of public debt.
Date: Jun, 2008
The authors of this paper show how vicious circles in countries' credit histories arise in a model where output persistence is coupled with asymmetric information about output shocks. In such an environment, default signals the borrower's vulnerability to adverse shocks and creates a pessimistic growth outlook. This translates into higher interest spreads and debt servicing costs relative to income, raising the cost of future repayments, thereby creating "default traps". We build a long and broad cross-country dataset to show the existence of a history-dependent "default premium" and of significant effects of output persistence on sovereign creditworthiness, consistent with the model's predictions.
The Debt Office and the Effective Debt Management Functions: An Institutional and Operational Framework
Date: Oct, 2006
The paper aims to be a useful analytical and managerial support tool for the debt practitioners and for the academia. It provides an appropriate approach for developing countries, and offers a detailed and systematic blueprint in how to establishing an efficient Debt Management Office. This paper differentiates from other papers published on the subject at least in two aspects. The first one is the political relevance that is given to the decision making process as far as responsibility for fixing a global macroeconomic public debt management strategy is concerned. The second is that the approach is a functional analysis, that is, there is no need to have a specific structure for the debt office in order to analyse who and where the functions are carried out. The paper gives a clear and well-defined list of tasks for each one of the functions, and this leads to clear and structured functional responsibilities for the implementation of the back, middle and front office working organization structure. This paper is composed of five sections. The first one is an introduction to the concept of Effective Debt Management Functions. The second and the third are the description of the functions: the second for the Executive Functions, which are not necessarily a Debt Management Office (DMO) responsibility, and the third to the Operational Functions, which are the direct DMO responsibilities. The fourth section is devoted to the responsibilities that a DMO can be accountable for, that may vary from country to country. The last section addresses major issues on debt management, stressing the pragmatic analysis that the functional approach provides. There are two Annexes with open-ended lists of tasks for each one of the Effective Debt Management Functions.