The non-financial sector debt: Global trends

2021 ◽  
Vol 27 (1) ◽  
pp. 41-62
Author(s):  
Konstantin V. KRINICHANSKII
Keyword(s):  
Emerging Market ◽  
Financial Sector ◽  
Debt Management ◽  
Emerging Market Economies ◽  
Monetary Policies ◽  
Global Trends ◽  
Market Economies ◽  
Time Period ◽  
Institutional Differences ◽  
Grouping Method

Subject. This article examines the non-financial sector debt ratio relative to the GDP of emerging and developed market economies. Objectives. The article aims to find out what institutional units show debt growth or reduction, what causes and conditions prevent debt decline or lead to its growth in different countries and sectors, and highlight the foundations of public policy in this area. Methods. For the study, I used a cross-country comparative analysis, grouping method, and graphical and trend analyses. The study covers 43 market economies, including 26 developed and 17 emerging ones. The time period is from Q4 2001 to Q4 2019. Results. The article identifies and describes the structural debt changes that have taken place since 2008, which include a reduction in private sector leverage and rising public sector debt in developed market economies, and accelerated growth in the non-financial corporations and households' debt in emerging market economies. Conclusions and Relevance. Given the different conditions of access to the capital market and the institutional differences between developed and emerging market economies, different approaches to debt management are needed. The identified trends are important to develop non-financial sector debt management policies, including both fiscal and monetary policies.

scholarly journals Public Debt Management In Emerging Market Economies : Has This Time Been Different ?

2010 ◽  
Author(s):  
Antonio Velandia-Rubiano ◽  
Anderson Caputo Silva ◽  
Phillip R. D. Anderson
Keyword(s):  
Public Debt ◽  
Emerging Market ◽  
Debt Management ◽  
Emerging Market Economies ◽  
Market Economies ◽  
Public Debt Management

At a Glance …

2016 ◽  
Vol 236 ◽  
pp. 48-48
Keyword(s):  
United States ◽  
World Economy ◽  
Emerging Market ◽  
Oil Prices ◽  
The United States ◽  
Emerging Market Economies ◽  
List Type ◽  
Monetary Policies ◽  
Market Economies ◽  
The World

The world economy is expected to grow by 3.0 per cent in 2016, down from the 3.2 per cent predicted in the February Review. Growth this year is therefore forecast to be the slowest since the 2009 recession, before picking up to 3.5 per cent in 2017.The growth downgrade is mainly due to disappointing performances in the United States and Japan. Among the emerging market economies, growth has been also been revised down for Brazil and Russia.A moderate strengthening of growth is forecast for 2017 and beyond, supported by accommodative monetary policies, lower oil prices and the gradual normalisation of conditions in stressed emerging market economies.

Summary of Informal Discussions with Central Bankers and Other Officials on Unconventional Monetary Policies

Policy Papers ◽  
2013 ◽  
Vol 2013 (36) ◽  
Author(s):  
Keyword(s):  
Emerging Market ◽  
Central Banks ◽  
Emerging Market Economies ◽  
Conference Calls ◽  
Monetary Policies ◽  
Market Economies ◽  
Key Points ◽  
Central Bankers

A series of conference calls was held in March 2013 with selected representatives of central banks and other official agencies in advanced and emerging market economies to seek views on unconventional monetary policies (UMP). The key points raised during the discussions are summarized below. No views have been attributed to individual participants, and Fund staff is ultimately responsible for the contents of this summary.

scholarly journals Public Debt Management in Emerging Market Economies: Has This Time Been Different?

2010 ◽  
pp. 383-411 ◽  
Author(s):  
Phillip R. D. Anderson ◽  
Anderson Caputo Silva ◽  
Antonio Velandia-Rubiano
Keyword(s):  
Public Debt ◽  
Emerging Market ◽  
Debt Management ◽  
Emerging Market Economies ◽  
Market Economies ◽  
Public Debt Management

scholarly journals Financial Development and Unemployment in Emerging Market Economies

2016 ◽  
Vol 63 (2) ◽  
pp. 237-245 ◽  
Author(s):  
Yilmaz Bayar
Keyword(s):  
Data Analysis ◽  
Financial Development ◽  
Negative Impact ◽  
Emerging Market ◽  
Panel Data Analysis ◽  
Financial Sector ◽  
Emerging Market Economies ◽  
Domestic Investment ◽  
Economic Implications ◽  
Market Economies

Financial sector has experienced significant expansion together with accelerating financial globalization in recent years and had important positive and negative economic implications for all the economies. This study investigates the interaction among unemployment, financial development and domestic investment in 16 emerging market economies during 2001-2014 period using panel data analysis. We found that there was long relationship among the variables and domestic investment had negative impact on the unemployment, while financial development had no significant impact on the unemployment. Furthermore, there was unidirectional causality from development of financial sector to unemployment.

scholarly journals The functioning of the credit market in the European Union and the consequences of legal regulations regarding the cost of credit on the example of Poland

2021 ◽  
Vol 188 (3-4) ◽  
pp. 158-173
Author(s):  
Natalia Wasilewska ◽  
Keyword(s):  
Euro Area ◽  
Emerging Market ◽  
Maximum Level ◽  
Financial Sector ◽  
Bank Lending ◽  
Emerging Market Economies ◽  
The European Union ◽  
Market Economies ◽  
Credit Agreement ◽  
The Cost

The purpose of this work is to determine the level of financial obligations the borrower assumes when obtaining a loan in Poland, depending on the conditions under a credit agreement, circumstances related to getting and repayment of the loan. It is found that from to January 2008 to January 2021 in emerging market economies the level of credit to the non-financial sector in the percentage of GDP is increasing to 240%, in Member states of the Euro area - about 292%. The study found that in countries in the emerging market group, the level of financing increases much quickly than in Euro area. Thus, in January 2021 compared to January 2008, the level of financing (credit to non-financial sector from all sectors at market value) in emerging market economies has tripled, while in Euro area member countries this ratio increased on 33%. In Poland, the level of financing during mentioned period increased to 141.1% and as of January 2021 amounted to USD 881.8 bln. The development of bank lending is only possible if there is a transparent relationship between the banks and the borrowers that helps to minimize credit risk. The analysis of credit legislation in the EU countries made it possible to find that there is a problem with presentation of information on the calculation of the credit costs in a transparent and understandable way. It was established that the credit costs in Poland, taking into account its maximum level, can have a significant impact on the borrower’s creditworthiness and obtaining information on the «real» credit costs is necessary to make good decisions by a potential debtor. According to the results of the study, algorithms for calculating the credit cost were proposed, that make it possible to present all components of the costs and its level depending on the conditions for granting a loan. The results of the research can be used by potential borrowers before deciding to take a loan in a Poland bank to determine all the costs related to the loan. The research is in line with an idea of «economisation of law» or «financialisation of law».

Sign in / Sign up

Export Citation Format

Share Document