Bua, GiovannaPradelli, JuanPresbitero, Andrea F.2014-03-182014-03-182014-02https://hdl.handle.net/10986/17320This paper introduces a new data set on the stock and structure of domestic debt in 36 low-income countries over the period 1971-2011. It characterizes the recent trends regarding the do-mestic public debt of low-income countries and explores the relevance of different arguments put forward on the benefits and costs of government borrowing in local public debt markets. The main stylized fact emerging from the data is the increase in domestic government debt since 1996. It is also observed that poor countries have been able to increase the share of long-term in-struments over time and that maturity lengthening went together with a decrease in borrowing costs. However, the concentration of the investor base, mainly dominated by commercial banks and the central bank, may crowd out lending to the private sector.en-USCC BY 3.0 IGOARREARSAVERAGE DEBTBALANCE OF PAYMENTBALANCE SHEETSBANK DEPOSITSBANK FINANCINGBANK HOLDINGBANK HOLDINGSBANK INVESTORSBANK LENDINGBANK LIQUIDITYBANKING CRISISBANKING INSTITUTIONSBANKING SYSTEMBENCHMARK YIELDBENCHMARK YIELD CURVEBONDBONDSBORROWING COSTBORROWING COSTSBUDGET DEFICITSCAPITAL ADEQUACYCAPITAL FLOWCAPITAL FLOWSCAPITAL MARKETSCAPTIVE MARKETSCENTRAL BANKCENTRAL BANKSCENTRAL GOVERNMENT DEBTCOLLATERALCOMMERCIAL BANKCOMMERCIAL BANK LOANSCOMMERCIAL BANKSCONTRACTUAL OBLIGATIONSCORPORATE BONDCREDIT CONSTRAINTSCREDIT FLOWSCREDIT RATIONINGCREDIT RISKCREDITORCREDITORSCURRENCYCURRENCY COMPOSITIONCURRENCY CRISISCURRENCY DEPRECIATIONCURRENCY DEVALUATIONSCURRENCY MISMATCHCURRENCY MISMATCHESCURRENCY RISKDEBENTURESDEBT BURDENDEBT BURDENSDEBT COMPOSITIONDEBT CRISISDEBT DATABASEDEBT INSTRUMENTDEBT LEVELDEBT RELIEFDEBT RESTRUCTURINGDEBT SECURITIESDEBT SERVICEDEBT STOCKDEBTORDEFAULT RISKSDEFICIT FINANCINGDEMAND-SIDE FACTORSDEPOSITDERIVATIVESDEVELOPING COUNTRIESDOMESTIC BANKSDOMESTIC BORROWINGDOMESTIC CURRENCYDOMESTIC DEBTDOMESTIC DEBT INSTRUMENTSDOMESTIC DEBT MARKETDOMESTIC DEBTSDOMESTIC FINANCIAL MARKETSECONOMIC DEVELOPMENTEFFICIENT MARKETEMERGING MARKETSEXPENDITURESEXTERNAL BORROWINGEXTERNAL DEBTEXTERNAL INDEBTEDNESSFINANCIAL CRISISFINANCIAL DEVELOPMENTFINANCIAL INSTRUMENTFINANCIAL INSTRUMENTSFINANCIAL LIBERALIZATIONFINANCIAL MANAGEMENTFINANCIAL STABILITYFINANCIAL SUPPORTFINANCIAL SYSTEMFISCAL DEFICITFOREIGN CURRENCYFOREIGN DEBTFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE MARKETFOREIGN EXCHANGE RESERVESFOREIGN FINANCINGGLOBAL DEVELOPMENT FINANCEGOVERNMENT BORROWINGGOVERNMENT DEBTGOVERNMENT DEBT MARKETGOVERNMENT DEBT MARKETSGOVERNMENT FINANCEGOVERNMENT FINANCINGHOLDINGIMPLICIT INTERESTINDIVIDUAL INVESTORSINFLATIONINFLATION RATEINFLATION RISKINFLATIONARY PRESSURESINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINSURANCE COMPANIESINTEREST PAYMENTINTEREST PAYMENTSINTEREST RATEINTEREST RATE RISKSINTEREST RATESINTERNAL FINANCINGINTERNATIONAL BANKINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL FINANCIAL INSTITUTIONSINVESTINGINVESTMENT HORIZONSINVESTMENT PROJECTSINVESTOR BASEISSUANCELEGAL OWNERSHIPLENDERSLEVYLIQUID ASSETSLOCAL CURRENCYLOCAL FINANCIAL MARKETSLOCAL GOVERNMENTLOCAL MARKETSLONG TERM DEBTLONG-TERM DEBTLONG-TERM GOVERNMENT SECURITIESLONG-TERM INSTRUMENTSLONG-TERM INVESTMENTLONG-TERM LIABILITIESMACROECONOMIC ENVIRONMENTMACROECONOMIC INSTABILITYMACROECONOMIC MANAGEMENTMACROECONOMIC POLICIESMACROECONOMIC POLICYMACROECONOMIC STABILITYMARKET DEPTHMARKET DEVELOPMENTMARKET YIELDMARKETABLE DEBTMARKETABLE INSTRUMENTSMARKETABLE SECURITIESMATURITIESMATURITYMATURITY MISMATCHMATURITY STRUCTUREMONETARY AUTHORITYMONETARY POLICYMONEY SUPPLYMORAL HAZARDMORAL SUASIONMUTUAL FUNDSNATIONAL SAVINGSNET DEBTOVERDRAFT FACILITIESPENSIONPENSION FUNDSPOLICY RESPONSESPORTFOLIOPORTFOLIO ALLOCATIONPORTFOLIOSPRIVATE BORROWERSPRIVATE INVESTMENTPRIVATE LENDERSPRIVATE LENDINGPUBLIC DEBTPUBLIC DEBT DATAPUBLIC DEBT INSTRUMENTSPUBLIC DEBT MANAGEMENTPUBLIC DEBT MARKETSPUBLIC FINANCESPUBLIC INVESTMENTPUBLIC SECTOR DEBTPUBLIC SPENDINGREAL EXCHANGE RATEREAL INTERESTREAL INTEREST RATESREMITTANCESRETAIL INVESTORSRISK PROFILERISK SHARINGSECONDARY MARKETSSECURITY MARKETSHORT-TERM INSTRUMENTSSOLVENCYSOVEREIGN BONDSSOVEREIGN DEFAULTSSOVEREIGN GUARANTEESTOCK MARKETSSTOCKST-BILLSTRADINGTREASURYTREASURY BILLSVALUATIONWEALTH EFFECTS10.1596/1813-9450-6777