01894cas a2200265 a 4500 AALejournalIMF014856 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475584691 1018-5941 BD-DhAAL BD-DhAAL Escolano, Julio. Global Monetary Tightening : Emerging Markets Debt Dynamics and Fiscal Crises / Julio Escolano, Christina Kolerus, Constant Lonkeng Ngouana. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (28 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper finds that tightening global financial conditions can worsen emerging economies' public debt dynamics through an increasing interest rate-growth differential, particularly if coupled with high global risk aversion. Latin America and emerging Europe are the regions most likely to be adversely affected. In addition, historical evidence-analyzed by means of a Poisson count model-suggests that the frequency of sovereign debt crises increases in emerging economies at the early stage of U.S. monetary tightening cycles, at times in which the term spread also rises. The timing may be related to abrupt switches of expectations about the future course of policy in the early stages of tightening cycles. Mode of access: Internet Kolerus, Christina. Lonkeng Ngouana, Constant. IMF Working Papers; Working Paper ; No. 2014/215 Full text available on IMF http://elibrary.imf.org/view/journals/001/2014/215/001.2014.issue-215-en.xml IMF e-Library