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THE EXTERNAL DEBT OF DEVELOPING AND TRANSITION COUNTRIES

THE EXTERNAL DEBT OF DEVELOPING AND TRANSITION COUNTRIES. OECD STATISTICS. History of the external debt unit. 1967: Establishment of OECD’s Creditor Reporting System. 1984: BIS-OECD initiative to combine and jointly publish their creditor statistics on countries’ external debt .

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THE EXTERNAL DEBT OF DEVELOPING AND TRANSITION COUNTRIES

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  1. THE EXTERNAL DEBT OF DEVELOPING AND TRANSITION COUNTRIES OECD STATISTICS

  2. History of the external debt unit • 1967: Establishment of OECD’s Creditor Reporting System. • 1984: BIS-OECD initiative to combine and jointly publish their creditor statistics on countries’ external debt . • 1999: Broadening of previous agreement to include IMF and WB data under Joint Publication. • 2003: transfer from DCD to STD.

  3. The external debt unit activity • Definition of concepts. • Development of methodology. • Collection of primary data from bilateral and multilateral creditors. • Collection of creditor and debtor data from international compilers. • Standardisation and consolidation of data from multiple sources. • Interpretation and dissemination of data. • Participation in related international fora (TFFS, Paris Club).

  4. What is external debt? Gross • Gross external debt, at any given time, is the outstanding amount of those actual current, and not contingent, liabilities that require payment(s) of principal and/or interest by the debtor at some point(s) in the futures and that are owed to non- residents by residents of an economy. current current liabilities residents Nominal Immediate risk

  5. ($ millions) Thailand Ecuador • Official DEBT OUTSTANDING AT END-DECEMBER 2001 • Multilateral Total Of Which concessional 7 550 137 3 713 627 • Bilateral Loans Total Of Which ODA/OA 11 774 7 465 1 043 878 • Export credits Non-bank Bank 3 282 2 556 672 239 • Private • Bank loans and deposits 16 925 1 242 4 046 • Debt securities 10 013 • Other 8 920 178 Total 61 021 11 133 Of which Due within one year 13 942 1 688

  6. Why external debt statistics? • To provide financial stability indicators • To monitor debt finance for development. • To assess countries debt sustainability. • To provide indicators of vulnerability to crisis.

  7. Who are the users? Debt management offices Financial analysts Debtor policy markers Private lenders Debtor statistical offices Official lenders Supervisory authorities Aid providers Rating agencies

  8. Why a creditor based approach to external debt? Produces data which are comprehensive and comparable across countries and over time. Exploits existing sources of multi-purpose collection systems run by international agencies. • Provides a perspective not obtainable from debtor data. Provides useful reference for debtor compilers.

  9. Total 61 021 11 133 ($ millions) Thailand Ecuador • Official DEBT OUTSTANDING AT END-DECEMBER 2001 • Multilateral Total Of Which concessional 7 550 137 3 713 627 • Bilateral Loans Total Of Which ODA/OA 11 774 7 465 1 043 878 • Export credits Non-bank Bank 3 282 2 556 672 239 • Private • Bank loans and deposits 16 925 1 242 4 046 • Debt securities 10 013 • Other 8 920 178 Of which Due within one year 13 942 1 688

  10. Main problems and research issues Black holes Residual unidentified overlaps between data series Nominal / market valuation Treatment of financial centres Measurement of flow data

  11. Value added of work • Builds on, often confidential, • data from multiple national and international sources. • Contributes to international financial transparency. • Responds to public demand. • Deals with methodological and conceptual issues • relevant to other financial statistics.

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