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Hidden Debt : Solutions to Avert the Next Financial Crisis in South Asia (Inglês)

The COVID-19 (coronavirus) crisis has expanded public direct interventions through state banks and enterprises to aid economies, but with possible risks to debt sustainability, long-term productivity, and equality. The ongoing COVID-19 crisis, which has sent economies in South Asia and other parts of the world into a deep recession, has created the need for public relief efforts. It has also raised South Asia’s debt levels and has also raised South Asia’s debt levels and future contingent liabilities. This once-in-a-century shock and the subsequent vast deployment of public resources have come on the back of the debt wave that has formed over the past decade. Large amounts of debt obligations are likely to resurface for central governments as many troubled state-owned enterprises (SOEs) and state-owned commercial banks (SOCBs) will call for the support through bailouts. Prematurely terminated public-private partnerships (PPPs) may require large public payments as settlements. Increased leveraging of SOEs, SOCBs, and PPP interventions during the COVID-19 crisis must be safeguarded against possible exploitation by elites for their own benefit and must minimize misallocation of resources in the economy that could reduce productivity in the medium to long ter. On balance, PPPs have yielded more successes than problems compared with SOCBs and SOEs. Some PPPs in South Asia have been highly successful in terms of both public benefits and private returns.

Detalhes

  • Autor

    Melecky,Martin

  • Data do documento

    2021/10/13

  • TIpo de documento

    Publicação

  • No. do relatório

    161118

  • Nº do volume

    1

  • Total Volume(s)

    1

  • País

    Sul da Ásia,

  • Região

    Sul da Ásia,

  • Data de divulgação

    2021/10/13

  • Disclosure Status

    Disclosed

  • Nome do documento

    Hidden Debt : Solutions to Avert the Next Financial Crisis in South Asia

  • Palavras-chave

    democratic socialist; state-owned enterprise; Ownership Share Type; public sector research and development; Public Sector Enterprises; fragile and conflict; Fragility, Conflict, and Violence; public expenditure on education; research and development expenditure; risk-weighted asset; gross fixed capital formation; information and communication technology; Legal Resource Center; public-private partnership; share of state; interest coverage ratio; public sector bank; amount of debt; bayesian information criterion; marginal revenue product; fiscal cost; summary statistic; financial crisis; public capital; contingent liabilities; contingent liability; power purchase agreement; Rule of Law; interest rate structure; increase in debt; value at risk; theory of change; debt due; climate change risk; Civil Service Reform; Check and Balances; central government revenue; management of risk; global financial crisis; infrastructure and capital; public opinion survey; public sector reform; access to financing; product of labor; local private sector; foreign commercial bank; private sector performance; loss of confidence; central government function; general government expenditure; earnings before interest; net present value; return on asset; credit rating agencies; credit rating agency; public private partnership; foreign private banks; regional rural bank; private sector activity; soft budget constraint; total factor productivity; central government budget; national planning commission; ppp contract design; indian states; fiscal rule; fiscal risk; Subnational Debt; financial closure; financial market; regression table; national highway; public debt; subnational fiscal; financial shock; provincial debt; public bank; efficiency gain; transparency measures; business model; waiting time; baseline regression; Political Economy; Subnational SOEs; Public Spending; fiscal decentralization; several years; government support; fiscal space; sectoral distribution; other asset; recent years; systemic shocks; several times; fiscal resource; political elite; accountability mechanism; downside risk; banking system; social contract; industry association; direct intervention; local investment; bank distress; supply credit; capacity constraint; asset transfer; state intervention; public fund; market base; Toll Road; clear definition; governance constraints; fiscal capacities; treatment plant; financial accountability; political agenda; basic infrastructure; public money; transparent setting; institutional underpinning; property right; contract protection; state enterprises; fiscal subsidy; Economic Stimulus; financial distress; local pressure; road crossing; private party; private parties; city road; Traffic Safety; road median; city budget; urban landscape; major road; capital infusion; air transport; clear delineation; regional city; common feature; local problem; Private Building; stainless steel; nonperforming loan; project revenue; operational inefficiency; pandemic response; rising debt; global debt; regulatory forbearance; stock-flow adjustment; nonperforming asset; medium enterprise; external equity; outstanding debt; measure of use; Political Systems; fiscal position; international terminal; equity holder; infrastructure service; finance infrastructure; container vessel; private capital; sustainable way; equitable development; socially beneficial; port fee; creating incentives; specific incentives; increased transparency; partial privatization; decentralization program; unrealistic assumption; foreign partner; government issue; private company; construction cost; project finance; commercial operation; equity share; concession fee; electricity authority; water flow; Civil War; major river; new equipment; installed capacity; port terminal; private operation; generation plant; container terminal; productivity increase; financial failure; missing value; macroeconomic variable; institutional variables; legislative assembly; fiscal adjustment; state bank

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