Public Sector Economics

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Costs and benefits of government borrowing in foreign currency: is it a major source of risk for EU member states outside the Euro?



Mislav Brkić*
Review article   |   Year:  2021   |   Pages:  63 - 91   |   Volume:  45   |   Issue:  1
Received:  June 16, 2020   |   Accepted:  November 10, 2020   |   Published online:  March 9, 2021
Download citation        https://doi.org/10.3326/pse.45.1.2       


Figure 1
Impact of a currency depreciation on the public finances
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Figure 2
Borrowing from the Eurosystem as percent of banks' total liabilities
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Figure 3
Government foreign currency borrowing and reserve accumulation in Croatia
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Figure 4
Composition of central bank assets, end-2018 (in %)
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Figure 5
Currency composition of government debt, 2018 (in %)
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Figure 6
Exposure of public finances to currency risk, 2018, in % of GDP
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Figure 7
Foreign currency deposits with commercial banks, 2018, in %
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Figure 8
Foreign currency liabilities and gross international reserves, 2018, in percent of GDP
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Figure 9
External fundamentals of CEE countries, 2007 and 2018, in percent of GDP
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Figure 10
Fiscal indicators of CEE countries, 2007-2018, in percent of GDP
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Figure 11
Geographical composition of merchandise trade of selected countries, 2018
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  March, 2021
I/2021
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