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DEBT SUSTAINABILITY: A CASE STUDY OF BHUTAN
Title statement DEBT SUSTAINABILITY: A CASE STUDY OF BHUTAN [rukopis] / Gaki Dem Additional Variant Titles Debt Sustainability:Issues and Implications- A case study of Bhutan Personal name Dem, Gaki, (dissertant) Translated title Debt Sustainability:Issues and Implications Issue data 2019 Phys.des. 44 p. (14639 words) : il., grafy, tab. + 1 CD Note Ved. práce Gianni Vaggi Oponent Maria Sassi Another responsib. Vaggi, Gianni, (thesis advisor) Sassi, Maria, (opponent) Another responsib. Univerzita Palackého. Katedra rozvojových studií (degree grantor) Keywords Debt-Sustainability * VECM * Geometry of Debt Sustainability * Debt-Sustainability * VECM * Geometry of Debt Sustainability Form, Genre diplomové práce master's theses UDC (043)378.2 Country Česko Language angličtina Document kind PUBLIKAČNÍ ČINNOST Title Mgr. Degree program Navazující Degree program Geography Degreee discipline International Development Studies book
Kvalifikační práce Downloaded Size datum zpřístupnění 00249309-492192534.pdf 35 2.9 MB 31.05.2019 Posudek Typ posudku 00249309-ved-623179647.pdf Posudek vedoucího 00249309-opon-816919189.pdf Posudek oponenta
This study empirically investigated the debt sustainability of Bhutan by adopting Geometry of Debt Sustainability. The study is carried out by separating the total external debt into hydropower-related debt and non-hydropower debt. The results revealed that the hydropower debt which accounts for 77% of total external debt is found unsustainable while, the non-hydropower debt appears sustainable based on this analysis. The high level of current account deficit (21% of GDP) accompanied by the non-concessional interest rate on hydropower loans are the main factors contributing to the nonsustainability of hydropower debt. The study further estimated the governments' reaction towards an increasing level of government debt through estimation of fiscal reaction function for the period 1985-2017. Unit root and cointegration techniques, and Vector Error Correction Model (VECM) are used to determine the behaviour of the government. The findings showed that the government is taking corrective measures to the increasing debt to ensure fiscal sustainability.This study empirically investigated the debt sustainability of Bhutan by adopting Geometry of Debt Sustainability. The study is carried out by separating the total external debt into hydropower-related debt and non-hydropower debt. The results revealed that the hydropower debt which accounts for 77% of total external debt is found unsustainable while, the non-hydropower debt appears sustainable based on this analysis. The high level of current account deficit (21% of GDP) accompanied by the non-concessional interest rate on hydropower loans are the main factors contributing to the nonsustainability of hydropower debt. The study further estimated the governments' reaction towards an increasing level of government debt through estimation of fiscal reaction function for the period 1985-2017. Unit root and cointegration techniques, and Vector Error Correction Model (VECM) are used to determine the behaviour of the government. The findings showed that the government is taking corrective measures to the increasing debt to ensure fiscal sustainability.
Number of the records: 1