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Emerging Markets Quarterly

Submerging Markets: Seeing Them on the Way Down

By Arun Motianey
Oct 22, 2010 | Last Updated

In 2003, three economists then working at the IMF—Kenneth Rogoff, Carmen Reinhart and Miguel Savastano—published a paper titled Debt Intolerance. In it they introduced the notion of “debt intolerance,” which

“manifests itself in the extreme duress many emerging market economies express at overall debt levels that would seem quite manageable by the standards of advanced industrial economies...debt intolerance is intimately linked to the pervasive phenomenon of serial default that has plagued so many countries over the past two centuries. Debt-intolerant countries tend to have[...]

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