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Effects Of The Global Economic Crisis And The Covid-19 Pandemic On Sovereign Debt Management In Heavily Indebted Countries

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  • Velichka Nikolova

    (UNWE)

Abstract

This article presents an analysis of the sovereign debt in some heavily indebted countries worldwide, including Venezuela, Sudan, Japan and Greece. Its main objective is to track and compare the initial effects of the global financial and economic crisis (2008) and the COVID-19 pandemic on sovereign debt levels in those countries. This is why it starts with a classification of the theoretical concepts addressing the relationship between economic crises and changes in the levels of sovereign debt. It then defines the main drivers for the sharp increase of the sovereign debt in these countries and describes the dynamics of the revenues, expenditures and balances of their budgets.

Suggested Citation

  • Velichka Nikolova, 2021. "Effects Of The Global Economic Crisis And The Covid-19 Pandemic On Sovereign Debt Management In Heavily Indebted Countries," Economic Archive, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 3 Year 20, pages 31-45.
    • Handle: RePEc:dat:earchi:y:2021:i:3:p:31-45
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    File URL: http://hdl.handle.net/10610/4525
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    References listed on IDEAS

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    1. Andrey Zahariev & Mikhail Zveryаkov & Stoyan Prodanov & Galina Zaharieva & Petko Angelov & Silvia Zarkova & Mariana Petrova, 2020. "Debt management evaluation through Support Vector Machines: on the example of Italy and Greece," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 7(3), pages 2382-2393, March.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2015. "Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten," Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, vol. 2(4), pages 5-17, June.
    3. Atanas Damyanov, 2021. "An Outline Of The Fault Line In The European Union," Economic Archive, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 3 Year 20, pages 3-13.
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    More about this item

    Keywords

    sovereign debt; heavily indebted countries; COVID-19;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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