Government financial assets and debt sustainability by Camila Henao Arbelaez and Nelson Sobrinho published by IMF (7/2017). “…Government financial assets significantly reduce sovereign spreads and the probability of debt crises in emerging economies but not in advanced economies, and the effect varies with asset characteristics, notably liquidity. Government financial assets also help discriminate countries across the distribution of sovereign spreads, thus signaling information about emerging economies’ creditworthiness.”
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