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Cover -- CONTENTS -- ABSTRACT -- I. INTRODUCTION -- II. LITERATURE REVIEW -- III. METHODOLOGY -- A. A Simple Economic Model -- B. Financial Assets and Sovereign Risk -- C. Financial Assets and Probability of Debt Distress -- IV. DATA -- A. Sample -- B. Descriptive Statistics -- V. RESULTS -- A. Financial Assets and Sovereign Spreads -- B. Robustness of the Results for Sovereign Spreads -- C. Financial Assets and Probability of Debt Distress -- D. Liquidity versus Solvency -- E. Robustness of the Results for the Probability of Debt Distress -- VI. ILLUSTRATIVE SIMULATIONS -- VII. CONCLUDING REMARKS -- VIII. REFERENCES -- APPENDIX -- A. Country Coverage -- B. Control Variables -- C. Asset Data-Government Balance Sheets -- D. Asset Data-WEO -- E. Quantile Regressions-Baseline Parameters -- F. Quantile Regressions-Robustness -- G. Panel OLS and Probit Regressions-Robustness -- TABLES -- Table 1. Net Debt and Baseline Controls: Descriptive Statistics, 1980-2015 -- Table 2. Asset Holdings by Category and Country Group, 1980-2015 (Percent of GDP) -- Table 3. Asset Holdings by Category and Instrument (Percent of GDP) -- Table 4. Pairwise Correlations, 1980-2015 -- Table 5. Triggers of Debt Crises in AMs and EMs, 1980-2015 -- Table 6. Panel OLS Fixed Effect Regressions (Dep. Variable: Bond Spreads, in bps) -- Table 7. Pooled Probit (Dependent Variable: Probability of Debt Distress) -- Table 8. Pooled Probit (Dep. Variable: Probability of Liquidity and Solvency Crises) -- FIGURES -- Figure 1. Description of Financial Asset Categories -- Figure 2. Asset Holdings Across Government Units and Asset Instruments -- Figure 3. Growth, Assets, Debt and Spreads during the GFC (Median) -- Figure 4. Commodity Prices and Equity Value of Commodity-Producing Firms -- Figure 5. Dynamics Around Debt Distress Episodes in EMs (Median).

Cover -- Contents -- I. Introduction -- II. Brief Literature Review -- III. Stylized Facts -- IV. Empirical Analysis -- V. Unbundling Governance -- VI. Non-Linearity -- VII. Concluding Remarks -- Appendix -- References -- FIGURES -- 1. Corruption Perceptions and Governance in SSA and the World -- 2. Governance and Corruption Perceptions and Level of Development -- 3. Governance and Corruption Perceptions and Growth -- 4. Corruption Perceptions and Fiscal Outcomes -- 5. Sample Distribution of Governance and Corruption Perceptions -- 6. SSA Sample Attributes -- 7. Overall Effect of Governance on Growth in SSA -- 8. Overall Effect of Governance on Growth in SSA Controlling for Endogeneity -- 9. Overall Effect of Governance on Growth Across Regions -- 10. Overall Effect of Governance on Growth Across Country Groups -- 11. Overall Effect of Governance on Growth in SSA Controlling for Other Factors -- 12. Overall Effect of Governance on Growth Using 3-Year and 1-Year Averages -- 13. Overall Effect of Governance and Corruption Perceptions on Growth -- TABLES -- 1. Correlation Between Governance and Corruption Perceptions in SSA, 1995-2015 -- 2. Summary of Variables and Data Sources -- 3. Summary Statistics of Main Variables Used in the Regressions -- 4. Governance and Growth in SSA: OLS Regressions -- 5. Governance and Growth in SSA: Baseline System GMM Regressions -- 6. Alternative Measures of Governance: System GMM Regressions -- 7. Governance Channels and Growth: System GMM Regressions -- 8. Corruption Perceptions and Growth in SSA: System GMM Regressions -- 9. Governance and Corruption Perceptions: Non-linear Models