1 Subjects: “...Debt Markets...”

2 Subjects: “...Debt Markets...”

3 “.... The first three debt waves ended with financial crises in many emerging market and developing economies...”

4 “... fifty years. Since 2010, emerging and developing economies have experienced another wave of historically...”

5 “...Emerging market and developing economies have experienced recurrent episodes of rapid debt...”

6 “...Government debt has risen substantially in emerging market and developing economies (EMDEs) since...”

7 “... of the crisis. In contrast, most emerging market and developing economies weathered the 2009 global recession...”