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 “... virtually returned to levels in the mid-2000s. In contrast, fiscal space has shrunk in many emerging market...”

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