Debt-related Vulnerabilities And Financial Crises: An Application of the

This publication examines the application of the balance sheet approach (BSA) in financial vulnerability analysis of emerging market economies, including its conceptual framework, trends over the past decade including case studies, and related policy issues. This concept is being increasingly used in the IMF's analysis of debt-related vulnerabilities, as evidenced by a growing number of Article IV consultation reports providing applications to individual countries, as well as a large body of academic literature on financial crises and their origins.