Table S6. Balance sheet composition d uring government debt booms (crises vs. noncrises)

||Comple|Advanced<br>ted booms wit|h crises|Complete|Advanced<br>d booms with|out crises|
|---|---|---|---|---|---|---|
||World|economies|EMDEs|World|economies|EMDEs|
|Short-term government debt, initial|...|...|...|5.0|...|3.1|
|(Percent of GDP)||||[0.0, 6.2]||[0.0, 6.2]|
|Short-term government debt, changes|...|...|...|0.0|...|-0.4|
|(Percentage points of GDP)||||[-0.7, 0.2]||[-0.7, 0.0]|
|Foreign currency government debt, initial|1.5|1.5|...|15.0*|7.3|27.0|
|(Percent of government debt)|[0.2, 3.9]|[0.2, 3.9]||[14.4, 27.0]|[0.1, 14.4]|[15.0, 61.5]|
|Foreign currency government debt, changes|0.0|0.0|...|1.2|0.7|1.2|
|(Percentage points of government debt)|[-0.2, 0.6]|[-0.2, 0.6]||[0.0, 1.3]|[0.0, 1.5]|[-0.2, 1.3]|
|Nonresident-held government debt, initial|43.8|43.8|45.0|25.6|23.6|30.5|
|(Percent of government debt)|[39.6, 55.6]|[40.2, 55.5]|[22.3, 67.6]|[14.2, 53.4]|[9.3, 48.4]|[15.0, 59.6]|
|Nonresident-held government debt, changes|0.1|0.1|-0.8|0.8|0.8|0.5|
|(Percentage points of government debt)|[-0.7, 2.5]|[-0.6, 3.2]|[-2.1, 0.5]|[0.1, 1.3]|[0.6, 1.6]|[-0.9, 1.3]|

Note: Table shows medians, as well as interquartile ranges (i.e., two numbers in brackets), of indicators on balance sheet composition of debt across completed government debt booms with and without crises in respective country groups. The statistics are not reported, if there is only one data point. Initial and changes refer to, respectively, the level at the beginning, or trough, of debt booms and average annual changes during debt booms. * denotes that medians are statistically significantly different between booms with and without crises in respective country groups at the 10 percent level.

Table S7. Balance sheet composition during government debt booms (completed vs. ongoing booms)

||C|Advanced<br>ompleted boo|ms|O|Advanced<br>ngoing boom|s|
|---|---|---|---|---|---|---|
||World|economies|EMDEs|World|economies|EMDEs|
|Short-term government debt, initial|5.0|...|3.1|3.2|4.5|2.7|
|(Percent of GDP)|[0.0, 6.2]||[0.0, 6.2]|[1.6, 6.4]|[1.7, 8.6]|[1.6, 6.1]|
|Short-term government debt, changes|0.0|...|-0.4|0.3|1.1|0.1|
|(Percentage points of GDP)|[-0.7, 0.2]||[-0.7, 0.0]|[0.0, 1.1]|[0.4, 1.6]|[0.0, 0.7]|
|Foreign currency government debt, initial|3.9|1.5|27.0|18.5|0.2|41.0|
|(Percent of government debt)|[0.2, 15.0]|[0.1, 4.3]|[15.0, 61.5]|[0.6, 44.4]|[0.0, 1.1]|[30.4, 73.1]|
|Foreign currency government debt, changes|0.0|0.0|1.2|0.0|0.0|0.2|
|(Percentage points of government debt)|[-0.2, 1.3]|[-0.1, 1.0]|[-0.2, 1.3]|[-0.6, 0.3]|[-0.1, 0.0]|[-0.6, 0.5]|
|Nonresident-held government debt, initial|40.9|41.6|30.5|36.0|36.0|37.0|
|(Percent of government debt)|[18.7, 55.5]|[23.6, 52.8]|[18.7, 59.6]|[20.0, 53.8]|[14.4, 57.2]|[24.6, 52.7]|
|Nonresident-held government debt, changes|0.6|0.8|0.5|0.2|0.2|0.2|
|(Percentage points of government debt)|[-0.6, 1.6]|[-0.3, 1.7]|[-0.9, 1.2]|[-0.6, 1.0]|[-0.7, 1.0]|[-0.6, 1.2]|

Note: Table shows medians, as well as interquartile ranges (i.e., two numbers in brackets), of indicators on balance sheet composition of debt across completed government debt booms and ongoing booms in respective country groups. The statistics are not reported, if there is only one data point. Initial and changes refer to, respectively, the level at the beginning, or trough, of debt booms and average annual changes during debt booms 37