As of mid-2010, emerging-market economies have not reached their debt limits.

Judge as of mid-2010 using data and assessments from that time. 'Not reached debt limits' means emerging-market economies in aggregate had moderate debt burdens and room to borrow more without a debt crisis. Relevant measures are EM government and total debt-to-GDP ratios well below those of advanced economies, falling or stable sovereign spreads (e.g. EMBI), continued market access, and IMF or BIS assessments describing EM fiscal and debt positions as sustainable or having space. TRUE: in mid-2010, contemporaneous data and assessments show EM debt ratios at moderate levels, with fiscal or credit space and no broad EM debt distress. MOSTLY TRUE: this holds for EMs in aggregate, but a minority of notable EM economies were already near or at debt-sustainability limits. MIXED: the evidence is split, e.g. roughly half of major EMs were constrained or contemporaneous assessments were divided. MOSTLY FALSE: aggregate figures look moderate, but most major EMs faced binding debt constraints (lost market access, distress-level spreads, IMF programs). FALSE: in mid-2010, EMs broadly were at or beyond their debt limits, with widespread debt crises or loss of market access.

Set before the research began.

1. E1 IMF sees Taiwan GDP up 6.5 percent - Taiwan Today Taiwan Today · 22 April 2010

   “The public debt problem in emerging economies is more localized. Many emerging Asian economies entered the crisis with relatively low public debt levels and can afford to maintain an expansionary fiscal stance.”

2. E2 IMF sees Taiwan GDP up 6.5 percent - Taiwan Today Taiwan Today · 22 April 2010

   “However, the IMF warned that many countries will continue to face public debt problems that could seriously affect the global economy.”

3. E3 Global Economic Prospects: Fiscal Headwinds and Recovery World Bank · June 2010

   “ratios are much lower (Figure 4). Overall, general government deficits as a percent of GDP in developing countries have increased by 4.5 percentage points between 2007 (before the crisis) and 2009.”

4. E4 Global Economic Prospects: Fiscal Headwinds and Recovery World Bank · June 2010

   “EMBI spreads for major developing countries, after rising much less than in September 2008 (Figure 1 bottom panel), have declined again and are only a little higher than in January 2010 (less than 10 basis points in the”

An April 2010 IMF assessment, as reported, called the public debt problem in emerging economies "more localized" and said many emerging Asian economies entered the crisis with low public debt and could keep an expansionary fiscal stance (E1). The World Bank's June 2010 report said EMBI spreads for major developing countries had declined again and were only a little above January 2010 levels, which points to continued market access (E4). It also suggested developing-country debt ratios were much lower, though deficits had risen (E3). Calling the problem "localized", together with the IMF's warning about public debt problems in many countries (E2), suggests some emerging economies were under strain, so mostly true fits better than true.