This report analyses the external vulnerabilities of developing countries based on their profile of global financial integration. Three groups of countries are identified: Emerging Market Economies (EMEs) that are mostly upper-middle income developing countries that integrated into international capital markets since the 1990s, Frontier Market Economies (FMEs) that are mainly low- or lower-middle income countries that began to access the global market after the Global Financial Crisis (GFC) of 2008, and Other Developing Economies (ODEs) that are associated with low degrees of integration into international capital markets and rely mainly on external public financing and official development assistance. The sovereign debt life cycle is introduced to the analysis as a conceptual device to identify the differential experience of these three groups of developing countries (EMEs, FMEs and ODEs), especially as they relate to debt acquisition and access to markets, debt servicing, repayment and resilience. […]