Guidelines for Public Debt Management -- Amended
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 39 |
| Release | : 2003-09-12 |
| Genre | : Business & Economics |
| ISBN | : 149832892X |
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Optimal Management Of Indexed And Nominal Debt
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A Primer on Managing Sovereign Debt-Portfolio Risks
| Author | : Thordur Jonasson |
| Publisher | : International Monetary Fund |
| Total Pages | : 133 |
| Release | : 2018-04-06 |
| Genre | : Business & Economics |
| ISBN | : 1484350545 |
This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.
Revised Guidelines for Public Debt Management
| Author | : International Monetary Fund, |
| Publisher | : International Monetary Fund |
| Total Pages | : 40 |
| Release | : 2015-03-11 |
| Genre | : Business & Economics |
| ISBN | : 1498330665 |
The Revised Guidelines for Public Debt Management have been developed as part of a broader work program undertaken by the IMF and the World Bank to strengthen the international financial architecture, promote policies and practices that contribute to financial stability and transparency, and reduce countries external vulnerabilities.
Medium-Term Debt Management Strategy
| Author | : Mr.Emre Balibek |
| Publisher | : International Monetary Fund |
| Total Pages | : 68 |
| Release | : 2019-05-15 |
| Genre | : Business & Economics |
| ISBN | : 1498314996 |
This report provides guidance on using the Analytical Tool of the Medium-Term Debt Management Strategy (MTDS). The MTDS framework consists of a methodology, published as the ‘Guidance Note for Developing a Medium-Term Debt Management Strategy’, and an associated analytical tool (AT) that can be used to assess the cost-risk trade-offs of alternative strategies to help identify the preferred strategy. The MTDS framework supported by the AT quantitative analysis helps to determine the financing strategy. The chosen debt management strategy sets out the financing composition path to meet the debt management objective(s). The profile of future interest payments and the amortizations of new debt are driven by the debt management strategy. The MTDS AT is based on annual cash flow. Although this assumption is enough for analyzing alternative debt management strategies, in some cases, particularly for countries that are heavily dependent on short-term securities with maturities of less than a year, it would be helpful to work with cash flows with higher frequency.
Global Waves of Debt
| Author | : M. Ayhan Kose |
| Publisher | : World Bank Publications |
| Total Pages | : 403 |
| Release | : 2021-03-03 |
| Genre | : Business & Economics |
| ISBN | : 1464815453 |
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
A Practical Guide to Public Debt Dynamics, Fiscal Sustainability, and Cyclical Adjustment of Budgetary Aggregates
| Author | : Julio Escolano |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 94 |
| Release | : 2010-01-27 |
| Genre | : |
| ISBN | : 9781462396955 |
This paper presents a practical guide to public debt dynamics, fiscal sustainability, and cyclical adjustment of budgetary aggregates. The paper discusses fiscal formulas, which may be of practical use in fiscal analysis. The paper derives, respectively, the formulas for debt dynamics, and cyclical and inflation adjustment of budgetary aggregates. It discusses other relationships for special applications, and some practical implications and usage. The formulas related to debt dynamics are based on the assumption that changes in liabilities are the result of above-the-line budgetary operations.
Introduction of a New Conceptual Framework for Government Debt Management
| Author | : Anja Hubig |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 228 |
| Release | : 2013-01-18 |
| Genre | : Business & Economics |
| ISBN | : 3658009187 |
Against the background of the financial-cum-sovereign debt crisis, government debt managers are currently faced by a challenging environment. One key element in that respect is the analysis and forecast of interest rates, which is important for achieving the strategic objective of low borrowing costs. Anja Hubig develops a new mathematical method to estimate the term structure of interest rates, that is adopted to describe the term structure dynamics within a stochastic setting. The introduced model is capable to capture the complex behavior of the entire yield curve with a reduced set of parameters. It essentially ensures a comprehensive analysis of the costs and risks associated with individual funding strategies, and thus effectively supports the selection of a long-term optimal debt portfolio composition.
Management of the Nominal Public Debt Theory and Applications
| Author | : Mr.Guillermo Calvo |
| Publisher | : International Monetary Fund |
| Total Pages | : 42 |
| Release | : 1990-12-01 |
| Genre | : Business & Economics |
| ISBN | : 1451942796 |
Optimal management of the public debt is explored in a context where economic policy is continuously revised because, when the public debt is non—indexed, policy—makers are tempted to use inflation in order to reduce the real value of the public debt. The model’s implications are explored following two approaches. First, the effects of various exogenous disturbances are examined by means of numerical simulations. Secondly, the analysis explores—for Italy, Ireland, and the United States—if the model’s implications concerning the maturity structure of government debt are consistent with actual experience.
Public Debt Management and Bailouts
| Author | : Mr.Torbjorn I. Becker |
| Publisher | : International Monetary Fund |
| Total Pages | : 24 |
| Release | : 1999-07-01 |
| Genre | : Business & Economics |
| ISBN | : 1451852673 |
This paper addresses how public debt should be managed to reduce the cost of private sector bailouts. It uses a tax smoothing model to show that bailouts affect the timing of government deficits and surpluses as well as the composition of public debt. In general, public debt managers will have to monitor the private sector’s leverage and portfolio composition in order to design the tax smoothing policy. This contrasts with Ricardian models where households monitor the government’s debt. The moral hazard aspect of defaults is also shown to be important in determining an optimal government debt strategy.
Bridging the GAAP
| Author | : Itzhak Venezia |
| Publisher | : World Scientific |
| Total Pages | : 305 |
| Release | : 2012 |
| Genre | : Business & Economics |
| ISBN | : 9814350001 |
Bridging the GAAP: Recent Advances in Finance and Accounting aims to promote a stronger interface between researchers in accounting and finance that will enhance the understanding of the similarities and differences between these two fields. Such dialog will also acquaint researchers in each area with significant recent advances in the other area, and will enable a cross fertilization of thoughts, from which both can significantly benefit. This consolidates the efforts to bridge the gap between finance and accounting by looking at diverse topics in accounting and finance and providing interesting points of view on different topics. Most of the chapters concentrate on the topic of fair value accounting and on the question of the extent to which accounting reflects the financial situation of a firm. The book combines new developments in the area of theoretical finance and accounting, and the convergence of these two approaches to better serve investors and the general public.
