Risk Management of Sovereign Assets and Liabilities

Author/Editor:

Marcel Cassard ; D. F. I. Folkerts-Landau

Publication Date:

December 1, 1997

Electronic Access:

Free Full Text (PDF file size is 3080 KB).Use the free Adobe Acrobat Reader to view this PDF file

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

In an environment of sizable and volatile capital flows and integrated international capital markets, large and unhedged net external sovereign liabilities expose countries to swings in international asset prices and to potential speculative currency attacks. The paper argues that an essential step in reducing emerging market vulnerability to such external shocks is to reform the institutional arrangements governing asset and liability management policies, so as to promote a transparent, publicly accountable, and professional incentive structure.

Series:

Working Paper No. 97/166

English

Publication Date:

December 1, 1997

ISBN/ISSN:

9781451979619/1018-5941

Stock No:

WPIEA1661997

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

53

Please address any questions about this title to publications@imf.org