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Sovereign Debt Structure for Crisis Prevention

Author/Editor: Borensztein, Eduardo | Chamon, Marcos | Jeanne, Olivier | Mauro, Paolo | Zettelmeyer, Jeromin
Published: January 26, 2005
Electronic Access: Link to Abstract

Summary: The debate on government debt in the context of possible reforms of the international financial architecture has thus far focused on crisis resolution. Sovereign Debt Structure for Crisis Prevention seeks to broaden this debate. It asks how government debt could be structured to pursue other objectives, including crisis prevention, international risk-sharing, and facilitating the adjustment of fiscal variables to changes in domestic economic conditions. To that end, this paper considers recently developed analytical approaches to improving sovereign debt structure using existing instruments, and reviews a number of proposals-including the introduction of explicit seniority and GDP-linked instruments-in the sovereign context.
 
Series: Occasional Paper No. 237
Subject(s): Debt | Financial crisis
 
English  
    Published:   January 26, 2005        
    ISBN/ISSN:   ISBN 1-58906-377-5 ; ISSN 0251-6365   Format:   Paper
    Stock No:   S237EA   Pages:   69
    Price:   US$25.00 (Academic Rate: US$22.00)
       
     
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