Sovereign Asset and Liability Management in Emerging Market Countries: The Case of Uruguay
IMF Working Papers, December 27, 2019
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- Sovereign Asset and Liability Management in Emerging Market Countries: The Case of Uruguay
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Bibliographic details
- Authors: André Amante, Phillip Anderson, Thordur Jonasson, Herman Kamil, Michael G. Papaioannou
- Published: December 27, 2019
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781513511696.001
Summary
- This paper provides an overview of the strategic and operational issues as well as institutional challenges related to the implementation of the Sovereign Asset and Liability Management (SALM) approach.
- Application of an SALM framework allows the authorities to:
- identify and monitor sovereign exposure mismatches;
- increase resilience to foreign currency and interest rate risks; and thus, strengthen financial stability;
- implement more cost-effective management of the public-sector debt.
- The analysis is based on emerging market (EM) countries and illustrated by the experience of Uruguay, using data as of end-2017.
- Pages: 40
Major findings and analytical focus
- SALM helps identify and monitor sovereign exposure mismatches.
- SALM increases resilience to:
- foreign currency risks;
- interest rate risks.
- SALM supports:
- strengthening financial stability;
- more cost-effective public-sector debt management.
- Analysis scope: emerging market (EM) countries, illustrated with Uruguay.
Institutional and operational issues highlighted
- Strategic issues related to implementing SALM frameworks.
- Operational issues related to measuring and managing balance-sheet risks.
- Institutional challenges for authorities in establishing SALM processes (including governance bodies such as asset liability committees).
Subjects and keywords (as listed)
- Subjects: Asset and liability management, Currencies, Financial statements, Government asset and liability management, Government debt management, Money, Public debt, Public financial management (PFM)
- Keywords: Applying SALM, asset, asset liability committee, balance sheet, balance sheet vulnerability, balance-sheet risk, BCU balance sheet, Currencies, currency, currency position, debt, Financial Risk, Financial statements, Foreign Exchange Hedging, Global, Government asset and liability management, government balance sheet, Government debt management, Government Securities Markets, liability committee, long position, Public Debt Management, risk exposure, SALM approach, SALM framework, sovereign balance sheet, WP
Authors, publication, and identifiers
- Authors: André Amante, Phillip Anderson, Thordur Jonasson, Herman Kamil, Michael G. Papaioannou
- Publication date: December 27, 2019
- Series: Working Paper No. 2019/290
- Issue: 290
- Volume: 2019
- DOI: https://doi.org/10.5089/9781513511696.001
- Stock No: WPIEA2019290
- ISBN: 9781513511696
- ISSN: 1018-5941
IMF Working Paper: "Sovereign Asset and Liability Management in Emerging Market Countries: The Case of Uruguay" (authors: André Amante, Phillip Anderson, Thordur Jonasson, Herman Kamil, Michael G. Papaioannou), December 27, 2019; data as of end-2017; Working Paper No. 2019/290; Pages: 40; DOI: https://doi.org/10.5089/9781513511696.001
Content in this bundle
- Working Paper