Sovereign Debt Structure for Crisis Prevention
Occasional Papers, January 26, 2005
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Bibliographic details
- Authors: Eduardo Borensztein, Olivier D Jeanne, Paolo Mauro, Jeromin Zettelmeyer, Marcos Chamon
- Published: January 26, 2005
- Series: Occasional Papers
- DOI: https://doi.org/10.5089/9781589063778.084
Overview and objectives
- Examines how government debt could be structured to pursue objectives beyond crisis resolution, including:
- crisis prevention
- international risk-sharing
- facilitating adjustment of fiscal variables to changes in domestic economic conditions
- Considers recently developed analytical approaches to improving sovereign debt structure using existing instruments
- Reviews a number of proposals for the sovereign context, including:
- introduction of explicit seniority
- GDP-linked instruments
Key findings and themes
- Broadens the policy debate from crisis resolution to debt design for prevention and macroeconomic flexibility.
- Highlights the potential roles of:
- explicit seniority in debt contracts
- GDP-indexed bonds and other GDP-linked instruments
- inflation-indexed debt
- local currency debt
- Emphasizes analytical approaches applicable to emerging market country debt structures and global public debt management.
Publication and metadata
- Authors: Eduardo Borensztein, Olivier D Jeanne, Paolo Mauro, Jeromin Zettelmeyer, Marcos Chamon
- Date: January 26, 2005
- Pages: 69
- Volume: 2005
- Issue: 001
- Series: Occasional Paper No. 2005/001
- DOI: https://doi.org/10.5089/9781589063778.084
- Stock No: S237EA
- ISBN: 9781589063778
- ISSN: 0251-6365
Subjects and keywords
- Subjects: Bonds, Emerging and frontier financial markets, Environment, External debt, Financial institutions, Financial markets, Inflation-indexed bonds, Local currency debt, Natural disasters, Public debt
- Keywords: Africa, Asia and Pacific, bond, Bonds, debt, debt structure, debt structures, Emerging and frontier financial markets, emerging market country, GDP-indexed bond, Global, inflation-indexed debt, Local currency debt, Natural disasters, OP, short-term debt
Occasional Paper by Eduardo Borensztein, Olivier D Jeanne, Paolo Mauro, Jeromin Zettelmeyer, and Marcos Chamon (January 26, 2005).