{
  "title": "Sovereign Debt Structure for Crisis Prevention",
  "publication": "Occasional Papers, January 26, 2005",
  "sourceUrl": "https://www.imf.org/en/publications/occasional-papers/issues/2016/12/31/sovereign-debt-structure-for-crisis-prevention-17583",
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  "summary": "The debate on government debt in the context of possible reforms of the international financial architecture has thus far focused on crisis resolution. This paper seeks to broaden this debate.",
  "sections": [
    {
      "heading": "Overview and objectives",
      "content": "- Examines how government debt could be structured to pursue objectives beyond crisis resolution, including:\n  - crisis prevention\n  - international risk-sharing\n  - facilitating adjustment of fiscal variables to changes in domestic economic conditions\n- Considers recently developed analytical approaches to improving sovereign debt structure using existing instruments\n- Reviews a number of proposals for the sovereign context, including:\n  - introduction of explicit seniority\n  - GDP-linked instruments"
    },
    {
      "heading": "Key findings and themes",
      "content": "- Broadens the policy debate from crisis resolution to debt design for prevention and macroeconomic flexibility.\n- Highlights the potential roles of:\n  - explicit seniority in debt contracts\n  - GDP-indexed bonds and other GDP-linked instruments\n  - inflation-indexed debt\n  - local currency debt\n- Emphasizes analytical approaches applicable to emerging market country debt structures and global public debt management."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Authors: Eduardo Borensztein, Olivier D Jeanne, Paolo Mauro, Jeromin Zettelmeyer, Marcos Chamon\n- Date: January 26, 2005\n- Pages: 69\n- Volume: 2005\n- Issue: 001\n- Series: Occasional Paper No. 2005/001\n- DOI: https://doi.org/10.5089/9781589063778.084\n- Stock No: S237EA\n- ISBN: 9781589063778\n- ISSN: 0251-6365"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Bonds, Emerging and frontier financial markets, Environment, External debt, Financial institutions, Financial markets, Inflation-indexed bonds, Local currency debt, Natural disasters, Public debt\n- 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\n\nOccasional Paper by Eduardo Borensztein, Olivier D Jeanne, Paolo Mauro, Jeromin Zettelmeyer, and Marcos Chamon (January 26, 2005).\n\n---\n\n Content in this bundle\n\n- Op237\n  - Op237 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Op237 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/occasional-papers/issues/2016/12/31/sovereign-debt-structure-for-crisis-prevention-17583"
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    "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",
    "Examines how government debt could be structured to pursue objectives beyond crisis resolution, including:",
    "Considers recently developed analytical approaches to improving sovereign debt structure using existing instruments",
    "Reviews a number of proposals for the sovereign context, including:",
    "Broadens the policy debate from crisis resolution to debt design for prevention and macroeconomic flexibility.",
    "Highlights the potential roles of:",
    "Emphasizes analytical approaches applicable to emerging market country debt structures and global public debt management.",
    "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: 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",
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