## Sovereign Debt Structure for Crisis Prevention

_Occasional Papers, January 26, 2005_

## Source details

**Canonical URL:** [Sovereign Debt Structure for Crisis Prevention](https://www.imf.org/en/publications/occasional-papers/issues/2016/12/31/sovereign-debt-structure-for-crisis-prevention-17583)

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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

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### 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).*

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_Source: https://www.imf.org/en/publications/occasional-papers/issues/2016/12/31/sovereign-debt-structure-for-crisis-prevention-17583_