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Optimal Cash Buffers of Sovereign Debt Management Offices

2019
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Release : 2019
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Book Synopsis Optimal Cash Buffers of Sovereign Debt Management Offices by : Alexander Eisl

Download or read book Optimal Cash Buffers of Sovereign Debt Management Offices written by Alexander Eisl. This book was released on 2019. Available in PDF, EPUB and Kindle. Book excerpt: We model a sovereign debt manager who has a prediction of the budget deficit and needs to raise debt at the beginning of the budget period. In this setting, the sovereign may issue debt in excess of expected funding needs - a precautionary cash buffer - as a measure of self-insurance against the potential cost of inter-temporal funding. Based on budget deficit predictions that are reported under the EU's Stability and Growth Pact and Excessive Deficit Procedure, as well as historical budget deficit data, we provide an empirical assessment of optimal cash buffers for a panel of EU countries.

Guidelines for Public Debt Management -- Amended

2003-09-12 Business & Economics
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Release : 2003-09-12
Genre : Business & Economics
Kind : eBook
Book Rating : 92X/5 ( reviews)

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Book Synopsis Guidelines for Public Debt Management -- Amended by : International Monetary Fund

Download or read book Guidelines for Public Debt Management -- Amended written by International Monetary Fund. This book was released on 2003-09-12. Available in PDF, EPUB and Kindle. Book excerpt: NULL

A Primer on Managing Sovereign Debt-Portfolio Risks

2018-04-06 Business & Economics
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Release : 2018-04-06
Genre : Business & Economics
Kind : eBook
Book Rating : 545/5 ( reviews)

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Book Synopsis A Primer on Managing Sovereign Debt-Portfolio Risks by : Thordur Jonasson

Download or read book A Primer on Managing Sovereign Debt-Portfolio Risks written by Thordur Jonasson. This book was released on 2018-04-06. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.

Sovereign Debt Restructurings 1950-2010

2012-08-01 Business & Economics
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Release : 2012-08-01
Genre : Business & Economics
Kind : eBook
Book Rating : 531/5 ( reviews)

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Book Synopsis Sovereign Debt Restructurings 1950-2010 by : Mr.Udaibir S. Das

Download or read book Sovereign Debt Restructurings 1950-2010 written by Mr.Udaibir S. Das. This book was released on 2012-08-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.

Medium-Term Debt Management Strategy

2019-05-15 Business & Economics
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Release : 2019-05-15
Genre : Business & Economics
Kind : eBook
Book Rating : 996/5 ( reviews)

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Book Synopsis Medium-Term Debt Management Strategy by : Mr.Emre Balibek

Download or read book Medium-Term Debt Management Strategy written by Mr.Emre Balibek. This book was released on 2019-05-15. Available in PDF, EPUB and Kindle. Book excerpt: This report provides guidance on using the Analytical Tool of the Medium-Term Debt Management Strategy (MTDS). The MTDS framework consists of a methodology, published as the ‘Guidance Note for Developing a Medium-Term Debt Management Strategy’, and an associated analytical tool (AT) that can be used to assess the cost-risk trade-offs of alternative strategies to help identify the preferred strategy. The MTDS framework supported by the AT quantitative analysis helps to determine the financing strategy. The chosen debt management strategy sets out the financing composition path to meet the debt management objective(s). The profile of future interest payments and the amortizations of new debt are driven by the debt management strategy. The MTDS AT is based on annual cash flow. Although this assumption is enough for analyzing alternative debt management strategies, in some cases, particularly for countries that are heavily dependent on short-term securities with maturities of less than a year, it would be helpful to work with cash flows with higher frequency.

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