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Incorporating Balance Sheets and Uncertainty
出版International Monetary Fund, 2008-02-01
主題Business & Economics / Exports & ImportsBusiness & Economics / Public Finance
ISBN14518690299781451869026
URLhttp://books.google.com.hk/books?id=7n4YEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋This paper proposes a new framework for the analysis of public sector debt sustainability. The framework uses concepts and methods from modern practice of contingent claims to develop a quantitative risk-based model of sovereign credit risk. The motivation in developing this framework is to provide a clear and workable complement to traditional debt sustainability analysis which-although it has many useful applications-suffers from the inability to measure risk exposures, default probabilities and credit spreads. Importantly, this new framework can be adapted for policy analysis, including debt and reserve management.