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Sovereign Debt Structure for Crisis Prevention
Mr.Eduardo Borensztein
Mr.Olivier Jeanne
Mr.Paolo Mauro
Mr.Jeronimo Zettelmeyer
Mr.Marcos Chamon
出版
International Monetary Fund
, 2005-01-26
主題
Business & Economics / Finance / General
Business & Economics / Investments & Securities / Bonds
Nature / Natural Disasters
ISBN
1589063775
9781589063778
URL
http://books.google.com.hk/books?id=ZLUaEAAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
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. It asks how government debt could be structured to pursue other objectives, including crisis prevention, international risk-sharing, and facilitating the adjustment of fiscal variables to changes in domestic economic conditions. To that end, the paper considers recently developed analytical approaches to improving sovereign debt structure using existing instruments, and reviews a number of proposals--including the introduction of explicit seniority and GDP-linked instruments--in the sovereign context.
