Cover Sovereign Debt Structure for Crisis Prevention
Sovereign Debt Structure for Crisis Prevention
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Abstract

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.

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Author:
Mr. Eduardo Borensztein
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,
Mr. Olivier D Jeanne
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,
Mr. Paolo Mauro
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Mr. Jeromin Zettelmeyer
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, and
Mr. Marcos d Chamon
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Series:
Occasional Papers
Publisher:
International Monetary Fund
Language:
English
Publication Date:
26 Jan 2005
DOI:
https://doi.org/10.5089/9781589063778.084
ISBN:
9781589063778
ISSN:
0251-6365
Pages:
69
Keywords:
OP; debt; short-term debt; emerging market country; debt structures; bond; GDP-indexed bond; inflation-indexed debt; debt structure; Emerging and frontier financial markets; Bonds; Natural disasters; Local currency debt; Global; Africa; Asia and Pacific
Legal-disclaimer:
The views expressed in this book are those of the authors and should not be reported as or attributed to the International Monetary Fund, its Executive Board, or the governments of any of its member countries.
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