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In: IMF Working Paper No. 19/281
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In: Journal of globalization and development, Band 8, Heft 2
ISSN: 1948-1837
Abstract
This paper provides a tractable framework to assess how the structure of debt instruments – specifically by currency denomination and indexation to GDP – can raise the debt limit of a sovereign. By calibrating the model to different country fundamentals, it is clear that there is no 'one-size-fits-all' approach to optimal instrument design. For instance, low income countries may find benefit in issuing local currency debt; while in advanced economies, debt tolerance can be substantially enhanced through issuing GDP-linked bonds. By looking at the marginal impact of these instruments, the paper also provides insight into the optimal portfolio composition.
In: IMF Working Paper No. 17/117
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In: IMF Working Paper No. 2023/132
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In: IMF Working Papers v.Working Paper No. 15/137
"This paper presents a novel approach to detail the propagation of shocks to public debt. The modeling technique involves a structural vector auto-regression (SVAR) estimator with an endogenous debt accumulation equation. It explores how the main drivers of sovereign debt dynamics - the primary balance, the interest rate, growth and inflation - interact with each other. Such analysis is particularly useful for debt sustainability analysis. The authors find that some interactions exacerbate the impact of shocks to the accumulation of debt, while others act to stabilize debt dynamics. Furthermore, the choice of monetary policy regime plays an important role in these debt dynamics - countries with constrained monetary policy are more at risk from changes in market sentiment and must rely much more on fiscal policy to constrain debt."--Abstract
In: IMF Working Paper No. 15/137
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In: Bank of England Working Paper No. 484
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Working paper
In: Oxford scholarship online
In: Economics and Finance
The last time global sovereign debt reached the level seen today was at the end of the Second World War, and this shaped a generation of economic policymaking. International institutions were transformed, country policies were often draconian and distortive, and many crises ensued. By the early 1970s, when debt fell back to pre-war levels, the world was radically different. It is likely that changes of a similar magnitude - for better and for worse - will play out over coming decades. 'Sovereign Debt' is an attempt to build some structure around the issues of sovereign debt to help guide economists, practitioners and policymakers through this complicated, but not intractable, subject. 'Sovereign Debt' brings together some of the world's leading researchers and specialists in sovereign debt to cover a range of sub-disciplines within this vast topic.
In: Bank of England Financial Stability Paper No. 27
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In: Energy economics, Band 138, S. 107777
ISSN: 1873-6181
In: IMF Working Paper No. 20/116
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Working paper