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III Rendering Debt Structures Less Crisis Prone with Existing Instruments

III Rendering Debt Structures Less Crisis Prone with Existing Instruments »

Source: Sovereign Debt Structure for Crisis Prevention

Series: Occasional Papers

Author(s): Eduardo Borensztein , Olivier Jeanne , Paolo Mauro , Jeronimo Zettelmeyer , and Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2005

ISBN: 9781589063778

Keywords: bonds, bond, currency debt, indexation, indexed bonds

Existing debt structures in emerging market countries seem to rely excessively on risky forms of debt—such as short-term and foreign-currency debt—which may amplify the economic cycle, increase the likelihoo...

IV Explicit Seniority in Privately Held Sovereign Debt

IV Explicit Seniority in Privately Held Sovereign Debt »

Source: Sovereign Debt Structure for Crisis Prevention

Series: Occasional Papers

Author(s): Eduardo Borensztein , Olivier Jeanne , Paolo Mauro , Jeronimo Zettelmeyer , and Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2005

ISBN: 9781589063778

Keywords: bonds, bond, currency debt, indexation, indexed bonds

As described in Section II, the absence of explicit seniority is a striking difference between sovereign and corporate debt. This section argues that explicit seniority in sovereign debt—and, more generally,...

Sovereign Debt Structure for Crisis Prevention

Sovereign Debt Structure for Crisis Prevention »

Series: Occasional Papers

Author(s): Eduardo Borensztein , Olivier Jeanne , Paolo Mauro , Jeronimo Zettelmeyer , and Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2005

DOI: http://dx.doi.org/10.5089/9781589063778.084

ISBN: 9781589063778

Keywords: bonds, bond, currency debt, indexation, indexed bonds

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 governmen...

Back Matter

Back Matter »

Source: Sovereign Debt Structure for Crisis Prevention

Series: Occasional Papers

Author(s): Eduardo Borensztein , Olivier Jeanne , Paolo Mauro , Jeronimo Zettelmeyer , and Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2005

ISBN: 9781589063778

Keywords: bonds, bond, currency debt, indexation, indexed bonds

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 governmen...

Front Matter

Front Matter »

Source: Sovereign Debt Structure for Crisis Prevention

Series: Occasional Papers

Author(s): Eduardo Borensztein , Olivier Jeanne , Paolo Mauro , Jeronimo Zettelmeyer , and Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2005

ISBN: 9781589063778

Keywords: bonds, bond, currency debt, indexation, indexed bonds

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 governmen...

V Expanding the Set of Instruments: Indexation to Real Variables

V Expanding the Set of Instruments: Indexation to Real Variables »

Source: Sovereign Debt Structure for Crisis Prevention

Series: Occasional Papers

Author(s): Eduardo Borensztein , Olivier Jeanne , Paolo Mauro , Jeronimo Zettelmeyer , and Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2005

ISBN: 9781589063778

Keywords: bonds, bond, currency debt, indexation, indexed bonds

Most proposals for reform of the international financial architecture have taken the set of available financial instruments as given. This section asks whether greater use of underutilized instruments could...

VI Past and Future of Innovation in Sovereign Borrowing

VI Past and Future of Innovation in Sovereign Borrowing »

Source: Sovereign Debt Structure for Crisis Prevention

Series: Occasional Papers

Author(s): Eduardo Borensztein , Olivier Jeanne , Paolo Mauro , Jeronimo Zettelmeyer , and Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2005

ISBN: 9781589063778

Keywords: bonds, bond, currency debt, indexation, indexed bonds

As argued in Section II, several obstacles to financial innovation involve the need to coordinate the actions of many economic agents. This suggests that financial innovation may be expected to take place in...

VII Conclusions

VII Conclusions »

Source: Sovereign Debt Structure for Crisis Prevention

Series: Occasional Papers

Author(s): Eduardo Borensztein , Olivier Jeanne , Paolo Mauro , Jeronimo Zettelmeyer , and Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2005

ISBN: 9781589063778

Keywords: bonds, bond, currency debt, indexation, indexed bonds

The debt structures of countries have an important influence on their economic performance and vulnerability to crises. In particular, excessive reliance by emerging market countries on short-term debt and f...

Financial Stability in Dollarized Economies

Financial Stability in Dollarized Economies »

Series: Occasional Papers

Author(s): Anne Gulde , David Hoelscher , Alain Ize , Dewitt Marston , and Gianni De Nicolo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 June 2004

DOI: http://dx.doi.org/10.5089/9781589062962.084

ISBN: 9781589062962

Keywords: Dollarization, Financial stability, banking, foreign exchange, banking system, exchange rate

This paper addresses the challenges to prudential supervision in highly dollarized economies, where central banks and supervisors may be constrained in the use of standard money and financial policy tools. The stud...

Back Matter

Back Matter »

Source: Financial Stability in Dollarized Economies

Series: Occasional Papers

Author(s): Anne Gulde , David Hoelscher , Alain Ize , Dewitt Marston , and Gianni De Nicolo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 June 2004

ISBN: 9781589062962

Keywords: Dollarization, Financial stability, banking, foreign exchange, banking system, exchange rate

This paper addresses the challenges to prudential supervision in highly dollarized economies, where central banks and supervisors may be constrained in the use of standard money and financial policy tools. The stud...