Browse

You are looking at 1 - 10 of 32 items :

  • Economics - Macroeconomics x
  • IMF Working Papers x
  • Keywords: bonds x
Clear All
Assessing the Risks to the Japanese Government Bond (JGB) Market

Assessing the Risks to the Japanese Government Bond (JGB) Market »

Source: Assessing the Risks to the Japanese Government Bond (JGB) Market

Volume/Issue: 2011/292

Series: IMF Working Papers

Author(s): Waikei Lam , and Kiichi Tokuoka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

ISBN: 9781463927264

Keywords: Sovereign Risk, Government yields, Financial Distress, bond, financial assets, financial institutions, bonds

Despite the rise in public debt, Japanese Government Bond (JGB) yields have remained low and stable, supported by steady inflows from the household and corporate sectors, high domestic ownership of JGBs, and safe-h...

Debt Limits and the Structure of Public Debt1

Debt Limits and the Structure of Public Debt1 »

Source: Debt Limits and the Structure of Public Debt

Volume/Issue: 2017/117

Series: IMF Working Papers

Author(s): Alex Pienkowski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2017

ISBN: 9781484300657

Keywords: Sovereign debt, debt limits, sovereign default, state-contingent debt, GDP-linked bonds, International Lending and Debt Problems

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 mode...

Does Gross or Net Debt Matter More for Emerging Market Spreads?

Does Gross or Net Debt Matter More for Emerging Market Spreads? »

Source: Does Gross or Net Debt Matter More for Emerging Market Spreads?

Volume/Issue: 2016/246

Series: IMF Working Papers

Author(s): Metodij Hadzi-Vaskov , and Luca Ricci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2016

ISBN: 9781475563108

Keywords: International financial markets, Government debt, Emerging markets, Developed countries, Bonds, Interest rates, Time series, Sovereign debt, Net debt, Sovereign bond spreads

Does gross or net debt matter for long-term sovereign spreads in emerging markets? The topic is important for undestanding the borrowing cost implications of public assetliability management decisions (e.g. using a...

Euro Area Sovereign Risk During the Crisis1

Euro Area Sovereign Risk During the Crisis1 »

Source: Euro Area Sovereign Risk During the Crisis

Volume/Issue: 2009/222

Series: IMF Working Papers

Author(s): Edda Zoli , and Silvia Sgherri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2009

ISBN: 9781451873696

Keywords: Sovereign Spreads, Global Risk Repricing, bond, sovereign bond, bonds,

While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy, it is key that the entailed fiscal costs not be seen by markets as undermining fiscal sustainabi...

Exploring the Role of Foreign Investors in Russia's Local Currency Government Bond (OFZ) Market

Exploring the Role of Foreign Investors in Russia's Local Currency Government Bond (OFZ) Market »

Source: Exploring the Role of Foreign Investors in Russia's Local Currency Government Bond (OFZ) Market

Volume/Issue: 2017/28

Series: IMF Working Papers

Author(s): Yinqiu Lu , and Dmitry Yakovlev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 February 2017

ISBN: 9781475577587

Keywords: Europe, Bond markets, Bonds, Currencies, Russian Federation, Foreign investment, International financial markets, Supply and demand, local currency government bonds; Russia; financial market development, local currency government bonds

Local currency government bonds (OFZ bonds) are an important fixed-income instrument in Russia's financial markets. In this paper, based on granular data, we explore the development of the OFZ bond market with a fo...

Fiscal Foresight and Information Flows

Fiscal Foresight and Information Flows »

Source: Fiscal Foresight and Information Flows

Volume/Issue: 2012/153

Series: IMF Working Papers

Author(s): Todd Walker , Eric Leeper , and Susan Yang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2012

ISBN: 9781475504354

Keywords: news, anticipated taxes, non-fundamental representation, identified VARs, tax rates, tax changes, bonds, bond, Fiscal Policies and Behavior of Economic Agents: General, Econometric Modeling,

News - or foresight - about future economic fundamentals can create rational expectations equilibria with non-fundamental representations that pose substantial challenges to econometric efforts to recover the struc...

Fiscal Policy and Financial Markets

Fiscal Policy and Financial Markets »

Source: Fiscal Policy and Financial Markets

Volume/Issue: 2006/16

Series: IMF Working Papers

Author(s): Bernardin Akitoby , and Thomas Stratmann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

ISBN: 9781451862768

Keywords: spreads, bond, bonds, fiscal adjustment, fiscal adjustments, Fiscal Policies and Behavior of Economic Agents: Other,

This paper introduces fiscal policy in a model of sovereign risk spreads ("spreads"). Using panel data from emerging market countries, we find that reductions in public expenditure are a more powerful tool for redu...

How Important is the Global Financial Cycle? Evidence from Capital Flows*

How Important is the Global Financial Cycle? Evidence from Capital Flows* »

Source: How Important is the Global Financial Cycle? Evidence from Capital Flows

Volume/Issue: 2017/193

Series: IMF Working Papers

Author(s): Eugenio Cerutti , Stijn Claessens , and Andrew Rose

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2017

ISBN: 9781484316603

Keywords: Capital flows, Globalization, Monetary policy, Financial cycles, Panel analysis, Cross-country analysis, Capital market volatility, empirical; data; center; country; panel; fit; VIX; equity; bonds; FDI; credit, empirical, data

This study quantifies the importance of a Global Financial Cycle (GFCy) for capital flows. We use capital flow data dis-aggregated by direction and type between 1990Q1 and 2015Q5 for 85 countries, and conventional...

A Note on Public Debt, Tax-Exempt Bonds, and Ponzi Games

A Note on Public Debt, Tax-Exempt Bonds, and Ponzi Games »

Volume/Issue: 2007/162

Series: IMF Working Papers

Author(s): Berthold Wigger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

DOI: http://dx.doi.org/10.5089/9781451867268.001

ISBN: 9781451867268

Keywords: tax-exempt bonds, capital taxation, Ponzi game, bonds, public bonds, bond,

By issuing tax-exempt bonds, the government can incur debt and never pay back any principal or interest, even if the economy without public debt evolves on a dynamically efficient growth path. The welfare effects o...

Assessing the Risks to the Japanese Government Bond (JGB) Market

Assessing the Risks to the Japanese Government Bond (JGB) Market »

Volume/Issue: 2011/292

Series: IMF Working Papers

Author(s): Waikei Lam , and Kiichi Tokuoka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

DOI: http://dx.doi.org/10.5089/9781463927264.001

ISBN: 9781463927264

Keywords: Sovereign Risk, Government yields, Financial Distress, bond, financial assets, financial institutions, bonds

Despite the rise in public debt, Japanese Government Bond (JGB) yields have remained low and stable, supported by steady inflows from the household and corporate sectors, high domestic ownership of JGBs, and safe-h...