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Europe > Ireland

You are looking at 1 - 6 of 6 items for :

  • Type: Journal Issue x
  • Government securities x
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Cover IMF Working Papers
Banks’ Holdings of Government Securities and Credit to the Private Sector in Emerging Market and Developing Economies
Romain Bouis
This paper studies the relationship between banks’ holdings of domestic sovereign securities and credit growth to the private sector in emerging market and developing economies. Higher banks’ holdings of government debt are associated with a lower credit growth to the private sector and with a higher return on assets of the banking sector. Analysis suggests that the negative relationship between banks’ claims on the government and private sector credit growth mainly reflects a portfolio rebalancing of banks towards safer, more liquid public assets in stress times and provides only limited evidence of a crowding-out effect due to financial repression.
Keywords:
WP; return on assets; banks' claim; Sovereign debt; credit growth; bank profitability; nonperforming loans; portfolio rebalancing; financial repression; crowding-out; banks' holding; growth in EMDEs; crowding-out effect; private sector lending; growth to the private sector; credit growth to the private sector; government security holding; Credit; Government securities; Commercial banks; Bank soundness; Sub-Saharan Africa
Cover IMF Working Papers
International Financial Integration in the Aftermath of the Global Financial Crisis
Mr. Philip R. Lane
and
Mr. Gian M Milesi-Ferretti
This paper documents the evolution of international financial integration since the global financial crisis using an updated dataset on external assets and liabilities, covering over 210 economies for the period 1970-2015. It finds that the growth in cross-border positions in relation to world GDP has come to a halt. This reflects much weaker capital flows to and from advanced economies, with diminished cross-border banking activity, and an increase in the weight of emerging economies in global GDP, as these economies have lower external assets and liabilities than advanced economies. Cross-border FDI positions have continued to expand, unlike positions in portfolio instruments and other investment. This expansion reflects primarily positions vis-à-vis financial centers, suggesting that the complexity of the corporate structure of large multinational corporations is playing an important role. The paper also explores the cross-country drivers of foreign ownership of domestic debt securities, highlighting in particular the role of the euro debt crisis in explaining its evolution.
Keywords:
WP; debt securities; financial crisis; aggregate portfolio debt category; central bank; country group; International financial integration; financial globalization; portfolio debt liability; portfolio holding; equity liability; world GDP share; portfolio debt position; portfolio debt securities; portfolio equity liability; portfolio equity positions; World GDP; portfolio debt claim; Securities; Government securities; Foreign direct investment; Global financial crisis of 2008-2009; Global
Cover IMF Working Papers
Tracking Global Demand for Advanced Economy Sovereign Debt
Mr. Serkan Arslanalp
and
Mr. Takahiro Tsuda
Recent events have shown that sovereigns, just like banks, can be subject to runs, highlighting the importance of the investor base for their liabilities. This paper proposes a methodology for compiling internationally comparable estimates of investor holdings of sovereign debt. Based on this methodology, it introduces a dataset for 24 major advanced economies that can be used to track US$42 trillion of sovereign debt holdings on a quarterly basis over 2004-11. While recent outflows from euro periphery countries have received wide attention, most sovereign borrowers have continued to increase reliance on foreign investors. This may have helped reduce borrowing costs, but it can imply higher refinancing risks going forward. Meanwhile, advanced economy banks’ exposure to their own government debt has begun to increase across the board after the global financial crisis, strengthening sovereign-bank linkages. In light of these risks, the paper proposes a framework—sovereign funding shock scenarios (FSS)—to conduct forward-looking analysis to assess sovereigns’ vulnerability to sudden investor outflows, which can be used along with standard debt sustainability analyses (DSA).  It also introduces two risk indices—investor base risk index (IRI) and foreign investor position index (FIPI)—to assess sovereigns’ vulnerability to shifts in investor behavior.
Keywords:
WP; government debt; book value; investor base; debt market; International Finance; Financial Crises; Portfolio Choice; Investment Decisions; investor holding; risk index; sovereign bond; foreign investor; Foreign banks; Government securities; Government debt management; Securities; Global
Cover Guidelines for Public Debt Management
Guidelines for Public Debt Management
Accompanying Document and Selected Case Studies
International Monetary Fund

Abstract

This accompanying document to the Guidelines for Public Debt Management, which the IMF and the World Bank co-published in 2001, contains sample case studies that illustrate how a range of countries from around the world and at different stages of economic and financial development are developing their debt management capacity in a manner consistent with the guidelines. The experience of these countries is discussed in this publication, and should offer some useful and practical suggestions to other countries, as they strive to build their own capacity in public debt management.

Keywords:
M&G; debt; market; treasury; debt manager; debt management policy; debt management strategy; debt management activity; debt portfolio; Government debt management; Debt management; Bonds; Securities; Africa; Global; Europe; Maghreb; Caribbean; North America; East Asia; foreign currency; market participant
Cover Policy Papers
Accompanying Document to the Guidelines for Public Debt Management
International Monetary Fund
NULL
Keywords:
PP; bond market; government bond; long-term debt; secondary market; short-term debt; interest rate; treasury bond; budget deficit; foreign currency; debt portfolio; capital market; Government debt management; Debt management; Government securities; Bonds; Africa; Global; Maghreb
Cover IMF Working Papers
The Microstructure of Government Securities Markets
Mr. Peter Dattels
This paper applies the “market microstructure” literature to the specific features of government securities markets and draws implications for the strategy to develop government securities markets. It argues for an active role of the authorities in fostering the development of efficient market structures.
Keywords:
WP; dealer market; central bank; debt management; government securities market; auction-agency market; order flow; price discovery; discount house; market participant; OTC dealer market; functioning dealer market; market development; equilibrium price; competing dealer market structure; dealer broker; Government securities; Brokers and dealers; Securities markets; Securities; Treasury bills and bonds