Front Matter

Front Matter

Eduardo Borensztein, Olivier Jeanne, Paolo Mauro, Jeronimo Zettelmeyer, and Marcos Chamon
Published Date:
January 2005
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    © 2004 International Monetary Fund

    Production: IMF Multimedia Services Division

    Figures: Jorge Salazar

    Typesetting: Alicia Etchebarne-Bourdin

    Cataloging-in-Publication Data

    Sovereign debt structure for crisis prevention/Eduardo Borensztein … [et al.]—Washington, D.C.: International Monetary Fund, 2004.

    p. cm.—(Occasional paper); 237

    Includes bibliographical references.

    ISBN 1-58906-377-5

    1. Debts, public. 2. Financial instruments. I. Borensztein, Eduardo. II. Occasional paper (International Monetary Fund); no. 237.

    HJ8011.S68 2004

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    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • —to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • –between years or months (e.g., 2001–02 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 2001/02) to indicate a fiscal (financial) year.

    “n.a.” means not applicable.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


    This Occasional Paper is intended to stimulate debate on the issue of sovereign debt structures for crisis prevention. It was prepared under the general guidance of Raghuram Rajan. The authors include Eduardo Borensztein, Marcos Chamon, Olivier Jeanne, Paolo Mauro, and Jeromin Zettelmeyer. Work on the paper was led by Paolo Mauro. The authors are grateful to Jonathan Ostry, Anna Gelpern, Sean Hagan, Simon Johnson, Thomas Laryea, and several other colleagues for helpful comments; to Priyanka Malhotra and Martin Minnoni for excellent research assistance; and to Usha David for editorial assistance. Special thanks to Leslie Payton-Jacobs of EMTA for helpful suggestions and cooperation in circulating the survey, and to Kellett Hannah for web services. Archana Kumar of the External Relations Department edited the paper and coordinated its production.

    The opinions expressed are solely those of the authors and do not necessarily reflect the views of the International Monetary Fund or its Executive Directors.

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