Front Matter Page
Fiscal Affairs Department
Contents
I. Introduction
II. Why Does Sovereign Debt Composition Matter?
III. A Bird’s Eye View of Sovereign Debt Composition During The 20th Century
IV. Debt Structure Changes During Large Debt Increases and Decreases
V. What Does This Mean for Debt Reduction Prospects Today?
VI. Conclusion
Tables
1. World War I: Maturity and Currency
2. World War II: Maturity, Currency, and Marketability
3. The Great Accumulation: Maturity, Holders, and Marketability
4. The Great Recession: Holders
5. Post-World War I Consolidation: Issuance and Currency
6. Post-World War II Consolidation: Maturity, Holders, and Marketability
7. The Great Moderation: Issuance and Holders
8. Sovereign Debt Composition, Past and Present
Figures
1. Debt-to-GDP Ratio in Advanced Economies, 1900-2011
2. Share of Foreign Currency Debt in Central Government Debt, 1900-2011
3. Share of Domestic Medium- and Long-term Debt in Central Government Debt, 1900-2011
4. Share of Marketable Debt in Central Government Debt, 1900-2011
5. Holder Composition of Central Government Debt, 1900-2011
6. Domestic MLT Debt and Central Bank Holdings, 1900-2011
Boxes
1. Financial Innovation in Belgium and France, 1976-1998
2. Debt Structure, Inflation, and the Central Bank: A Tale of Two Countries
References
Data Appendix