Welcome to our book review site go-pdf.online!
You may have to Search all our reviewed books and magazines, click the sign up button below to create a free account.
Institutional Arrangements for Public Debt Management
Abstract: This paper analyzes institutional arrangements for public debt management by reviewing the experience of OECD countries during the late 1980s and 1990s. It discusses principal-agent issues arising from the delegation of authority from the Minister of Finance to the debt management office and describes how countries have designed governance structures and control and monitoring mechanisms to deal with these issues. The paper also discusses what lessons emerging market countries and transition countries can draw from the experience of advanced OECD countries. The OECD experience clearly indicates that"regardless of whether the debt management office is located inside or outside the M...
coordinating public debt management with fiscal and monetary policies: an analytical framework
This paper proposes a sovereign asset and liability management framework for analyzing the inter-relationships between debt management, fiscal and monetary policies. It illustrates the consequences of uncoordinated policy mix and extends Sargent and Wallace (1981 and 1993) by including debt management. Examples of policy games played by fiscal, monetary, and debt management authorities reinforce the importance of policy separation and coordination to prevent domination by one authority over another which could lead to inconsistent policy mix.
The Role of State-Contingent Debt Instruments in Sovereign Debt Restructurings
The COVID-19 crisis may lead to a series of costly and inefficient sovereign debt restructurings. Any such restructurings will likely take place during a period of great economic uncertainty, which may lead to protracted negotiations between creditors and debtors over recovery values, and potentially even relapses into default post-restructuring. State-contingent debt instruments (SCDIs) could play an important role in improving the outcomes of these restructurings.
Belize's 2016-17 Sovereign Debt Restructuring - Third Time Lucky?
This paper examines the causes, processes, and outcomes of Belize’s 2016–17 sovereign debt restructuring—its third episode in last 10 years. As was the case in the earlier two restructurings, in 2006–07 and in 2012–13, the 2016–17 debt restructuring was executed through collaborative engagement with creditors outside an IMF-supported program. While providing liquidity relief and partially addressing long-term debt sustainability concerns, the restructuring will need to be underpinned by ambitious fiscal consolidation and growth-enhancing structural reforms to secure durable gains.
Sovereign Debt Restructurings in Grenada
This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15.Both restructurings emerged as a consequence of weak fiscal and debt situations, whichbecame unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.
Sound Practice in Government Debt Management
Since the late 1980's, many OECD governments have invested heavily in improving the quality of their debt management practices. In recent years, the topic has received additional attention for its potential role in reducing the vulnerability of emerging economies to financial and economic shocks. A government asset and liability management framework can offer valuable conceptual insights for managing the risks associated with government debt portfolios and their interface with a wide range of public policy issues. Prudent risk management requires clear objectives or debt managers, sound institutional and legal framework, appropriate quality assurance procedures and checks and balances, and efficient management information systems. This report draws from the experiences of leading countries in this field.
Revised Guidelines for Public Debt Management
The Revised Guidelines for Public Debt Management have been developed as part of a broader work program undertaken by the IMF and the World Bank to strengthen the international financial architecture, promote policies and practices that contribute to financial stability and transparency, and reduce countries external vulnerabilities.
Ghana
This 2017 Article IV Consultation highlights that Ghana has shown mixed macroeconomic performance in recent years, with significant shocks being amplified by policy slippages and resulting external and domestic imbalances. Growth in 2016 was 3.5 percent, the lowest level in two decades. A recovery of growth is expected in 2017–18, owing to an increase in oil production, declining inflation, and lower imbalances with the right policy implementation. Inflation has continued to decline and the exchange rate has been broadly stable. The external position has continued to improve, supported by strong foreign investors’ participation in the domestic debt market. Over the medium term, both the fiscal deficit and the current account deficit are projected to decline gradually.
