Public Debt Indexation And Denomination
DOWNLOAD
Download Public Debt Indexation And Denomination PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Public Debt Indexation And Denomination book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Public Debt Indexation And Denomination
DOWNLOAD
Author : Mr.Ilan Goldfajn
language : en
Publisher: International Monetary Fund
Release Date : 1998-02-01
Public Debt Indexation And Denomination written by Mr.Ilan Goldfajn and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-02-01 with Business & Economics categories.
The paper models the optimal debt management strategy of the public sector when issuing nominal, price-level-indexed and foreign-denominated debt securities. The model predicts that the variance of inflation, the size of the public debt, the variance of the real exchange rate, and the correlation of inflation with public expenditures are the main determinants of public debt management. Using this framework, the paper analyzes the Brazilian experience with indexed debt in the last decade. In particular, it explains the large increase of indexed public debt in Brazil prior to the 1994 Real plan and, thereafter, the steady decline in its use.
Public Debt Indexation And Denomination With An Independent Central Bank
DOWNLOAD
Author : Elisabetta Falcetti
language : en
Publisher:
Release Date : 2000
Public Debt Indexation And Denomination With An Independent Central Bank written by Elisabetta Falcetti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
Public Debt Indexation And Denomination The Case Of Brazil
DOWNLOAD
Author : Rubens Penha Cysne
language : en
Publisher:
Release Date : 2014
Public Debt Indexation And Denomination The Case Of Brazil written by Rubens Penha Cysne and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
In this work I analyze the model proposed by Goldfajn (2000) to study the choice of the denomination of the public debt. The main purpose of the analysis is pointing out possible reasons why new em pirical evidence provided by Bevilaqua, Garcia and Nechio (2004), regarding a more recent time period, finds a lower empirical support to the model. I also provide a measure of the overestimation of the welfare gains of hedging the debt led by the simplified time frame of the model. Assuming a time-preference parameter of 0.9, for instance, welfare gains associated with a hedge to the debt that reduces to a half a once-for-all 20%-of-GDP shock to government spending run around 1.43% of GDP under the no-tax-smoothing structure of the model. Under a Ramsey allocation, though, welfare gains amount to just around 0.05% of GDP.
Public Debt Indexation And Denomination With An Indipendent Central Bank
DOWNLOAD
Author : Elisabetta Falcetti
language : en
Publisher:
Release Date : 2000
Public Debt Indexation And Denomination With An Indipendent Central Bank written by Elisabetta Falcetti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
Public Debt Indexation And Denomination With An Independent Central Bank
DOWNLOAD
Author : Elisabetta Edvige Emilia Falcetti
language : en
Publisher:
Release Date : 2000
Public Debt Indexation And Denomination With An Independent Central Bank written by Elisabetta Edvige Emilia Falcetti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
Debt Limits And The Structure Of Public Debt
DOWNLOAD
Author : Alex Pienkowski
language : en
Publisher: International Monetary Fund
Release Date : 2017-05-22
Debt Limits And The Structure Of Public Debt written by Alex Pienkowski and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-22 with Business & Economics categories.
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 model to different country fundamentals, it is clear that there is no one-size-fits-all approach to optimal instrument design. For instance, low income countries may find benefit in issuing local currency debt; while in advanced economies debt tolerance can be substantially enhanced through issuing GDP-linked bonds. By looking at the marginal impact of these instruments, the paper also provides insight into the optimal portfolio compostion.
Public Debt Sustainability In Developing Asia
DOWNLOAD
Author : Benno Ferrarini
language : en
Publisher: Routledge
Release Date : 2012
Public Debt Sustainability In Developing Asia written by Benno Ferrarini and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
Addressing the global financial crisis has required fiscal intervention on a substantial scale by governments around the world. The consequent buildup of public debt, in particular its sustainability, has moved to center stage in the policy debate. If the Asia and Pacific region is to continue to serve as an engine for global growth, its public debt must be sustainable. Public Debt Sustainability in Developing Asia addresses this issue for Asia and the Pacific as a whole as well as for three of the most dynamic economies in the region: the People’s Republic of China, India, and Viet Nam. The book begins with a discussion of the reasons for increased attention to debt-related issues. It also introduces fiscal indicators for the Asian Development. Bank’s developing member countries and economies. The sustainability of their debt is assessed through extant approaches and with the most up-to-date data sources. The book also surveys the existing literature on debt sustainability, outlining the main issues related to it, and discusses the key implications for the application of debt sustainability analysis in developing Asia. Also highlighted is the importance of conducting individual country studies in view of wide variations in definitions of public expenditure, revenues, contingent liabilities, government structures (e.g., federal), and the like, as well as the impact of debt on interest rates. The book further provides in-depth debt sustainability analyses for the People’s Republic of China, India, and Viet Nam. Public Debt Sustainability in Developing Asia offers a comprehensive analytical and empirical update on the sustainability of public debt in the region. It breaks new ground in examining characteristics that are crucial to understanding sustainability and offers richer policy analysis that should prove useful for policymakers, researchers, and graduate students.
Guidelines For Public Debt Management Amended
DOWNLOAD
Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2003-09-12
Guidelines For Public Debt Management Amended written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09-12 with Business & Economics categories.
NULL
Public Debt Through The Ages
DOWNLOAD
Author : Mr.Barry J. Eichengreen
language : en
Publisher: International Monetary Fund
Release Date : 2019-01-15
Public Debt Through The Ages written by Mr.Barry J. Eichengreen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-15 with Business & Economics categories.
We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.
The Liquidation Of Government Debt
DOWNLOAD
Author : Ms.Carmen Reinhart
language : en
Publisher: International Monetary Fund
Release Date : 2015-01-21
The Liquidation Of Government Debt written by Ms.Carmen Reinhart and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-21 with Business & Economics categories.
High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.