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Debt Limits and the Structure of Public Debt / by Alex Pienkowski.

By: Material type: TextTextSeries: IMF working paper ; WP/17/117. | IMF Working PapersPublication details: Washington, D.C. : INTERNATIONAL MONETARY FUND, 2017.Description: 1 online resource (22)Content type:
  • text
Media type:
  • computer
Carrier type:
  • online resource
ISBN:
  • 1484301080
  • 9781484301081
Subject(s): Genre/Form: Additional physical formats: Print version:: Debt Limits and the Structure of Public DebtDDC classification:
  • 336.34 23
LOC classification:
  • HJ8011
Online resources:
Contents:
Cover; Contents; I. Background; II. Model; III. Calibration; IV. Results; V. Conclusion; References; Annex.
Abstract: 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.
Holdings
Item type Current library Collection Call number Status Date due Barcode Item holds
eBook eBook e-Library EBSCO Business Available
Total holds: 0

Includes bibliographical references and index.

Print version record.

Cover; Contents; I. Background; II. Model; III. Calibration; IV. Results; V. Conclusion; References; Annex.

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.

Master record variable field(s) change: 050, 072, 082, 650

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