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Author: Elsie Addo Awadzi
Publisher: International Monetary Fund
ISBN: 1513514385
Category : Business & Economics
Languages : en
Pages : 57
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Book Description
Sustainable public debt has gained renewed attention as countries implement fiscal consolidation measures in the aftermath of the global financial crisis. Sound public debt policies and debt management practices require robust legal underpinnings. Complex legal issues however arise in the design of the legal framework, and tradeoffs are required in many instances. This paper analyzes key features of modern public debt management legal frameworks, drawing from examples in advanced, emerging, and frontier markets. It aims to provide guidance for countries that seek to review and strengthen their public debt management legal frameworks.
Author: Elsie Addo Awadzi
Publisher: International Monetary Fund
ISBN: 1513514385
Category : Business & Economics
Languages : en
Pages : 57
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Book Description
Sustainable public debt has gained renewed attention as countries implement fiscal consolidation measures in the aftermath of the global financial crisis. Sound public debt policies and debt management practices require robust legal underpinnings. Complex legal issues however arise in the design of the legal framework, and tradeoffs are required in many instances. This paper analyzes key features of modern public debt management legal frameworks, drawing from examples in advanced, emerging, and frontier markets. It aims to provide guidance for countries that seek to review and strengthen their public debt management legal frameworks.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 149832892X
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
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Author: Karla Vasquez
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 103
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Book Description
Debt opacity burdens the public and can exacerbate debt vulnerabilities in many countries. Both low-income and developing countries and emerging market economies have critical gaps in debt transparency, and the implementation of international standards and guidelines has lagged. The paper surveys the legal frameworks of sixty jurisdictions and reveals the critical weaknesses that hinder debt transparency, which include weak reporting obligations, limited coverage of public debt, inadequate monitoring, unclear borrowing and delegation processes, unfettered confidentiality arrangements and weak accountability mechanisms. Because laws entrench practices and bind the discretion of policy makers and debt managers alike, subjecting them to public scrutiny, legal reform is a necessary part of any solution to the problem of hidden debt, though it may entail a difficult and time intensive process in many jurisdictions.
Author: Elsie Addo Awadzi
Publisher: International Monetary Fund
ISBN: 1513529560
Category : Business & Economics
Languages : en
Pages : 57
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Book Description
Sustainable public debt has gained renewed attention as countries implement fiscal consolidation measures in the aftermath of the global financial crisis. Sound public debt policies and debt management practices require robust legal underpinnings. Complex legal issues however arise in the design of the legal framework, and tradeoffs are required in many instances. This paper analyzes key features of modern public debt management legal frameworks, drawing from examples in advanced, emerging, and frontier markets. It aims to provide guidance for countries that seek to review and strengthen their public debt management legal frameworks.
Author: International Monetary Fund,
Publisher: International Monetary Fund
ISBN: 1498330665
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
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.
Author: Charlotte Julie Rault
Publisher: Nomos Verlagsgesellschaft
ISBN: 9783848742073
Category : Business & Corporate Law
Languages : en
Pages : 0
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Book Description
Historically, international financial crises do not occur in isolation but rather go hand in hand with the deterioration of macroeconomic indicators, investor panic and speculation. Since the beginning of the 20th century, experts in international law have periodically discussed the possible remedies to the endemic situation of sovereign indebtedness. In 2001, the International Monetary Fund launched a proposal for a Sovereign Debt Restructuring Mechanism known as the 'Krueger Plan'; this was quickly abandoned in 2003. Due to the present economic and political cul-de-sac, the legal framework of sovereign debt management strongly preoccupies the international community. The current sovereign debt scenario necessarily involves an irreversible disruption of the legal rules and structures that currently support a proper functioning global economy. This doctoral thesis analyses the evolution of the legal framework and the normative choices favoured by each actor. By identifying particular legal issues that are essential to evaluate the subject's complexity, it is possible to deepen the theoretical and practical suggestions designed to facilitate the resolution of sovereign debt crises. After establishing the leading international requirements for sovereign debt management, this dissertation advocates the implementation of a normative set of tools designed to integrate domestic regulations on the basis of previous models.
Author: Eriko Togo
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 37
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Book Description
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.
Author: Rudiger Dornbusch
Publisher: Cambridge University Press
ISBN: 1139935860
Category : Political Science
Languages : en
Pages : 384
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Book Description
As Europe proceeds towards economic and monetary union, fiscal convergence and the prospect of a common money are at the centre of discussion. This volume from the Centre for Economic Policy Research brings together theoretical, applied and historical research on the management of public debt and its implications for financial stability. Gale fills a gap in the literature, using a consistent framework to investigate the welfare economics of public debt, while Calvo and Guidotti analyse the trade-off between indexation and maturity when it comes to minimizing debt service. Confidence crises have become relevant again in view of the high debt ratios in countries such as Belgium, Italy and Ireland. Alesina, Prati and Tabellini develop a formal model of the propagation of a debt run and use it to interpret Italian debt panics. Giavazzi and Pagano concentrate on how inappropriate debt management can precipitate a run on the currency while Makinen and Woodward review a broad sweep of historical experience.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 9781557755551
Category : Business & Economics
Languages : en
Pages : 444
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Book Description
Edited by V. Sundararajan, Peter Dattels, and Hans Blommestein, this volume outlines strategies for managing public debt, developing government securities markets, and coordinating those activities with monetary management through legal, administrative, and operational arrangements. Both transition and market economies are surveyed. The analysis draws partly on the literature on the microstructure of markets and auction systems and on selected country experiences.
Author: Filippo Silano
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The increasing presence of the revolving door across several dimensions of statecraft has prompted the introduction of laws addressing the phenomenon's risks. Focusing on executive branches in charge of issuing and managing government debt - debt management units (DMUs) -, this article delivers a case study assessing the effectiveness of revolving door policies, with the overarching purpose of designing regulatory solutions. In government debt management, the revolving door denotes the transition of employees working at the dealers to DMUs, and vice versa. Dealers are financial institutions either appointed by the domestic DMU to participate in auctions of government securities, or exclusively distributing bonds in the secondary market. Drawing on a comparative legal analysis across eight OECD countries and career data from a sample of public debt managers, this study provides empirical evidence that despite legislations curbing the revolving door are in force, the dynamic is free to flow. Reasons are lack of effective monitoring, credible enforcement mechanisms and adequate ethical culture. Addressing shortcomings, policy proposals advocate the establishment of independent oversight bodies endowed with sanctioning power, and measures enhancing the transparency of public officials' career moves. Identifying and plugging loopholes in the framework in force, this study aims at steering policymakers through the ongoing process of modernising conflict of interest regulation.
