Sovereign Debt Management in Crisis in Europe and Central Asia : A Toolkit for Policy Maker

The global financial crisis of 2008-2009 required most sovereign debt managers to adapt to rapidly changing market circumstances, by changing the mix of borrowing instruments and adopting techniques that minimize the impact of severe market disloca...

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Bibliographic Details
Main Author:	World Bank
Format:	Working Paper
Language:	English en_US
Published:	Washington, DC 2016
Subjects:	ACCOUNTING ACTIVE MARKET ASSET PRICES AUCTION AUCTIONS BALANCE SHEETS BANK DEPOSITS BANK LENDING BANKING SECTOR BANKING SYSTEM BENCHMARK BONDS BILATERAL TRANSACTIONS BOND ISSUANCE BORROWER BORROWING COSTS BORROWING PLAN BORROWING REQUIREMENTS BUDGET DEFICIT BUDGETING BUYBACKS CAPITAL CONSTRAINTS CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKETS CASH BALANCES CASH MANAGEMENT CENTRAL BANK CENTRAL BANKS COMMERCIAL BANKS CONSUMER PRICE INDEX CONTINGENT LIABILITIES CREDIBILITY CREDIT LINE CREDIT LINES CREDIT RATING CREDIT RISK CREDITORS CRISIS COUNTRIES CRISIS LENDING CURRENCY COMPOSITION CURRENCY RISK CURRENT ACCOUNT DEFICITS DATED SECURITIES DEBT BUYBACK DEBT CRISIS DEBT FINANCING DEBT INSTRUMENTS DEBT ISSUANCE DEBT ISSUANCES DEBT MANAGEMENT DEBT MANAGEMENT POLICIES DEBT MARKET DEVELOPMENT DEBT MATURITIES DEBT OUTSTANDING DEBT PAPER DEBT PAYMENTS DEBT POLICY DEBT SERVICING DEPOSITS DEVALUATION DEVELOPING COUNTRIES DEVELOPING GOVERNMENT BOND DEVELOPING GOVERNMENT BOND MARKETS DISBURSEMENT DISBURSEMENTS DOMESTIC BANKS DOMESTIC BORROWING DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC DEBT DOMESTIC DEBT MARKETS DOMESTIC MARKET DOMESTIC MARKETS EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKET ECONOMIES EMERGING MARKETS EXCESS LIQUIDITY EXCESS SUPPLY EXTERNAL BORROWING EXTERNAL DEBT FINANCES FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SAVINGS FINANCIAL SYSTEMS FISCAL DEFICIT FISCAL POLICY FIXED INCOME FIXED INCOME MARKETS FOREIGN CURRENCY FOREIGN CURRENCY LOANS FOREIGN EXCHANGE FOREIGN EXCHANGE RISKS FOREIGN INTEREST FOREIGN MARKETS GOVERNMENT BONDS GOVERNMENT BORROWING GOVERNMENT DEBT GOVERNMENT PAPER GOVERNMENT REVENUES GOVERNMENT SECURITIES GOVERNMENT SECURITIES MARKETS GOVERNMENT SUPPORT INDEXED BONDS INFLATION INFLATIONARY PRESSURES INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL BOND INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL MARKETS INVENTORY INVESTOR BASE INVESTOR DEMAND ISLAMIC INVESTORS ISSUANCE ISSUANCE OF T-BILLS LEGAL FRAMEWORK LENDERS LEVEL PLAYING FIELD LIABILITY LIABILITY MANAGEMENT LIQUID INSTRUMENTS LIQUID MARKET LIQUID SECONDARY MARKET LIQUIDITY LIQUIDITY POSITION LIQUIDITY RISKS LOAN LOAN AGREEMENT LOCAL CURRENCY LOCAL MARKET LOCAL MARKETS LONG-TERM DEBT MACROECONOMIC MANAGEMENT MACROECONOMIC POLICY MARKET ACCESS MARKET BORROWING MARKET DEVELOPMENT MARKET ENVIRONMENT MARKET ENVIRONMENTS MARKET INSTRUMENTS MARKET INTEREST RATES MARKET MAKING MARKET PARTICIPANTS MARKET SIZE MARKETABLE INSTRUMENTS MATURITIES MATURITY MEDIUM TERM SECURITIES MONETARY FUND MONETARY POLICIES MONETARY POLICY MORTGAGE OPPORTUNITY COST PENSION PENSION FUNDS PORTFOLIO PORTFOLIO RISK PORTFOLIO RISK MANAGEMENT PORTFOLIOS PRICE DISCOVERY PRICE VOLATILITY PRIMARY DEALER PRIMARY DEALER SYSTEMS PRIMARY DEALERS PRIMARY MARKET PRIMARY MARKETS PUBLIC BUDGETS PUBLIC DEBT PUBLIC DEBT MANAGEMENT REGULATORY FRAMEWORK REINVESTMENT REPAYMENT REPAYMENT SCHEDULE RESERVES RETAIL DEBT RETAIL GOVERNMENT SECURITIES RETAIL INVESTORS RETURN REVERSE AUCTIONS RISK AVERSION RISK PROFILE SECONDARY MARKET SECONDARY MARKET ACTIVITY SECONDARY MARKET TRANSACTIONS SECONDARY MARKETS SECURITIES SECURITIES MARKETS SETTLEMENT SETTLEMENT SYSTEMS SHORT-TERM BONDS SHORT-TERM DEBT SHORT-TERM INSTRUMENTS SOVEREIGN DEBT SOVEREIGN DEBT MARKET STRATEGIC DEBT MANAGEMENT T-BILLS T-BONDS TRADING TRANSPARENCY TREASURY WHOLESALE INVESTOR WHOLESALE INVESTORS WITHDRAWAL YIELD CURVE
Online Access:	http://documents.worldbank.org/curated/en/2016/03/17939635/europe-central-asia-sovereign-debt-management-crisis-toolkit-policy-maker http://hdl.handle.net/10986/24117

Description
Summary:	The global financial crisis of 2008-2009 required most sovereign debt managers to adapt to rapidly changing market circumstances, by changing the mix of borrowing instruments and adopting techniques that minimize the impact of severe market dislocations and increased risk aversion. These actions, allied to prudent macroeconomic and debt management policies implemented by government in the years preceding the crises, were critical in helping countries meet their financing needs without undue strain on the financial markets. This toolkit draws on the approaches taken by a range of countries and provides sovereign debt policy makers with a rich set of potential actions to address crisis periods. A practical illustration on the use of some of these actions is conducted by analyzing the measures taken by Romania, Serbia and Turkey as a response to the recent crises. Authors draw lessons from these experiences and examine what other measures included in the toolkit could have been used to boost the crisis response impact in these economies, respecting country-specific contexts.

Sovereign Debt Management in Crisis in Europe and Central Asia : A Toolkit for Policy Maker

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