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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Main Author: World Bank
Format: Working Paper
Language:English
en_US
Published: Washington, DC 2016
Subjects:
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
id okr-10986-24117
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic 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
spellingShingle 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
World Bank
Sovereign Debt Management in Crisis in Europe and Central Asia : A Toolkit for Policy Maker
geographic_facet Europe and Central Asia
description 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.
format Working Paper
author World Bank
author_facet World Bank
author_sort World Bank
title Sovereign Debt Management in Crisis in Europe and Central Asia : A Toolkit for Policy Maker
title_short Sovereign Debt Management in Crisis in Europe and Central Asia : A Toolkit for Policy Maker
title_full Sovereign Debt Management in Crisis in Europe and Central Asia : A Toolkit for Policy Maker
title_fullStr Sovereign Debt Management in Crisis in Europe and Central Asia : A Toolkit for Policy Maker
title_full_unstemmed Sovereign Debt Management in Crisis in Europe and Central Asia : A Toolkit for Policy Maker
title_sort sovereign debt management in crisis in europe and central asia : a toolkit for policy maker
publisher Washington, DC
publishDate 2016
url 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
_version_ 1764455699936444416
spelling okr-10986-241172021-04-23T14:04:19Z Sovereign Debt Management in Crisis in Europe and Central Asia : A Toolkit for Policy Maker World Bank 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 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. 2016-04-21T21:25:25Z 2016-04-21T21:25:25Z 2013-05 Working Paper 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 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Publications & Research Publications & Research :: Working Paper Europe and Central Asia