Crisis Preparedness and Debt Management in Low Income Countries : Strengthening Institutions and Policy Frameworks

The magnitude of the public liabilities incurred as a result of the unprecedented government action in the wake of the financial crisis of 2008-2009, and the consequences of exiting from the projected high debt scenario, have become a major source...

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Bibliographic Details
Main Authors:	Weist, Dana, Togo, Eriko, Prasad, Abha, O'Boyle, William
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	BALANCE SHEET BALANCE SHEETS BANK ACCOUNT BANK ACCOUNTS BANK CREDITOR BANK LENDING BANKING CRISIS BOND BORROWER BORROWERS BORROWING COSTS BORROWING REQUIREMENTS BORROWING STRATEGIES BUDGET BUDGET DEFICIT CAPACITY BUILDING CAPACITY CONSTRAINTS CAPITAL ACCOUNT CAPITAL ACCOUNTS CAPITAL FLOWS CAPITAL INFLOW CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKET REFORM CAPTIVE INVESTOR CASH BALANCE CASH BALANCES CASH FLOW CASH FLOWS CASH MANAGEMENT CENTRAL BANKS COMMERCIAL CREDITS COMMERCIAL TERMS COMMODITY PRICES CONTINGENT LIABILITIES CONTINGENT LIABILITY COUPON COUPON RATES CREDITOR CREDITORS CURRENCY COMPOSITION CURRENCY RISK CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT DEBT BURDEN DEBT BURDENS DEBT COMPOSITION DEBT CRISIS DEBT DATA DEBT FINANCING DEBT FLOWS DEBT ISSUANCE DEBT LEVELS DEBT MANAGEMENT DEBT MANAGEMENT GUIDELINES DEBT MARKET DEVELOPMENT DEBT POLICY DEBT RELIEF DEBT RESTRUCTURING DEBT SERVICE DEBT SERVICING DEBT SERVICING COSTS DEFICIT DEFICITS DEPOSITS DERIVATIVES DEVELOPING COUNTRIES DEVELOPING COUNTRY DOMESTIC BORROWING DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CREDIT DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC DEBT MARKET DOMESTIC DEBT MARKETS DOMESTIC FINANCIAL MARKET DOMESTIC INTEREST RATE DOMESTIC INTEREST RATES DOMESTIC MARKET DOMESTIC MARKETS EFFICIENT MARKET EMERGING MARKETS EQUITY EXCHANGE EXCHANGE RATE EXPENDITURE EXPENDITURES EXTERNAL BORROWING EXTERNAL BORROWINGS EXTERNAL DEBT FINANCE FINANCIAL CONTAGION FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTRUMENTS FINANCIAL MARKET FINANCIAL RISKS FINANCIAL SHOCKS FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCING REQUIREMENT FISCAL POLICY FIXED INVESTMENT FOREIGN BANK FOREIGN BANKS FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INTEREST FOREIGN INVESTORS FOREIGN MARKET FOREIGN MARKETS FRAUD FUTURE FUTURE CASH FLOWS GLOBAL MARKETS GOOD GOODS GOVERNMENT ACCOUNTS GOVERNMENT BANK GOVERNMENT DEBT GOVERNMENT DEBT SECURITIES GOVERNMENT REVENUE HUMAN CAPITAL HUMAN RESOURCE INDEBTED COUNTRIES INDEBTEDNESS INFLATION INFLATION RATES INFRASTRUCTURE INVESTMENT INSTITUTIONAL CAPACITY INSTRUMENT INTEREST INTEREST COST INTEREST COSTS INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATE INTEREST RATE RISK INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKET INTERNATIONAL CAPITAL MARKETS INTERNATIONAL DEVELOPMENT INVESTMENT INVESTOR BASE ISSUANCE ISSUANCE OF BONDS LEGAL FRAMEWORK LEGAL FRAMEWORKS LENDERS LIABILITIES LIQUIDITY LOAN LOAN GUARANTEES LOCAL CURRENCY LONG MATURITY PERIODS LONG TERM DEBT MACROECONOMIC ENVIRONMENT MACROECONOMIC MANAGEMENT MARKET BORROWING MARKET CONDITIONS MARKET CONTAGION MARKET ECONOMY MARKET ENVIRONMENTS MARKET FOR GOVERNMENT DEBT MARKET RISK MARKET SHARES MATURITY MONETARY FUND MONETARY POLICY MULTINATIONAL BANKS OPPORTUNITY COST OPTION OPTIONS OUTSTANDING DEBT PAYMENT SYSTEM PENSION PENSION REFORMS POLITICAL RISKS POLITICAL UNCERTAINTY PORTFOLIO PORTFOLIOS POVERTY PRINCIPAL REPAYMENT PRINCIPAL VALUE PRIVATE CAPITAL PRIVATE CAPITAL INFLOWS PRIVATE CREDITORS PRIVATE DEBT PUBLIC BORROWING PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC DEBT MARKETS REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES REMITTANCES REPAYMENT SCHEDULE RESERVE RESERVES RETURNS RISK EXPOSURE RISK MANAGEMENT RISK PREMIUMS SECURITY SHARE SHORT MATURITIES SOFT LOANS SOVEREIGN DEBT STOCK SWAPS TIME OF DEFAULT TOTAL DEBT TRADE CREDITS TRANSACTION TRANSACTIONS TRANSACTIONS COSTS TRANSPARENCY TREASURY VALUATION VARIABLE RATE
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100721133631 http://hdl.handle.net/10986/3856

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Summary:	The magnitude of the public liabilities incurred as a result of the unprecedented government action in the wake of the financial crisis of 2008-2009, and the consequences of exiting from the projected high debt scenario, have become a major source of concern about a future sovereign debt crisis. As Low-Income Countries (LICs) face unique challenges in debt management (DeM) due to their more limited financing sources and higher capacity constraints, their ability to successfully manage their public debt burdens effectively through a crisis of this magnitude is far from assured. Therefore, the challenges of the last two years will require a re-evaluation of existing DeM strategies in LICs, focusing on the identification of institutional weaknesses and the assessment and mitigation of potential risk. It is in this context that this paper examines the application of two global public goods in LICs: the Debt Management Performance Assessment (DeMPA) and the Medium-Term Debt Management Strategy (MTDS) tools. The results of the application of these tools from 2007-2009 provide valuable information to policymakers and other stakeholders on the development of sound public DeM practices and analytical capacity, with the goal of strengthening the public balance sheet and reducing vulnerability to financial crises.

Crisis Preparedness and Debt Management in Low Income Countries : Strengthening Institutions and Policy Frameworks

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