Turkish Treasury Simulation Model for Debt Strategy Analysis

Governments raise funds to meet their financing needs using a range of fixed income securities and loans with different maturities, interest rates, and exchange rate structures. Public debt managers need to consider various policy objectives when deciding on the structure of the public liability por...

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Main Authors: Balibek, Emre, Memis, Hamdi Alper
Format: Policy Research Working Paper
Language:English
Published: World Bank, Washington, DC 2012
Subjects:
GDP
Online Access:http://documents.worldbank.org/curated/en/2012/06/16375748/turkish-treasury-simulation-model-debt-strategy-analysis
http://hdl.handle.net/10986/9329
id okr-10986-9329
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
topic ACCOUNTING
ACCOUNTING STANDARDS
ACCRUAL ACCOUNTING
ADVERSE EFFECT
ADVERSE EFFECTS
AMORTIZATION
AUCTION
AUCTIONS
BOND
BOND ISSUANCES
BOND ISSUES
BOND MARKETS
BOND PORTFOLIO
BONDS
BORROWING REQUIREMENT
BORROWING REQUIREMENTS
BORROWING STRATEGIES
BORROWING STRATEGY
BUSINESS CYCLE
BUY-BACKS
BUYBACK
CASH BALANCES
CASH FLOW
CASH FLOWS
CENTRAL BANK
COMPARABLE MATURITY
COMPOSITION OF DEBT
COMPOSITION OF GOVERNMENT DEBT
CONFIDENTIALITY
CONSUMER PRICE INDEX
COUPON
COUPON BOND
COUPON BONDS
COUPON PAYMENT
COUPON PAYMENT DATES
COUPON PAYMENTS
COUPON PERIODS
COUPON RATE
COUPON RATES
CREDIT RATING
CREDITOR
CURRENCY COMPOSITION
CURRENCY RISK
CURRENCY RISKS
DEBT
DEBT DATABASE
DEBT EXCHANGE
DEBT EXCHANGES
DEBT ISSUANCE
DEBT ISSUANCE STRATEGIES
DEBT MANAGEMENT
DEBT MANAGEMENT AGENCY
DEBT MANAGEMENT POLICIES
DEBT PAYMENTS
DEBT REDEMPTION
DEBT REDEMPTIONS
DEBT REPAYMENTS
DEBT SERVICE
DEBT STOCK
DECISION MAKING
DEFAULT CASE
DERIVATIVE INSTRUMENTS
DEVELOPMENT POLICY
DOLLAR VALUE
ECONOMIC POLICY ENVIRONMENT
ENVIRONMENTAL FACTORS
EUROBOND
EXCHANGE RATE
EXCHANGE RATE MOVEMENTS
EXCHANGE RATE REGIME
EXCHANGE RATES
FINANCIAL ASSETS
FINANCIAL CRISES
FINANCIAL MARKET
FINANCIAL MARKETS
FINANCIAL STABILITY
FINANCING REQUIREMENT
FIXED COUPON
FIXED EXCHANGE RATE
FIXED INCOME
FIXED INCOME SECURITIES
FIXED RATE
FLOATING EXCHANGE RATE
FLOATING RATE
FLOATING RATE NOTE
FLOATING RATE NOTES
FLOATING-RATE NOTE
FLOATING-RATE NOTES
FOREIGN CURRENCIES
FOREIGN CURRENCY
FOREIGN CURRENCY DEBT
FORWARD RATES
GDP
GOVERNMENT BOND
GOVERNMENT BOND YIELDS
GOVERNMENT BONDS
GOVERNMENT BORROWING
GOVERNMENT BUDGET
GROSS DEBT
GROSS DOMESTIC PRODUCT
GROWTH RATE
INDEXED BONDS
INFLATION
INFLATION RATE
INFLATION RATES
INFLATION TARGETS
INITIAL DEBT
INSTRUMENT
INSURANCE
INSURANCE PREMIUM
INTEREST COST
INTEREST COSTS
INTEREST EXPENDITURES
INTEREST EXPENSES
INTEREST PAYMENT
INTEREST PAYMENTS
INTEREST RATE
INTEREST RATE RISK
INTEREST RATE VOLATILITY
INTEREST RATES
INTEREST-RATE RISK
INTERNATIONAL BANK
INTERNATIONAL BOND
INTERNATIONAL ECONOMICS
INTERNATIONAL MARKET
INTERNATIONAL MARKETS
INTERNATIONAL SETTLEMENTS
INVESTING
ISSUANCES
LENDER
LEVEL OF DEBT
LEVEL OF RISK
LIABILITY
LIQUID MARKET
LIQUIDITY
LIQUIDITY RISK
LOAN
LOAN PORTFOLIO
LOCAL CURRENCY
LOCAL DEBT
LOCAL MARKETS
LONG-TERM INTEREST
LONG-TERM INTEREST RATE
LONG-TERM INTEREST RATES
MACROECONOMIC ENVIRONMENT
MACROECONOMIC VARIABLES
MARK-TO-MARKET
MARKET CONDITIONS
MARKET CONFIDENCE
MARKET CONSTRAINTS
MARKET DEMAND
MARKET ENVIRONMENT
MARKET EXPECTATIONS
MARKET INSTRUMENTS
MARKET INTEREST
MARKET INTEREST RATES
MARKET RISK
MARKET VALUE
MARKET VOLATILITY
MATURITIES
MATURITY
MATURITY DATE
MONETARY FUND
NATIONAL DEBT
NATIONAL DEBT OFFICE
NATIONAL TREASURY
NOMINAL INTEREST RATE
OUTPUT
OUTPUT GAP
OUTPUTS
OUTSTANDING DEBT
POLICY RESPONSES
PORTFOLIO
PORTFOLIO MANAGEMENT
PORTFOLIO MANAGER
PRINCIPAL PAYMENTS
PRIVATE FINANCIAL INSTITUTIONS
PRIVATIZATION
PUBLIC DEBT
PUBLIC DEBT MANAGEMENT
PUBLIC DEBT MANAGER
PUBLIC DEBT MANAGERS
PUBLIC POLICIES
REAL EXCHANGE RATE
REAL EXCHANGE RATES
REGIME CHANGES
REPAYMENT
RETURN
RETURNS
RISK EXPOSURE
RISK FACTORS
RISK MANAGEMENT
RISK MANAGERS
RISK MEASUREMENT
RISK NEUTRAL
RISK PROFILE
RISK PROFILES
RISK REDUCTION
SECONDARY MARKET
SHORT MATURITIES
SHORT-TERM DEBT
SHORT-TERM INSTRUMENTS
SHORT-TERM INTEREST RATE
SHORT-TERM INTEREST RATES
SOVEREIGN DEBT
TECHNICAL ASSISTANCE
TERM STRUCTURE OF INTEREST RATE
TERM STRUCTURE OF INTEREST RATES
TOTAL DEBT
TREASURY
TREASURY BILL
TREASURY BILLS
USE OF DERIVATIVE
VOLATILITIES
WORLD ECONOMY
YIELD CURVE
YIELD CURVE ESTIMATION
YIELD CURVES
ZERO COUPON
spellingShingle ACCOUNTING
ACCOUNTING STANDARDS
ACCRUAL ACCOUNTING
ADVERSE EFFECT
ADVERSE EFFECTS
AMORTIZATION
AUCTION
AUCTIONS
BOND
BOND ISSUANCES
BOND ISSUES
BOND MARKETS
BOND PORTFOLIO
BONDS
BORROWING REQUIREMENT
BORROWING REQUIREMENTS
BORROWING STRATEGIES
BORROWING STRATEGY
BUSINESS CYCLE
BUY-BACKS
BUYBACK
CASH BALANCES
CASH FLOW
CASH FLOWS
CENTRAL BANK
COMPARABLE MATURITY
COMPOSITION OF DEBT
COMPOSITION OF GOVERNMENT DEBT
CONFIDENTIALITY
CONSUMER PRICE INDEX
COUPON
COUPON BOND
COUPON BONDS
COUPON PAYMENT
COUPON PAYMENT DATES
COUPON PAYMENTS
COUPON PERIODS
COUPON RATE
COUPON RATES
CREDIT RATING
CREDITOR
CURRENCY COMPOSITION
CURRENCY RISK
CURRENCY RISKS
DEBT
DEBT DATABASE
DEBT EXCHANGE
DEBT EXCHANGES
DEBT ISSUANCE
DEBT ISSUANCE STRATEGIES
DEBT MANAGEMENT
DEBT MANAGEMENT AGENCY
DEBT MANAGEMENT POLICIES
DEBT PAYMENTS
DEBT REDEMPTION
DEBT REDEMPTIONS
DEBT REPAYMENTS
DEBT SERVICE
DEBT STOCK
DECISION MAKING
DEFAULT CASE
DERIVATIVE INSTRUMENTS
DEVELOPMENT POLICY
DOLLAR VALUE
ECONOMIC POLICY ENVIRONMENT
ENVIRONMENTAL FACTORS
EUROBOND
EXCHANGE RATE
EXCHANGE RATE MOVEMENTS
EXCHANGE RATE REGIME
EXCHANGE RATES
FINANCIAL ASSETS
FINANCIAL CRISES
FINANCIAL MARKET
FINANCIAL MARKETS
FINANCIAL STABILITY
FINANCING REQUIREMENT
FIXED COUPON
FIXED EXCHANGE RATE
FIXED INCOME
FIXED INCOME SECURITIES
FIXED RATE
FLOATING EXCHANGE RATE
FLOATING RATE
FLOATING RATE NOTE
FLOATING RATE NOTES
FLOATING-RATE NOTE
FLOATING-RATE NOTES
FOREIGN CURRENCIES
FOREIGN CURRENCY
FOREIGN CURRENCY DEBT
FORWARD RATES
GDP
GOVERNMENT BOND
GOVERNMENT BOND YIELDS
GOVERNMENT BONDS
GOVERNMENT BORROWING
GOVERNMENT BUDGET
GROSS DEBT
GROSS DOMESTIC PRODUCT
GROWTH RATE
INDEXED BONDS
INFLATION
INFLATION RATE
INFLATION RATES
INFLATION TARGETS
INITIAL DEBT
INSTRUMENT
INSURANCE
INSURANCE PREMIUM
INTEREST COST
INTEREST COSTS
INTEREST EXPENDITURES
INTEREST EXPENSES
INTEREST PAYMENT
INTEREST PAYMENTS
INTEREST RATE
INTEREST RATE RISK
INTEREST RATE VOLATILITY
INTEREST RATES
INTEREST-RATE RISK
INTERNATIONAL BANK
INTERNATIONAL BOND
INTERNATIONAL ECONOMICS
INTERNATIONAL MARKET
INTERNATIONAL MARKETS
INTERNATIONAL SETTLEMENTS
INVESTING
ISSUANCES
LENDER
LEVEL OF DEBT
LEVEL OF RISK
LIABILITY
LIQUID MARKET
LIQUIDITY
LIQUIDITY RISK
LOAN
LOAN PORTFOLIO
LOCAL CURRENCY
LOCAL DEBT
LOCAL MARKETS
LONG-TERM INTEREST
LONG-TERM INTEREST RATE
LONG-TERM INTEREST RATES
MACROECONOMIC ENVIRONMENT
MACROECONOMIC VARIABLES
MARK-TO-MARKET
MARKET CONDITIONS
MARKET CONFIDENCE
MARKET CONSTRAINTS
MARKET DEMAND
MARKET ENVIRONMENT
MARKET EXPECTATIONS
MARKET INSTRUMENTS
MARKET INTEREST
MARKET INTEREST RATES
MARKET RISK
MARKET VALUE
MARKET VOLATILITY
MATURITIES
MATURITY
MATURITY DATE
MONETARY FUND
NATIONAL DEBT
NATIONAL DEBT OFFICE
NATIONAL TREASURY
NOMINAL INTEREST RATE
OUTPUT
OUTPUT GAP
OUTPUTS
OUTSTANDING DEBT
POLICY RESPONSES
PORTFOLIO
PORTFOLIO MANAGEMENT
PORTFOLIO MANAGER
PRINCIPAL PAYMENTS
PRIVATE FINANCIAL INSTITUTIONS
PRIVATIZATION
PUBLIC DEBT
PUBLIC DEBT MANAGEMENT
PUBLIC DEBT MANAGER
PUBLIC DEBT MANAGERS
PUBLIC POLICIES
REAL EXCHANGE RATE
REAL EXCHANGE RATES
REGIME CHANGES
REPAYMENT
RETURN
RETURNS
RISK EXPOSURE
RISK FACTORS
RISK MANAGEMENT
RISK MANAGERS
RISK MEASUREMENT
RISK NEUTRAL
RISK PROFILE
RISK PROFILES
RISK REDUCTION
SECONDARY MARKET
SHORT MATURITIES
SHORT-TERM DEBT
SHORT-TERM INSTRUMENTS
SHORT-TERM INTEREST RATE
SHORT-TERM INTEREST RATES
SOVEREIGN DEBT
TECHNICAL ASSISTANCE
TERM STRUCTURE OF INTEREST RATE
TERM STRUCTURE OF INTEREST RATES
TOTAL DEBT
TREASURY
TREASURY BILL
TREASURY BILLS
USE OF DERIVATIVE
VOLATILITIES
WORLD ECONOMY
YIELD CURVE
YIELD CURVE ESTIMATION
YIELD CURVES
ZERO COUPON
Balibek, Emre
Memis, Hamdi Alper
Turkish Treasury Simulation Model for Debt Strategy Analysis
geographic_facet Europe and Central Asia
Turkey
relation Policy Research Working Paper; No. 6091
description Governments raise funds to meet their financing needs using a range of fixed income securities and loans with different maturities, interest rates, and exchange rate structures. Public debt managers need to consider various policy objectives when deciding on the structure of the public liability portfolio. This paper describes a simulation model developed at the Turkish Treasury to assist the decision-making process in debt strategy formulation. The model is used to analyze the medium and long-term consequences of alternative debt management strategies in terms of cost and risk characteristics, and provides key inputs to decision making.
format Publications & Research :: Policy Research Working Paper
author Balibek, Emre
Memis, Hamdi Alper
author_facet Balibek, Emre
Memis, Hamdi Alper
author_sort Balibek, Emre
title Turkish Treasury Simulation Model for Debt Strategy Analysis
title_short Turkish Treasury Simulation Model for Debt Strategy Analysis
title_full Turkish Treasury Simulation Model for Debt Strategy Analysis
title_fullStr Turkish Treasury Simulation Model for Debt Strategy Analysis
title_full_unstemmed Turkish Treasury Simulation Model for Debt Strategy Analysis
title_sort turkish treasury simulation model for debt strategy analysis
publisher World Bank, Washington, DC
publishDate 2012
url http://documents.worldbank.org/curated/en/2012/06/16375748/turkish-treasury-simulation-model-debt-strategy-analysis
http://hdl.handle.net/10986/9329
_version_ 1764409155254222848
spelling okr-10986-93292021-04-23T14:02:45Z Turkish Treasury Simulation Model for Debt Strategy Analysis Balibek, Emre Memis, Hamdi Alper ACCOUNTING ACCOUNTING STANDARDS ACCRUAL ACCOUNTING ADVERSE EFFECT ADVERSE EFFECTS AMORTIZATION AUCTION AUCTIONS BOND BOND ISSUANCES BOND ISSUES BOND MARKETS BOND PORTFOLIO BONDS BORROWING REQUIREMENT BORROWING REQUIREMENTS BORROWING STRATEGIES BORROWING STRATEGY BUSINESS CYCLE BUY-BACKS BUYBACK CASH BALANCES CASH FLOW CASH FLOWS CENTRAL BANK COMPARABLE MATURITY COMPOSITION OF DEBT COMPOSITION OF GOVERNMENT DEBT CONFIDENTIALITY CONSUMER PRICE INDEX COUPON COUPON BOND COUPON BONDS COUPON PAYMENT COUPON PAYMENT DATES COUPON PAYMENTS COUPON PERIODS COUPON RATE COUPON RATES CREDIT RATING CREDITOR CURRENCY COMPOSITION CURRENCY RISK CURRENCY RISKS DEBT DEBT DATABASE DEBT EXCHANGE DEBT EXCHANGES DEBT ISSUANCE DEBT ISSUANCE STRATEGIES DEBT MANAGEMENT DEBT MANAGEMENT AGENCY DEBT MANAGEMENT POLICIES DEBT PAYMENTS DEBT REDEMPTION DEBT REDEMPTIONS DEBT REPAYMENTS DEBT SERVICE DEBT STOCK DECISION MAKING DEFAULT CASE DERIVATIVE INSTRUMENTS DEVELOPMENT POLICY DOLLAR VALUE ECONOMIC POLICY ENVIRONMENT ENVIRONMENTAL FACTORS EUROBOND EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXCHANGE RATE REGIME EXCHANGE RATES FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL STABILITY FINANCING REQUIREMENT FIXED COUPON FIXED EXCHANGE RATE FIXED INCOME FIXED INCOME SECURITIES FIXED RATE FLOATING EXCHANGE RATE FLOATING RATE FLOATING RATE NOTE FLOATING RATE NOTES FLOATING-RATE NOTE FLOATING-RATE NOTES FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN CURRENCY DEBT FORWARD RATES GDP GOVERNMENT BOND GOVERNMENT BOND YIELDS GOVERNMENT BONDS GOVERNMENT BORROWING GOVERNMENT BUDGET GROSS DEBT GROSS DOMESTIC PRODUCT GROWTH RATE INDEXED BONDS INFLATION INFLATION RATE INFLATION RATES INFLATION TARGETS INITIAL DEBT INSTRUMENT INSURANCE INSURANCE PREMIUM INTEREST COST INTEREST COSTS INTEREST EXPENDITURES INTEREST EXPENSES INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATE INTEREST RATE RISK INTEREST RATE VOLATILITY INTEREST RATES INTEREST-RATE RISK INTERNATIONAL BANK INTERNATIONAL BOND INTERNATIONAL ECONOMICS INTERNATIONAL MARKET INTERNATIONAL MARKETS INTERNATIONAL SETTLEMENTS INVESTING ISSUANCES LENDER LEVEL OF DEBT LEVEL OF RISK LIABILITY LIQUID MARKET LIQUIDITY LIQUIDITY RISK LOAN LOAN PORTFOLIO LOCAL CURRENCY LOCAL DEBT LOCAL MARKETS LONG-TERM INTEREST LONG-TERM INTEREST RATE LONG-TERM INTEREST RATES MACROECONOMIC ENVIRONMENT MACROECONOMIC VARIABLES MARK-TO-MARKET MARKET CONDITIONS MARKET CONFIDENCE MARKET CONSTRAINTS MARKET DEMAND MARKET ENVIRONMENT MARKET EXPECTATIONS MARKET INSTRUMENTS MARKET INTEREST MARKET INTEREST RATES MARKET RISK MARKET VALUE MARKET VOLATILITY MATURITIES MATURITY MATURITY DATE MONETARY FUND NATIONAL DEBT NATIONAL DEBT OFFICE NATIONAL TREASURY NOMINAL INTEREST RATE OUTPUT OUTPUT GAP OUTPUTS OUTSTANDING DEBT POLICY RESPONSES PORTFOLIO PORTFOLIO MANAGEMENT PORTFOLIO MANAGER PRINCIPAL PAYMENTS PRIVATE FINANCIAL INSTITUTIONS PRIVATIZATION PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC DEBT MANAGER PUBLIC DEBT MANAGERS PUBLIC POLICIES REAL EXCHANGE RATE REAL EXCHANGE RATES REGIME CHANGES REPAYMENT RETURN RETURNS RISK EXPOSURE RISK FACTORS RISK MANAGEMENT RISK MANAGERS RISK MEASUREMENT RISK NEUTRAL RISK PROFILE RISK PROFILES RISK REDUCTION SECONDARY MARKET SHORT MATURITIES SHORT-TERM DEBT SHORT-TERM INSTRUMENTS SHORT-TERM INTEREST RATE SHORT-TERM INTEREST RATES SOVEREIGN DEBT TECHNICAL ASSISTANCE TERM STRUCTURE OF INTEREST RATE TERM STRUCTURE OF INTEREST RATES TOTAL DEBT TREASURY TREASURY BILL TREASURY BILLS USE OF DERIVATIVE VOLATILITIES WORLD ECONOMY YIELD CURVE YIELD CURVE ESTIMATION YIELD CURVES ZERO COUPON Governments raise funds to meet their financing needs using a range of fixed income securities and loans with different maturities, interest rates, and exchange rate structures. Public debt managers need to consider various policy objectives when deciding on the structure of the public liability portfolio. This paper describes a simulation model developed at the Turkish Treasury to assist the decision-making process in debt strategy formulation. The model is used to analyze the medium and long-term consequences of alternative debt management strategies in terms of cost and risk characteristics, and provides key inputs to decision making. 2012-06-29T20:15:57Z 2012-06-29T20:15:57Z 2012-06 http://documents.worldbank.org/curated/en/2012/06/16375748/turkish-treasury-simulation-model-debt-strategy-analysis http://hdl.handle.net/10986/9329 English Policy Research Working Paper; No. 6091 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Europe and Central Asia Turkey