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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| Format: | Policy Research Working Paper |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2012/06/16375748/turkish-treasury-simulation-model-debt-strategy-analysis http://hdl.handle.net/10986/9329 |
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okr-10986-9329 |
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| recordtype |
oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
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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 |