Latest Documents

13th OECD-World Bank Group-IMF Global Bond Market Forum

Discussions at the forum will focus on latest developments in global bond markets, including the impact of the financial crisis on market functioning and debt levels and other emerging issues.

A Critical Analysis of the Technical Assumptions of the Standard Micro Portfolio Approach to Sovereign Debt Management, OECD Working Paper on Sovereign Borrowing and Public Debt Management, No.4

The study concludes that two technical key assumptions need to hold for the standard micro portfolio approach to yield optimal (i.e. cost-minimising) results.We argue that these assumptions do not hold in the current borrowing environment characterized by fiscal dominance with complex links between public debt management and monetary policy.

Interactions between Sovereign Debt Management and Monetary Policy under Fiscal Dominance and Financial Instability, OECD Working Paper on Sovereign Borrowing and Public Debt Management, No.3

This paper argues that serious fiscal vulnerabilities arising from many years of high government debt will create new and complex interactions between public debt management and monetary policy.

Solving the Financial and Sovereign Debt Crisis in Europe

This paper examines the policies that have been proposed to solve the financial and sovereign debt crisis in Europe, against the backdrop of what the real underlying problems are: extreme differences in competitiveness; the absence of a growth strategy; sovereign, household and corporate debt at high levels in the very countries that are least competitive; and banks that have become too large, driven by dangerous trends in ‘capital

21st OECD Global Forum on Public Debt Management

Discussions at the 2012 forum focused on the changing global investor base for government securities, primary market operations and new interactions between public debt management and monetary policy under fiscal dominance.

Highlights from the OECD Sovereign Borrowing Outlook N°4

OECD governments are facing unprecedented challenges in the markets for government securities as a result of continued strong borrowing amid a highly uncertain environment with growing concerns about the pace of recovery, surging borrowing costs, sovereign risk and contagion pressures. The fourth OECD Sovereign Borrowing Outlook provides estimates for 2011 and projections for 2012. Higher than anticipated gross borrowing needs of

Financial crisis management and the use of government guarantees

These articles were prepared for a symposium on bank failure resolution and crisis management which focused, in particular, on the use of guarantees and the spill-overs between the credit qualities of sovereigns and banking systems.

Regulatory Reform of OTC Derivatives and its Implications for Sovereign Debt Management Practices, OECD Working Paper on Sovereign Borrowing and Public Debt Management, No.1

This report analyses the possible implications for public debt management practices arising from regulatory changes for over the counter derivatives (OTCD) that are being developed worldwide to strengthen the resiliency of the financial system. Many OECD sovereigns use OTCD in their debt management activities (mainly interest rate swaps and cross-currency swaps).

Principles and Trade-Offs When Making Issuance Choices in the UK, OECD Working Paper on Sovereign Borrowing and Public Debt Management, No.2

The paper argues that judgements play an important role in determining appropriate trade-offs when making issuance choices. The result of the determination of cost and risk factors and judgements about trade-offs is usually a relatively balanced issuance split across the maturity spectrum, along both the nominal and real yield curves.

Outlook for the finance securitisation market

Although securitisation issuance has slumped in recent years with both the US and European markets having become increasingly dependent on central bank and government support, the securisation market is expected to recover over a long term horizon.