Les besoins d’emprunt bruts des administrations publiques des pays de l’OCDE devraient s‘accroître légèrement pour se situer aux alentours de 10 900 milliards de dollars en 2013, soit plus que le montant déjà élevé de 10 800 milliards de dollars de 2012, d’après un nouveau rapport de l’OCDE.
Organised in Midrand, the 6th Annual Forum on African Public Debt Management focussed on current priorities relating to African public debt management and bond markets.
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This presentation by Adrian Blundell Wignall was made to the French Senate on 27 March 2012 in the context of their enquiry on credit rating agencies (CRAs).
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.
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.
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.
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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
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.
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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
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.