Sovereign Debt Composition in Advanced Economies is popular PDF and ePub book, written by S. M. Ali Abbas in 2014-09-09, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Sovereign Debt Composition in Advanced Economies can be Read Online from any device for your convenience.
Sovereign Debt Composition in Advanced Economies Book PDF Summary
We examine how the composition of public debt, broken down by currency, maturity, holder profile and marketability, has responded to major debt accumulation and consolidation episodes during 1900-2011. Covering thirteen advanced economies, we focus on debt structure shifts that occurred around the two World Wars and global economic downturns, and the subsequent debt consolidations. Notwithstanding data gaps, we are able to recover some broad common patterns. Episodes of large debt accumulation—essentially, large increases in debt supply— were typically absorbed by increases in short-term, foreign currency-denominated, and banking-system-held debt. However, this pattern did not hold during the debt build-ups starting in the 1980s and 1990s, which were compositionally skewed toward long-term local-currency debt. We attribute this change to higher structural demand for sovereign paper, linked to capital account liberalization in advanced economies, the emergence of a large contractual saving sector, and innovative sovereign debt products. With regard to debt consolidations, we find support for the financial repression-cum-inflation channel for post World War II debt reductions. However, the scope for a repeat of this strategy appears limited unless financial liberalization and globalization were materially rolled back or the current globally agreed monetary policy regime built around price stability abandoned. Neither are significant favorable structural demand shifts, as witnessed in the 1980s and 1990s, likely.
Detail Book of Sovereign Debt Composition in Advanced Economies PDF
- Author : S. M. Ali Abbas
- Release : 09 September 2014
- Publisher : International Monetary Fund
- ISBN : 9781498358781
- Genre : Business & Economics
- Total Page : 42 pages
- Language : English
- PDF File Size : 19,5 Mb
If you're still pondering over how to secure a PDF or EPUB version of the book Sovereign Debt Composition in Advanced Economies by S. M. Ali Abbas, don't worry! All you have to do is click the 'Get Book' buttons below to kick off your Download or Read Online journey. Just a friendly reminder: we don't upload or host the files ourselves.