Debt Limits and the Structure of Public Debt

Released on by Alex Pienkowski
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  • Debt Limits and the Structure of Public Debt Book Detail

  • Author : Alex Pienkowski
  • Release Date : 2017-05-22
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 21
  • ISBN 13 : 1484301005
  • File Size : 95,95 MB
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Debt Limits and the Structure of Public Debt by Alex Pienkowski PDF Summary

Book Description: This paper provides a tractable framework to assess how the structure of debt instruments—specifically by currency denomination and indexation to GDP—can raise the debt limit of a sovereign. By calibrating the model to different country fundamentals, it is clear that there is no one-size-fits-all approach to optimal instrument design. For instance, low income countries may find benefit in issuing local currency debt; while in advanced economies debt tolerance can be substantially enhanced through issuing GDP-linked bonds. By looking at the marginal impact of these instruments, the paper also provides insight into the optimal portfolio compostion.

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