Sovereign Debt Management in Crisis in Europe and Central Asia

The global financial crisis of 2008-2009 required most sovereign debt managers to adapt to rapidly changing market circumstances, by changing the mix of borrowing instruments and adopting techniques that minimize the impact of severe market dislocations and increased risk aversion. These actions, allied to prudent macroeconomic and debt management policies implemented by government in the years preceding the crises, were critical in helping countries meet their financing needs without undue strain on the financial markets. This toolkit draws on the approaches taken by a range of countries and provides sovereign debt policy makers with a rich set of potential actions to address crisis periods. A practical illustration on the use of some of these actions is conducted by analyzing the measures taken by Romania, Serbia and Turkey as a response to the recent crises. Authors draw lessons from these experiences and examine what other measures included in the toolkit could have been used to boost the crisis response impact in these economies, respecting country-specific contexts.

Bibliographic Details

Main Author:	World Bank
Format:	Working Paper biblioteca
Language:	English en_US
Published:	Washington, DC 2013-05
Subjects:	ACCOUNTING, ACTIVE MARKET, ASSET PRICES, AUCTION, AUCTIONS, BALANCE SHEETS, BANK DEPOSITS, BANK LENDING, BANKING SECTOR, BANKING SYSTEM, BENCHMARK BONDS, BILATERAL TRANSACTIONS, BOND ISSUANCE, BORROWER, BORROWING COSTS, BORROWING PLAN, BORROWING REQUIREMENTS, BUDGET DEFICIT, BUDGETING, BUYBACKS, CAPITAL CONSTRAINTS, CAPITAL FLOWS, CAPITAL INFLOWS, CAPITAL MARKET, CAPITAL MARKETS, CASH BALANCES, CASH MANAGEMENT, CENTRAL BANK, CENTRAL BANKS, COMMERCIAL BANKS, CONSUMER PRICE INDEX, CONTINGENT LIABILITIES, CREDIBILITY, CREDIT LINE, CREDIT LINES, CREDIT RATING, CREDIT RISK, CREDITORS, CRISIS COUNTRIES, CRISIS LENDING, CURRENCY COMPOSITION, CURRENCY RISK, CURRENT ACCOUNT DEFICITS, DATED SECURITIES, DEBT BUYBACK, DEBT CRISIS, DEBT FINANCING, DEBT INSTRUMENTS, DEBT ISSUANCE, DEBT ISSUANCES, DEBT MANAGEMENT, DEBT MANAGEMENT POLICIES, DEBT MARKET DEVELOPMENT, DEBT MATURITIES, DEBT OUTSTANDING, DEBT PAPER, DEBT PAYMENTS, DEBT POLICY, DEBT SERVICING, DEPOSITS, DEVALUATION, DEVELOPING COUNTRIES, DEVELOPING GOVERNMENT BOND, DEVELOPING GOVERNMENT BOND MARKETS, DISBURSEMENT, DISBURSEMENTS, DOMESTIC BANKS, DOMESTIC BORROWING, DOMESTIC CAPITAL, DOMESTIC CAPITAL MARKETS, DOMESTIC DEBT, DOMESTIC DEBT MARKETS, DOMESTIC MARKET, DOMESTIC MARKETS, EMERGING MARKET, EMERGING MARKET COUNTRIES, EMERGING MARKET ECONOMIES, EMERGING MARKETS, EXCESS LIQUIDITY, EXCESS SUPPLY, EXTERNAL BORROWING, EXTERNAL DEBT, FINANCES, FINANCIAL CRISIS, FINANCIAL FLOWS, FINANCIAL INSTITUTIONS, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL SAVINGS, FINANCIAL SYSTEMS, FISCAL DEFICIT, FISCAL POLICY, FIXED INCOME, FIXED INCOME MARKETS, FOREIGN CURRENCY, FOREIGN CURRENCY LOANS, FOREIGN EXCHANGE, FOREIGN EXCHANGE RISKS, FOREIGN INTEREST, FOREIGN MARKETS, GOVERNMENT BONDS, GOVERNMENT BORROWING, GOVERNMENT DEBT, GOVERNMENT PAPER, GOVERNMENT REVENUES, GOVERNMENT SECURITIES, GOVERNMENT SECURITIES MARKETS, GOVERNMENT SUPPORT, INDEXED BONDS, INFLATION, INFLATIONARY PRESSURES, INSTITUTIONAL INVESTORS, INSTRUMENT, INSURANCE, INTEREST RATE, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL BOND, INTERNATIONAL CAPITAL, INTERNATIONAL CAPITAL MARKETS, INTERNATIONAL FINANCIAL INSTITUTIONS, INTERNATIONAL MARKETS, INVENTORY, INVESTOR BASE, INVESTOR DEMAND, ISLAMIC INVESTORS, ISSUANCE, ISSUANCE OF T-BILLS, LEGAL FRAMEWORK, LENDERS, LEVEL PLAYING FIELD, LIABILITY, LIABILITY MANAGEMENT, LIQUID INSTRUMENTS, LIQUID MARKET, LIQUID SECONDARY MARKET, LIQUIDITY, LIQUIDITY POSITION, LIQUIDITY RISKS, LOAN, LOAN AGREEMENT, LOCAL CURRENCY, LOCAL MARKET, LOCAL MARKETS, LONG-TERM DEBT, MACROECONOMIC MANAGEMENT, MACROECONOMIC POLICY, MARKET ACCESS, MARKET BORROWING, MARKET DEVELOPMENT, MARKET ENVIRONMENT, MARKET ENVIRONMENTS, MARKET INSTRUMENTS, MARKET INTEREST RATES, MARKET MAKING, MARKET PARTICIPANTS, MARKET SIZE, MARKETABLE INSTRUMENTS, MATURITIES, MATURITY, MEDIUM TERM SECURITIES, MONETARY FUND, MONETARY POLICIES, MONETARY POLICY, MORTGAGE, OPPORTUNITY COST, PENSION, PENSION FUNDS, PORTFOLIO, PORTFOLIO RISK, PORTFOLIO RISK MANAGEMENT, PORTFOLIOS, PRICE DISCOVERY, PRICE VOLATILITY, PRIMARY DEALER, PRIMARY DEALER SYSTEMS, PRIMARY DEALERS, PRIMARY MARKET, PRIMARY MARKETS, PUBLIC BUDGETS, PUBLIC DEBT, PUBLIC DEBT MANAGEMENT, REGULATORY FRAMEWORK, REINVESTMENT, REPAYMENT, REPAYMENT SCHEDULE, RESERVES, RETAIL DEBT, RETAIL GOVERNMENT SECURITIES, RETAIL INVESTORS, RETURN, REVERSE AUCTIONS, RISK AVERSION, RISK PROFILE, SECONDARY MARKET, SECONDARY MARKET ACTIVITY, SECONDARY MARKET TRANSACTIONS, SECONDARY MARKETS, SECURITIES, SECURITIES MARKETS, SETTLEMENT, SETTLEMENT SYSTEMS, SHORT-TERM BONDS, SHORT-TERM DEBT, SHORT-TERM INSTRUMENTS, SOVEREIGN DEBT, SOVEREIGN DEBT MARKET, STRATEGIC DEBT MANAGEMENT, T-BILLS, T-BONDS, TRADING, TRANSPARENCY, TREASURY, WHOLESALE INVESTOR, WHOLESALE INVESTORS, WITHDRAWAL, YIELD CURVE,
Online Access:	http://documents.worldbank.org/curated/en/2016/03/17939635/europe-central-asia-sovereign-debt-management-crisis-toolkit-policy-maker https://hdl.handle.net/10986/24117
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