OECD sovereign borrowing outlook 2012.
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 OECD Sove...
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| Autores Corporativos: | , |
| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
Paris :
OECD Pub
2012.
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| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009705365006719 |
Tabla de Contenidos:
- Foreword; Acknowledgements; Table of Contents; Preface; Acronyms; Executive Summary; Sovereign Borrowing Overview; A highly uncertain issuance environment: concerns about the recovery and growing sovereign risk; Evolution of budget deficits, sovereign borrowing and debt; Summary overview of the borrowing outlook for OECD country groupings; The challenge of raising large volumes of funds with acceptable roll-over risk during periods with changes in perceptions of sovereign risk; Funding strategy during periods of fiscal dominance and fiscal consolidation; Central government debt at a glance
- ReferencesOutlook for sovereign risk; Concerns about sovereign risk outlook is creating major challenges for government borrowing operations; Widening of euro area spreads in the summer of 2011; Market spotlight on Italy; Animal spirits pushing up borrowing rates?; Role of credit rating agencies; Volatile markets are generating selling pressures and higher borrowing costs; Definition and measurement of sovereign risk; Mispricing of sovereign risk?; Notes; References; Impact of financial contagion on borrowing operations within the euro area; Potential for contagion of the euro area crisis
- Direct channels of contagionIndirect channels of contagion and impact on borrowing operations; Vulnerability of a monetary union to liquidity crises; Notes; References; Changes in issuance procedures and techniques; The need to adjust issuance procedures and techniques; OECD best practices as global standards?; Results from a recent survey on OECD issuance procedures and policies; Issuance conditions amid a volatile and uncertain environment; Responses to tougher issuance condition; Notes; References; Annex A. Principles and trade-offs when making issuance choicesin the United Kingdom
- Annex B. A suggested new approach to the measurement and reporting of gross short-term borrowing operations by governmentsAnnex C. Methods and sources; Glossary
