Mauro, Paolo; Chamon, Marcos - International Monetary Fund (IMF) - 2005
Growth-indexed bonds have been suggested as a way of reducing the procyclicality of emerging-market countries' fiscal … considerable obstacle. In an effort to reduce such concerns, this article presents a simple way of pricing growth-indexed bonds. As … a pleasant by-product, the analysis tracks the quantitative implications of an increase in the share of growth-indexed …