"This paper relaxes some key assumptions in the probabilistic approach to fiscal sustainability. First, the authors identify structural breaks over the sample period used to estimate the covariance matrix of the shocks to the debt ratios. Second, the assumption of normality of the shocks is...

"Greece and Italy initiated efforts to improve public debt management and develop their domestic debt markets respectively in the late 1970s and mid-1980s. At that time, both countries suffered from large and rapidly growing public debt, excessive reliance on short-term bills held by commercial...

Improving debt transparency is critical for promoting debt sustainability and creditworthiness assessments, increasing the accuracy of public debt information, and protecting the interests of a diverse range of stakeholders. The importance of debt transparency, the costs associated with the lack...

The need for an effective public debt management strategy has increased with Tunisia's stronger presence in the international financial markets and the larger exposure to changing borrowing conditions and exchange rate fluctuations. At the same time, there are better conditions today for public...

The World Bank is developing a program to assist developing countries improve debt management in collaboration with other partners. The objective of the program is to help strengthen capacity and institutions in developing countries to manage government debt in an effective and sustainable...

During January 11 to 20, 2010, a World Bank team undertook a Debt Management Performance Assessment (DeMPA) mission to Gambia. This tool provides a methodology for assessing government debt management performance through a comprehensive set of dimensions spanning the full range of DeM functions....

The Debt Management Performance Assessment (DeMPA) is a methodology for assessing government Debt Management (DeM) performance through a comprehensive set of indicators spanning the full range of DeM functions. The assessment reveals that Burkina Faso's DeM institutions' performance meets...

From November 8 to 17, 2010, a World Bank team undertook a Debt Management Performance Assessment (DeMPA) mission to Tirana, Albania. The mission's objective was to prepare a comprehensive assessment of government debt management functions by applying the DeMPA methodology. This report presents...

A strong legal framework that forms the basis for the activities of debt managers is crucial for enabling an effective public debt management function. This paper aims to complement discussions on the legal foundations of debt management by detecting and discussing essential elements that allow...

This report assesses Montenegro's public and external debt sustainability under alternative scenarios. The baseline scenario assumes continued implementation of a macroeconomic stabilization and structural reform program, while the low case scenario describes the alternative of a sluggish growth...