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Alternative Futures for Government of Canada Debt Management
Garriott, Corey - 2019
This paper presents four blue-sky ideas for lowering the cost of the Government of Canada's debt without increasing the debt's risk profile. We argue that each idea would improve the secondary-market liquidity of government debt, thereby increasing the demand for government bonds and thus...
Persistent link: https://www.econbiz.de/10012893705
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Sovereign Credit Risk in the Euro Zone
Haidar, Jamal Ibrahim - 2012
What is the current state of sovereign credit risk across Euro zone? Does the recent fiscal crisis extend to other (non Euro zone) countries? Is Greece the center of the problem? How did the current fiscal crisis in the Euro area start? Who is behind it? Why can it evolve? How can it be...
Persistent link: https://www.econbiz.de/10013114887
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Strategy and Tactics in Public Debt Management
Dottori, Davide - 2015
We examine the public debt management problem with respect to the maturity mix of new issues in a mean-variance framework. After identifying the main determinants of the long-run target (strategy), we focus on which interest rate conditions allow for a temporary deviation (tactics). The study is...
Persistent link: https://www.econbiz.de/10013023493
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New Issues in Public Debt Management: Government Surpluses in Several OECD Countries, the Common Currency in Europe and Rapidly Rising Debt in Japan
Mylonas, Paul; Schich, Sebastian; Thorgeirsson, Thorsteinn - Economics Department, Organisation de Coopération et … - 2000
more efficient euro-area financial market. Turning to Japan, the level of debt is projected to rise rapidly and there is a …
Persistent link: https://www.econbiz.de/10005045961
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Ensuring fiscal sustainability in Japan in the context of a shrinking and ageing population
Jones, Randall Sidney; Fukawa, Kohei - 2017
With gross government debt of 219% of GDP in 2016, Japan’s fiscal situation is in uncharted territory and puts the … economy at risk. In addition to raising productivity and growth, Japan needs a more detailed and credible fiscal consolidation … the 2017 OECD Economic Survey of Japan (www.oecd.org/eco/surveys/economic-survey-japan.htm) …
Persistent link: https://www.econbiz.de/10011732716
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The impact of government debt supply on bond market liquidity : an empirical analysis of the Canadian market
Gao, Jeffrey; Jin, Jianjian; Thompson, Jacob - 2018
This paper finds that Government of Canada benchmark bonds tend to be more illiquid over the subsequent month when there is a large increase in government debt supply. The result is both statistically and economically significant, stronger for the long-term than the short-term sector, and is...
Persistent link: https://www.econbiz.de/10011878695
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Effectiveness of Sovereign Oil Funds as Instruments of Fiscal Stability : A Panel Data Analysis of the Influence of Sovereign Oil Funds on Government Spending and Fiscal Balance
Etemad, Alexandre - 2014
To enrich the debate about the fiscal effectiveness of sovereign wealth funds, this paper explores the effect of sovereign wealth funds (more precisely sovereign oil funds, SOFs) on the government spending in real term and as a share of GDP. First, we evaluate the relationship between the...
Persistent link: https://www.econbiz.de/10013054164
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Fiscal implications of the ECB's public sector purchase programme (PSPP)
Lehment, Harmen - 2018
The large Public Sector Purchase Programme (PSPP) which the ECB started in 2015 on the basis of monetary policy purposes, had major side-effects on fiscal policy. One concerns the programme´s uncommon seigniorage effects. We find that the PSPP not only led to partly negative seigniorage gains,...
Persistent link: https://www.econbiz.de/10011880129
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Building on institutional failures : the European Treaty on Stability, Coordination and Governance ; or: why the crisis in the Eurozone is so deep and persistent ; invited paper pr...
Coriat, Benjamin - 2014
The paper is devoted to an analysis of the Treaty on Stability Coordination and Governance (TSCG), also known as the "Fiscal Compact" Treaty signed between the EU member states in 2012. We argue than the TSCG, instead of helping to "repair" the institutional failures on which the Euro and the...
Persistent link: https://www.econbiz.de/10010459672
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Public debt sustainability in Africa : building resilience and challenges ahead
Ncube, Mthuli; Brixiova, Zuzana - 2015
The increased access of African countries to international capital markets has put public debt sustainability once again high on the continentś policy agenda. Utilizing the "stabilizing primary balance" approach, we find that the primary balances exceeded those required to keep public debt at...
Persistent link: https://www.econbiz.de/10011279739