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This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by...
Fiscal, Macroeconomic and Financial Implications of Global Climate Change
This paper discusses the implications of climate change for fiscal, financial, and macroeconomic policies. Most pressing is the use of carbon taxes (o...
Aspects of Governance Structures and Investment Management
This paper presents in a systematic (normative) manner the salient features of a SWF‘s governance structure, in relation to its objectives and inves...
Preconditions and Practical Considerations
As the financial crisis abates, governments are faced with the challenge of balancing the withdrawal of fiscal support with reestablishing sound publi...
Top down spillovers of sovereign default risk can have serious consequences for the private sector in emerging markets. This paper analyzes the effect...
Managing Financial Flows in the Context of the Sovereign Balance Sheet
Commodity-based sovereign wealth funds (SWFs) have been at a crossroads following the recent fall in commodity prices. This paper provides a framework...
Conceptual Issues
Country practices towards managing financial risks on a sovereign balance sheet continue to evolve. Each crisis period, and its legacy on sovereign ba...
Fundamentals vs Financial Stress
This paper analyses the determimants of emerging market sovereign bond spreads by examining the short and long-run effects of fundamental (macroeconom...
This paper explores the relationship between the level and management of public debt and financial stability, and explains the channels through which ...
Loss of market access (LMA) is a central element and an exacerbator of balance of payments and fiscal crises. This paper provides an operational defin...
Causes, Processes, Outcomes, and Lessons Learned
This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15.Both restructurings emerged as a consequence of wea...
Causes, Impacts, and Challenges
This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) iden...
This paper provides an overview of the strategic and operational issues as well as institutional challenges, related to the implementation of the Sove...
This paper analyses the links between the investment strategies of a commodity-based SWF and the macroeconomic framework of the owner country. We exam...
This paper presents some sound practices for foreign-currency risk management in developing countries and outlines instruments for managing sovereign ...
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Literature Survey, Data, and Stylized Facts
This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the fi...
This paper examines the causes, processes, and outcomes of Belize’s 2016–17 sovereign debt restructuring—its third episode in last 10 years. As ...
Concepts, Literature Survey, and Stylized Facts
During the last decade, a number of new financial instruments and derivative products related to the Greek drachma have emerged in local as well as in...