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A Suggested New Approach to the Measurement and Reporting of Gross Short- Term Borrowing Operations by Governments

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  • Hans J. Blommestein
  • Ove Sten Jensen
  • Thomas Olofsson

Abstract

As part of its Borrowing Outlook, the OECD estimates gross short– term government borrowing requirements. The article concludes that all methods for measuring short-term borrowing needs studied here – except one – provide either significantly underestimated or substantially overestimated measures. The article therefore suggests adopting the following measure: Gross Short-Term Marketable Borrowing Requirements is equal to Net Short-Term Borrowing Requirements plus the outstanding amount of the stock of short-term instruments. This new measure (referred to as Method 2 in the study) yields, in principle, meaningful estimates, comparable across different countries. JEL Classification: G15, G18, H63, H68. Keywords: measuring gross short-term borrowing requirements, debt

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File URL: http://dx.doi.org/10.1787/fmt-2010-5km7k9tnz6hd
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Bibliographic Info

Article provided by OECD Publishing in its journal OECD Journal: Financial Market Trends.

Volume (Year): 2010 (2010)
Issue (Month): 1 ()
Pages: 171-179

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Handle: RePEc:oec:dafkad:5km7k9tnz6hd

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