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Debt Markets: Policy Challenges in the Post-Crisis Landscape

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Author Info

  • Hans J. Blommestein
  • Vincenzo Guzzo
  • Allison Holland
  • Yibin Mu

Abstract

Discussions at the 11th OECD-WBG-IMF Global Bond Market Forum focused on four key areas: i) the impact of crisis-related measures and the potential implications of exit; ii) the measurement of sovereign risk; iii) the determinants of investor demand; and iv) debt managers’ response to the crisis. Overall, participants felt that the steps taken to stabilise financial conditions had generally been effective and that conditions in financial markets were normalising. However, discussions highlighted a number of ongoing risks including: i) while credible consolidation plans were needed, fiscal and monetary policy would be tightened too soon; ii) managing investor uncertainty would prove critical in managing risk in the near-term; and (iii) regulatory changes might lead to a deterioration in conditions in primary and secondary markets and otherwise aggravate the challenges facing debt managers. JEL Classification: G15, G18, G20, G24, G32, G38, H62, H68 Keywords: Outlook on public deficits and government debt, crisis and debt management policies, government debt market, measurement of sovereign risk, investor demand, exit strategy

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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: 143-169

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Handle: RePEc:oec:dafkad:5km7k9tp0tf3

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Cited by:
  1. Hans J Blommestein & Anja Hubig, 2012. "Is the standard micro portfolio approach to sovereign debt management still appropriate?," BIS Papers chapters, in: Bank for International Settlements (ed.), Threat of fiscal dominance?, volume 65, pages 141-155 Bank for International Settlements.
  2. Hans J. Blommestein, 2012. "The Debate over Sovereign Risk, Safe Assets, and the Risk-Free Rate: What are the Implications for Sovereign Issuers?," Ekonomi-tek - International Economics Journal, Turkish Economic Association, vol. 1(3), pages 55-70, September.
  3. Johannes Holler, 2013. "Funding Strategies of Sovereign Debt Management: A Risk Focus," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 51–74.
  4. Carlos A. Primo Braga & Gallina A. Vincelette, 2011. "Sovereign Debt and the Financial Crisis : Will This Time Be Different?," World Bank Publications, The World Bank, number 2534.
  5. Philip Turner, 2011. "Fiscal Dominance and the Long-Term Interest Rate," FMG Special Papers sp199, Financial Markets Group.

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