Bonos soberanos indexados a la capacidad de pago: propuesta para asegurar la sostenibilidad de la deuda pública externa

The possibility of the public debt default without any problem on the macroeconomic fundamental of a country, has shoved by de Mexican (1994), Asian (1997) Russian (1998), Brazilian (1999), Turkish (2001) and Argentinean (2002) crises. All the remedies to overcome or to prevent this kind of situations formulated by the international community have been designed from the lender countries perspectives. They don’t take into account the domestic factors of borrower countries and, hence, they fail to include the debt sustainability objective according to their internal conditions. This paper proposes the issue of indexed bonds to the payment capacity of the borrower countries represented by their GDP cycles. As a quasi market solution of the fiscal sustainability problem, these bonds should be acquired by the international financial institutions. This proposal is totally different from the well known Baker, Brady and other plans, since would permit decrease the probability of a debt crisis in the borrower countries as a consequence of their payment capacity affected by instability of their GDPs. If the indexed bonds acquired by the international financial institutions become part important of their total debt, and the duration of these issued bonds increases, the debt and current account sustainability of the borrower countries will be guaranteed for a long time.