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Choosing the currency structure for sovereign debt : a review of current approaches

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  • Melecky, Martin

Abstract

This paper acknowledges the fact that some countries have to borrow in foreign currencies due to the various constraints they face. Starting from this point, the author reviews approaches for trying to determine the currency structure for sovereign debt, and discusses some issues inherent in these approaches. The analysis mainly focuses on the correlations of domestic fundamentals with the actual versus equilibrium exchange rate in light of the long-term perspective of a debt manager and changing exchange rate regimes. In addition, the author makes some observations on the characterization of exchange rate volatilities in the existing approaches.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 4246.

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Date of creation: 01 Jun 2007
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Handle: RePEc:wbk:wbrwps:4246

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Related research

Keywords: Economic Theory&Research; External Debt; Financial Intermediation; Strategic Debt Management; Foreign Direct Investment;

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Cited by:
  1. Melecky, Martin, 2008. "An alternative framework for foreign exchange risk management of sovereign debt," Policy Research Working Paper Series 4458, The World Bank.
  2. Melecky, Ales & Melecky, Martin, 2011. "Analyzing the Impact of Macroeconomic Shocks on Public Debt Dynamics: An Application to the Czech Republic," MPRA Paper 34114, University Library of Munich, Germany.

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