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Sovereign debt portfolios: risks and liability management operations

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  • Michael Papaioannou

Abstract

This paper addresses issues relating to (1) sovereign debt portfolio risks stemming from high sovereign debt levels and unbalanced debt portfolio structures, and (2) liability management operations intended to meet specified debt management objectives, including mitigation of these risks. Further, it outlines some common operations used by public debt managers such as debt swaps and debt buybacks, and explains the rationale and benefits from their undertakings.

Suggested Citation

  • Michael Papaioannou, 2011. "Sovereign debt portfolios: risks and liability management operations," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 16(3), pages 354-360.
    • Handle: RePEc:taf:rjapxx:v:16:y:2011:i:3:p:354-360
    DOI: 10.1080/13547860.2011.589626
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    References listed on IDEAS

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    1. Herrera, Santiago, 2005. "Policy mix, public debt management, and fiscal rules - lessons from the 2002 Brazilian crisis," Policy Research Working Paper Series 3512, The World Bank.
    2. Mr. Michael G. Papaioannou, 2006. "A Primer for Risk Measurement of Bonded Debt from the Perspective of a Sovereign Debt Manager," IMF Working Papers 2006/195, International Monetary Fund.
    3. Mr. Sérgio Pereira. Leite, 1992. "Coordinating Public Debt and Monetary Management During Financial Reforms," IMF Working Papers 1992/084, International Monetary Fund.
    4. Coe, P.J. & Pesaran, M.H. & Vahey, S.P., 2003. "Scope for Cost Minimization in Public Debt Management: the Case of the UK," Cambridge Working Papers in Economics 0338, Faculty of Economics, University of Cambridge.
    5. Rotemberg, Julio J., 1991. "Sovereign debt buybacks can lower bargaining costs," Journal of International Money and Finance, Elsevier, vol. 10(3), pages 330-348, September.
    6. International Monetary Fund, 1994. "The Coordination of Domestic Public Debt and Monetary Management in Economies in Transition: Issues and Lessons From Experience," IMF Working Papers 1994/148, International Monetary Fund.
    7. Mr. Pablo Emilio Guidotti & Mr. Guillermo Calvo, 1990. "Management of the Nominal Public Debt Theory and Applications," IMF Working Papers 1990/115, International Monetary Fund.
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    Cited by:

    1. Thordur Jonasson & Mr. Michael G. Papaioannou, 2018. "A Primer on Managing Sovereign Debt-Portfolio Risks," IMF Working Papers 2018/074, International Monetary Fund.
    2. André Amante & Phillip Anderson & Thordur Jonasson & Herman Kamil & Mr. Michael G. Papaioannou, 2019. "Sovereign Asset and Liability Management in Emerging Market Countries: The Case of Uruguay," IMF Working Papers 2019/290, International Monetary Fund.

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