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Displaying results 1 to 13 of 13.

  1. Market-function asset purchases
    Author: Duffie, Darrell; Keane, Frank
    Published: [2023]
    Publisher:  Federal Reserve Bank of New York, New York, NY

    This paper investigates the goals, costs, and benefits of official-sector purchases of government securities for the purpose of restoring market functionality. We explore the design of market-function purchase programs, including their communication,... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 207
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    This paper investigates the goals, costs, and benefits of official-sector purchases of government securities for the purpose of restoring market functionality. We explore the design of market-function purchase programs, including their communication, triggers, operational protocols, exit, and wind-down strategies. We further discuss whether, under some circumstances, fiscal buybacks might be a useful alternative or complement to central-bank market-function purchase programs, and how these buybacks could be funded. The use of fiscal buybacks to support market functionality can be aligned with the fiscal authority's goal of minimizing the government's interest expense and can reduce challenges that can be faced by a central bank when asset purchases are not naturally congruent with monetary policy. Depending on the setting and circumstances, fiscal buybacks can also mitigate perceptions of risks to the central bank's independence.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/284014
    Series: Staff reports / Federal Reserve Bank of New York ; no. 1054 (February 2023)
    Subjects: government securities; financial stability; bond markets; central banking; debt management
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  2. Analysis of costs and main investors of sovereign debt issuances in Latin American and Caribbean countries
    Author: Prats, Joan; Pereira, María Eugenia
    Published: June 2022
    Publisher:  IDB, Inter-American Development Bank, [Washington, DC]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Discussion paper / IDB, Inter-American Development Bank ; no IDB-DP-955
    Subjects: debt; debt management; sovereign debt
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  3. Standardized sovereign debt statistics for Latin America and the Caribbean
    analysis of regional and country trends and cross-country comparisons
    Author: Prats, Joan; Pereira, María Eugenia
    Published: July 2022
    Publisher:  IDB, Inter-American Development Bank, [Washington, DC]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Discussion paper / IDB, Inter-American Development Bank ; no IDB-DP-954
    Subjects: debt; debt management; sovereign debt
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  4. Convenient but risky government bonds
    Author: Kaldorf, Matthias; Röttger, Joost
    Published: [2023]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    How does convenience yield interact with sovereign risk and the supply of government bonds? We propose a model of sovereign debt and default in which convenience yield arises because investors are able to pledge government bonds as collateral on... more

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    How does convenience yield interact with sovereign risk and the supply of government bonds? We propose a model of sovereign debt and default in which convenience yield arises because investors are able to pledge government bonds as collateral on financial markets. Convenience yield is dependent on the valuation of collateral, which is negatively dependent on the supply of government bonds, and haircuts that increase with sovereign risk. Calibrated to Italian data, convenience yield contributes substantially to the public debt-to-GDP ratio and can rationalise prolonged periods of negative bond spreads, even in the presence of default risk. We show that the debt elasticity of convenience yield is the most important driver of our results. Decomposing it into the debt elasticity of a collateral valuation and a haircut component, we find that, under empirically relevant conditions, a higher debt elasticity of haircuts can reduce fiscal discipline.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783957299468
    Other identifier:
    hdl: 10419/273727
    Series: Discussion paper / Deutsche Bundesbank ; no 2023, 15
    Subjects: Sovereign risk; convenience yield; haircuts; debt management
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  5. India's debt dilemma
    Author: Eichengreen, Barry; Gupta, Poonam; Ahmed, Ayesha
    Published: July 2023
    Publisher:  National Council of Applied Economic Research, [New Delhi, India]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / National Council of Applied Economic Research ; no. WP 148
    Subjects: debt management; debt sustainability; finance commission; fiscal deficit; public debt
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  6. Debt moratorium: theory and evidence
    Author: Önder, Yasin Kürşat; Villamizar, Mauricio; Villegas, Jose
    Published: [2023]
    Publisher:  Banco de la Republica Colombia, Bogotá, Colombia

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 20.500.12134/10702
    Series: Borradores de economía ; no.1253 (2023)
    Subjects: Debt moratorium; debt management; regression discontinuity design
    Scope: 1 Online-Ressource (circa 104 Seiten), Illustrationen
  7. Fiscal dominance and US monetary: 1940–1975
    Author: Humpage, Owen F.
    Published: December 2016
    Publisher:  Federal Reserve Bank of Cleveland, [Cleveland, OH]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Federal Reserve Bank of Cleveland ; 16, 32
    Subjects: Federal Reserve; US Treasury; monetary policy; debt management; bills only; even-keel
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  8. Green bonds
    the sovereign issuers' perspective
    Author: Doronzo, Raffaele; Siracusa, Vittorio; Antonelli, Stefano
    Published: March 2021
    Publisher:  Banca d'Italia, Rome, Italy

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; number 3
    Subjects: green bonds; public debt; debt management
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  9. Government debt maturity in Japan
    1965 to the present
    Author: Koeda, Junko; Kimura, Yosuke
    Published: August 2021
    Publisher:  Tokyo Center for Economic Research, Tokyo, Japan

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: First draft: April 15, 2021
    Series: TCER working paper series ; E-163
    Subjects: maturity structure; yield curve; debt management; Japan; supply factor; bond yield
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  10. International evidence on extending sovereign debt maturities
    Author: Christensen, Jens H. E.; López, José A.; Mussche, Paul L.
    Published: 2021
    Publisher:  Federal Reserve Bank of San Francisco, [San Francisco, CA]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Working papers series / Federal Reserve Bank of San Francisco ; 2021, 19 (July 2021)
    Subjects: term structure modeling; yield extrapolation; debt management
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  11. Government debt maturity in Japan: 1965 to the present
    Author: Koeda, Junko; Kimura, Yosuke
    Published: [2021]
    Publisher:  Waseda INstitute of Political EConomy, Waseda University, Tokyo, Japan

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; no. 21, 03 (April 2021)
    Subjects: maturity structure; yield curve; debt management; Japan; supply factor; bond yield
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  12. Signalling fiscal stress in the euro area
    a country-specific early warning system
    Author: Hernández de Cos, Pablo; Moral-Benito, Enrique; Koester, Gerrit B.; Nickel, Christiane
    Published: 2014
    Publisher:  Banco de España, Madrid

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Documentos de trabajo / Banco de España, Eurosistema ; no. 1418
    Subjects: fiscal policy; studies of particular policy episodes; general outlook and conditions; deficit; surplus; debt; debt management; sovereign debt; international lending and debt problems
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
    Notes:

    Zusammenfassung in spanischer Sprache
  13. The benefit of inflation-indexed debt
    evidence from an mmerging bond market
    Author: Ruiz Cardozo, Cristhian Hernando; Eggert Christensen, Jens Henrik
    Published: [2023]
    Publisher:  Federal Reserve Bank of San Francisco, [San Francisco, CA]

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    Source: Union catalogues
    Language: English
    Media type: Book
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    Series: Working papers series / Federal Reserve Bank of San Francisco ; 2023, 04 (February 2023)
    Subjects: term structure modeling; liquidity risk; financial market frictions; central bank credibility; debt management
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen