Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Persistently high inflation rates have led many to believe that inflation in Turkey has become "inertial," posing an obstacle to disinflation. We assess the empirical validity of this argument. We find that the current degree of inflation persistence in Turkey is lower than in Brazil and Uruguay prior to their successful stabilization programs. More significantly, expectations of future inflation are more important than past inflation in shaping the inflation process, providing little evidence of "backward-looking" behavior. Using survey data, we find that inflation expectations, in turn, depend largely on the evolution of fiscal variables.

Inflation --- Macroeconomics --- Public Finance --- Price Level --- Deflation --- Monetary Policy --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- Public finance & taxation --- Inflation persistence --- Disinflation --- Government debt management --- Fiscal stance --- Prices --- Public financial management (PFM) --- Fiscal policy --- Debts, Public --- Turkey

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper analyzes the relationship between fiscal adjustment and real GDP growth in a panel of 26 transition economies during 1992-2001. Unlike most previous studies using cross-country regressions, the paper finds a positive and statistically significant relationship between fiscal adjustment and growth that is robust to different model specifications and estimation methods. The paper also presents country experiences to delve deeper into the mechanisms that may underlie this statistical relationship.

Economic stabilization -- Developing countries. --- Electronic books. -- local. --- Fiscal policy -- Developing countries. --- Business & Economics --- Economic History --- Economic stabilization --- Fiscal policy --- Macroeconomics --- Public Finance --- Fiscal Policy --- Debt --- Debt Management --- Sovereign Debt --- Institutions and the Macroeconomy --- Public finance & taxation --- Fiscal consolidation --- Government debt management --- Fiscal stance --- Structural reforms --- Debts, Public --- Russian Federation

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The recent round of debt relief has restored debt sustainability in many low-income countries (LICs). This, along with a continued search for yield and desire for portfolio diversification by investors, has increased the range of viable financing options, including international bonds, for many emerging market (EM) economies and LICs. This paper presents some of the advantages and disadvantages of international debut bonds, within a debt sustainability framework. It outlines key preconditions and discusses strategic considerations that countries need to take into account when contemplating bond issuance in international markets for the first time. In this context, the paper also discusses some typical pitfalls in accessing international capital markets, including excessive issue size relative to the intended use of bond proceeds, issuance of bullet bonds, and inadequate preparation for accessing the markets.

Bonds --- Risk management --- Debts, Public --- Bond issues --- Debentures --- Insurance --- Management --- Negotiable instruments --- Securities --- Stocks --- Finance: General --- Investments: Bonds --- Public Finance --- General Financial Markets: General (includes Measurement and Data) --- Debt --- Debt Management --- Sovereign Debt --- Investment & securities --- Public finance & taxation --- Finance --- International bonds --- Government debt management --- International capital markets --- Sovereign bonds --- Capital market --- Egypt, Arab Republic of

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper sets forth some basic principles that could help debt managers in emerging market and other countries to plan and implement sovereign debt buyback and swap operations. It discusses the macroeconomic context in which buybacks and swaps are undertaken, the objectives of buybacks and swaps, the analytical framework for deciding whether to undertake a particular buyback or swap operation and for selecting among alternative operations, and some key issues in the determination of the strategy for executing buybacks and swaps. The focus is on developing the analytical framework for evaluating sovereign debt buyback and swap operations, since very little work has been done in this area. In this regard, the paper presents a step-wise decision-making procedure, in which discounted cash flow analysis and the use of strategic benchmarks for the debt play central roles.

Finance: General --- Financial Risk Management --- Investments: Bonds --- Money and Monetary Policy --- Public Finance --- General Financial Markets: General (includes Measurement and Data) --- Debt --- Debt Management --- Sovereign Debt --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Investment & securities --- Finance --- Monetary economics --- Public finance & taxation --- Bonds --- Capital markets --- Currencies --- Government debt management --- Debt management --- Capital market --- Money --- Debts, Public --- Brazil

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

A regional convergence pact adopted recently by the Conference of Heads of States of WAEMU provides a framework for fiscal convergence similar to the European Union’s Maastricht Treaty. Using bivariate co-integration and error-correction models, this paper investigates the relationship between revenue and expenditure in seven member countries to determine the feasibility and nature of the policy adjustment required to meet the new convergence criteria. The results indicate that, in the long run, there is causality running from revenue to expenditure in Burkina Faso and Senegal, from expenditure to revenue in Benin and Togo, a bidirectional causality in Côte d’Ivoire and Mali, and no causality in Niger.

Budgeting --- Macroeconomics --- Public Finance --- History of Thought: Macroeconomics --- Hypothesis Testing --- Estimation --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- National Budget --- Budget Systems --- Debt --- Debt Management --- Sovereign Debt --- Public finance & taxation --- Budgeting & financial management --- Expenditure --- Budget planning and preparation --- Government debt management --- Fiscal stance --- Fiscal policy --- Public financial management (PFM) --- Expenditures, Public --- Budget --- Debts, Public --- Niger