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Asia and Pacific > New Zealand

You are looking at 1 - 10 of 15 items for :

  • Type: Journal Issue x
  • Government securities x
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Cover IMF Working Papers
Tracking Global Demand for Advanced Economy Sovereign Debt
Mr. Serkan Arslanalp and Mr. Takahiro Tsuda
Recent events have shown that sovereigns, just like banks, can be subject to runs, highlighting the importance of the investor base for their liabilities. This paper proposes a methodology for compiling internationally comparable estimates of investor holdings of sovereign debt. Based on this methodology, it introduces a dataset for 24 major advanced economies that can be used to track US$42 trillion of sovereign debt holdings on a quarterly basis over 2004-11. While recent outflows from euro periphery countries have received wide attention, most sovereign borrowers have continued to increase reliance on foreign investors. This may have helped reduce borrowing costs, but it can imply higher refinancing risks going forward. Meanwhile, advanced economy banks’ exposure to their own government debt has begun to increase across the board after the global financial crisis, strengthening sovereign-bank linkages. In light of these risks, the paper proposes a framework—sovereign funding shock scenarios (FSS)—to conduct forward-looking analysis to assess sovereigns’ vulnerability to sudden investor outflows, which can be used along with standard debt sustainability analyses (DSA).  It also introduces two risk indices—investor base risk index (IRI) and foreign investor position index (FIPI)—to assess sovereigns’ vulnerability to shifts in investor behavior.
Keywords:
WP; government debt; book value; investor base; debt market; International Finance; Financial Crises; Portfolio Choice; Investment Decisions; investor holding; risk index; sovereign bond; foreign investor; Foreign banks; Government securities; Government debt management; Securities; Global
Cover IMF Working Papers
Monetary Policy Implementation: Results from a Survey
Miss Inese Buzeneca and Mr. Rodolfo Maino
Since the early 1990s, the IMF has been advising countries to shift to the use of indirect instruments for executing monetary policy. This paper provides information about a monetary policy instruments database, maintained by the Monetary and Capital Markets Department of the IMF. We offer an overview of the information contained in the database in the form of comparative summary tables and graphs to illustrate the use of monetary policy instruments by groups of countries (developing, emerging market and developed countries). The main trend that can be identified from the database information is the increasing reliance on money market operations for monetary policy implementation. We emphasize the relevance and usefulness of the data collected through periodic surveys of central banks, for general descriptive and analytical purposes.
Keywords:
WP; market; central bank; economy; monetary policy; money market
Cover Primary Dealers in Government Securities
Primary Dealers in Government Securities
Mr. Marco Arnone and Mr. Piero Ugolini

Abstract

In the past 10 years a growing number of countries have established or began establishing a primary dealer system. This paper discusses the role of primary dealers, as well as theoretical, operational, and technical issues related to the establishment of a primary dealer system, in the overall management of public debt for countries that may be considering taking this step. Drawing on a 2001 survey of country practices, the paper discusses the rationale, costs and benefits, and key prerequisites, as well as selection criteria, obligations, and privileges of a primary dealer system. It also attempts to determine the conditions under which a primary dealer system would make a positive contribution to the functioning and development of the government securities market.

Keywords:
ISI; SI; dealer; system characteristic; PD system; market; primary dealer; government securities market; dealer system; government debt management agency; Government securities; Securities markets; Open market operations; Capital adequacy requirements; Global; Australia and New Zealand; dealer market structure; Central bank financial reporting
Cover Guidelines for Public Debt Management
Guidelines for Public Debt Management
Accompanying Document and Selected Case Studies
International Monetary Fund

Abstract

This accompanying document to the Guidelines for Public Debt Management, which the IMF and the World Bank co-published in 2001, contains sample case studies that illustrate how a range of countries from around the world and at different stages of economic and financial development are developing their debt management capacity in a manner consistent with the guidelines. The experience of these countries is discussed in this publication, and should offer some useful and practical suggestions to other countries, as they strive to build their own capacity in public debt management.

Keywords:
M&G; debt; market; treasury; debt manager; debt management policy; debt management strategy; debt management activity; debt portfolio; Government debt management; Debt management; Bonds; Securities; Africa; Global; Europe; Maghreb; Caribbean; North America; East Asia; foreign currency; market participant
Cover IMF Working Papers
Primary Dealers in Government Securities: Policy Issues and Selected Countries Experience
Mr. George Iden and Mr. Marco Arnone
In many countries, authorities have designated a group of financial firms as the principal intermediaries in the government securities market-referred to as "primary dealers" or a "primary dealer system." This paper discusses policy issues related to the establishment of a primary dealer system for countries that may be considering taking this step. In this regard, a key issue is whether a primary dealer system fits into the overall strategy for financial market development in the country. Under a primary dealer system, the debt manager and the group of primary dealers pursue a common strategy in support of the effective functioning and development of primary and secondary markets for government securities. This paper presents results of a survey of country practices conducted in early 2001. Among the countries surveyed, there was broad agreement among authorities that a primary dealer system is to be highly recommended.
Keywords:
WP; dealer system; dealer; market; secondary market; Primary dealers; public debt management; market structure; PD market participant; dealers activity; dealer status; market-making responsibility; securities transaction; price discovery; issuer policy; market liquidity; Government securities; Securities markets; Open market operations; Securities; Liquidity; Australia and New Zealand; Global
Cover Policy Papers
Accompanying Document to the Guidelines for Public Debt Management
International Monetary Fund
NULL
Keywords:
PP; bond market; government bond; long-term debt; secondary market; short-term debt; interest rate; treasury bond; budget deficit; foreign currency; debt portfolio; capital market; Government debt management; Debt management; Government securities; Bonds; Africa; Global; Maghreb
Cover IMF Policy Discussion Papers
Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities
Mr. Mark Zelmer
The limited supply of government securities in some industrial countries has important ramifications for the operating techniques used by central banks to implement monetary policy, provide credit to the financial sector, and also for the assets they hold on their balance sheets. The paper reviews the salient facts regarding industrial central bank balance sheets and operating techniques, and outlines different options for dealing with a limited supply of government securities. The main conclusion is that central banks may wish to consider extending credit using a broad range of assets as collateral, and engage in outright transactions of securities guaranteed by financial institutions.
Keywords:
PDP; central bank; financial institution; market; monetary policy; market operation; securities portfolio; portfolio manager; financial condition; settlement system; Securities; Government securities; Currency swaps; Collateral; Central bank credit; Australia and New Zealand
Cover IMF Working Papers
Liquid Asset Ratios and Financial Sector Reform
Ms. Anne Marie Gulde
As a monetary, selective credit, and government debt-management instrument, a liquid asset ratio is generally inefficient and may introduce serious distortions. However, it may play a limited role as a prudential instrument, particularly in less sophisticated banking systems or in the context of currency board arrangements. Recent trends in the use of this instrument have been to either abolish it altogether or to design it so as to minimize distortions. When necessary, these changes have been part of a broader effort to make financial intermediation more efficient by relying more on markets and less on regulations.
Keywords:
WP; liquid asset requirement; central bank; private sector; requirement design; cash reserves; credit instrument; debt management; monetary policy; Banks; Banking Regulation; Central Bank Policy; bank liquidity; government debt strategy; liquid asset requirements; contractionary monetary policy; monetary management; bank reserves; excess reserves; treasury certificate; Government securities; Securities; Commercial banks; Liquidity management; Government debt management; Baltics; Global
Cover Instruments of Monetary Management
Instruments of Monetary Management
Issues and Country Experiences

Abstract

Many countries have reformed their monetary instruments over the last few years. Edited by Tomas J.T. Balino and Lorena M. Zamalloa, this volume deals with the design, implementation, and coordination of major monetary policy instruments, highlighting relevant country experiences. In particular, it discusses how to adapt those instruments to the financial environment as well as how to help this environment to develop.

Keywords:
BOOK; instrument; indirect instrument; coordination of monetary instrument; direct instrument; coordination; liquid asset requirement; credit ceiling; Open market operations; Reserve requirements; Credit; Credit ceilings; Currency swaps; Eastern Europe; Global; Baltics; Europe; Africa; credit auction; discount window; monetary management; Currencies
Cover Coordinating Public Debt and Monetary Management
Coordinating Public Debt and Monetary Management
International Monetary Fund

Abstract

Edited by V. Sundararajan, Peter Dattels, and Hans Blommestein, this volume outlines strategies for managing public debt, developing government securities markets, and coordinating those activities with monetary management through legal, administrative, and operational arrangements. Both transition and market economies are surveyed. The analysis draws partly on the literature on the microstructure of markets and auction systems and on selected country experiences.

Keywords:
BOOK; market; central bank; debt; monetary management; debt office; government securities; debt management policy; government securities market; Government debt management; Government securities; Securities; Treasury bills and bonds; Securities markets; Global; Western Europe; Middle East; Baltics; Debt management; Caribbean