Choose an application

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

The last decade or so has seen a mushrooming of new sovereign debt databases covering long time spans for several countries. This represents an important breakthrough for economists who have long sought to, but been unable to tackle, first-order questions such as why countries have differential debt tolerance, and how debt levels affect the scope for countercyclical policy in recessions and financial crises. This paper backdrops these recent data efforts, identifying both the key innovations, as well as caveats that users should be aware of. A Directory of existing publicly-available sovereign debt databases, featuring compilations by institutions and individual researchers, is also included.

Debt. --- Indebtedness --- Finance --- Exports and Imports --- Finance: General --- Financial Risk Management --- Public Finance --- Debt --- Debt Management --- Sovereign Debt --- Financial Crises --- International Lending and Debt Problems --- General Financial Markets: General (includes Measurement and Data) --- Public finance & taxation --- Economic & financial crises & disasters --- International economics --- Public debt --- Domestic debt --- Financial crises --- External debt --- Emerging and frontier financial markets --- Financial markets --- Debts, Public --- Debts, External --- Financial services industry --- United States

Choose an application

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

The observed increase in the level and volatility of Tanzania's Treasury yields in recent years against an otherwise benign macroeconomic backdrop presented a puzzle for policymakers, while raising concerns about the fiscal burden of rising debt interest payments and diversion of bank credit away from the private sector. Using evidence from bid-level data and supported by theoretical models, this paper argues that oligopolistic bidding through 2005 may have been partly responsible for the rising level of yields; while the high volatility during 2006-07 could be traced to the emergence of a sharp segmentation of the T-bill market between sophisticated financial market players (foreign-controlled banks) and a lessexperienced group of investors (domestic pension funds and small banks). An important policy recommendation that emerges is that public debt managers should avoid micromanaging Treasury bill auctions by issuing amounts in excess of those offered or by dipping into oversubscribed segments of the yield curve, as such practices seriously disadvantage the less-sophisticated (but more competitive) investors vis-à-vis the more sophisticated players.

Banks and Banking --- Investments: General --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Investment & securities --- Banking --- Treasury bills and bonds --- Government securities --- Foreign banks --- Commercial banks --- Banks and banking --- Banks and banking, Foreign --- Tanzania, United Republic of

Choose an application

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

The paper aims to identify the optimal size, speed and composition of the medium-term fiscal adjustment in the context of Sudan's limited oil reserves. The permanently sustainable non-oil primary balance approach suggests the need for significant fiscal adjustment over the medium term, requiring a widening of the tax base. Cross-country comparisons highlight VAT and personal income tax (as well as tax administration) as key areas for reform. The paper also suggests the need for complementary expenditure-side measures in the areas of petroleum pricing and anchoring fiscal policy in non-oil indicators.

Intergovernmental fiscal relations --- Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Federal-state fiscal relations --- Fiscal relations, Intergovernmental --- State-local fiscal relations --- Federal government --- Local finance --- Government policy --- Law and legislation --- Macroeconomics --- Public Finance --- National Government Expenditures and Related Policies: General --- Debt --- Debt Management --- Sovereign Debt --- Business Taxes and Subsidies --- Energy: Demand and Supply --- Prices --- Fiscal Policy --- Public finance & taxation --- Expenditure --- Public debt --- Oil, gas and mining taxes --- Oil prices --- Fiscal consolidation --- Expenditures, Public --- Debts, Public --- Sudan

Choose an application

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

task has become particularly challenging in European advanced economies where expectations of low growth and limits to monetary policy support are shifting the burden of adjustment onto fiscal consolidation. The SDN will investigate the main drivers behind successful past debt reversals, focusing on macroeconomic and financial market conditions, the speed and form of fiscal adjustment, and the institutional policy setting, among other things. Its policy conclusions will depend on the emerging stylized facts but are likely to include considerations on the design and pace of fiscal consolidation, taking into account country-specific as well as regional economic, institutional, and political factors.

Financial Risk Management --- Inflation --- Macroeconomics --- Public Finance --- Fiscal Policy --- National Budget, Deficit, and Debt: General --- Debt --- Debt Management --- Sovereign Debt --- Price Level --- Deflation --- Finance --- Public finance & taxation --- Debt reduction --- Fiscal stance --- Fiscal consolidation --- Public debt --- Asset and liability management --- Fiscal policy --- Prices --- Debts, External --- Debts, Public --- Italy

Choose an application

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

In response to the global financial crisis, governments provided substantial support to the financial and other key sectors. Although this cushioned the adverse effects of the crisis, it is necessary now to articulate a strategy to ensure the sustainability of public finances. This paper discusses the scale and composition of fiscal adjustment that will need to occur once the recovery is securely under way. Although specific country-level circumstances will influence the composition of the adjustment and its political feasibility, in many cases restoring fiscal sustainability will require reforms to reduce spending and increase tax revenue.

Fiscal policy. --- Structural adjustment (Economic policy) --- Debts, Public. --- Government spending policy. --- Budget. --- Financial crises --- Global Financial Crisis, 2008-2009. --- Government policy. --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Budgeting --- Expenditures, Public --- Finance, Public --- Public spending policy --- Spending policy, Government --- Economic policy --- Full employment policies --- Unfunded mandates --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Tax policy --- Taxation --- Forecasting --- Government policy --- Macroeconomics --- Public Finance --- Debt Management --- Sovereign Debt --- Fiscal Policy --- Social Security and Public Pensions --- Public finance & taxation --- Pensions --- Fiscal stance --- Fiscal consolidation --- Domestic debt --- Pension spending --- Fiscal policy --- Expenditure --- Debts, Public --- Japan