Performing neoliberal governmentality: an ethnography of financialized sovereign debt management practices

2015 ◽  
Vol 14 (2) ◽  
pp. 339-362 ◽  
Author(s):  
Roi Livne ◽  
Yuval P. Yonay
Keyword(s):  
Sovereign Debt ◽  
Management Practices ◽  
Debt Management ◽  
Neoliberal Governmentality

scholarly journals Global Financial Stability Report, October 2019

2019 ◽  
Author(s):  
Keyword(s):  
Institutional Investors ◽  
Financial Stability ◽  
Sovereign Debt ◽  
Management Practices ◽  
Financial System ◽  
Debt Management ◽  
Corporate Debt ◽  
Market Economies ◽  
External Borrowing ◽  
Global Financial System

The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.

Debt Strategies of Russian Regions

2015 ◽  
pp. 78-93 ◽  
Author(s):  
A. Tabakh ◽  
D. Andreeva
Keyword(s):  
Management Practices ◽  
Debt Management ◽  
Russian Regions ◽  
Key Drivers ◽  
Municipal Debt ◽  
Debt Policy

The article considers debt management practices by Russian regions and municipalities, within a framework set by federal budgetary legislation and practices of state-controlled banks. Key drivers of regional and municipal debt policy are analyzed, and Russian regions are stratified by their debt policy. Current recession is likely to produce higher level of regional debt and changes in its structure, lowering reliance on market funding and decreasing variations in pursued debt policy.

Optimal Capital Buffers of Sovereign Debt Management Offices

2018 ◽  
Author(s):  
Alexander Eisl ◽  
Christian Ochs ◽  
Stefan Pichler
Keyword(s):  
Sovereign Debt ◽  
Debt Management ◽  
Optimal Capital

Where states and markets meet: the financialisation of sovereign debt management

2016 ◽  
Vol 22 (3) ◽  
pp. 273-293 ◽  
Author(s):  
Florian Fastenrath ◽  
Michael Schwan ◽  
Christine Trampusch
Keyword(s):  
Sovereign Debt ◽  
Debt Management

scholarly journals Public Debt Management and The Country’s Financial Stability

Studia Humana ◽  
2021 ◽  
Vol 10 (3) ◽  
pp. 10-18
Author(s):  
Piotr Misztal
Keyword(s):  
Public Debt ◽  
Financial Stability ◽  
Management Practices ◽  
Significant Risk ◽  
Debt Management ◽  
State Budget ◽  
Domestic Capital ◽  
Public Debt Management ◽  
The Government ◽  
Polish Economy

Abstract The government debt portfolio is usually the largest financial portfolio in the country. It often contains complex and risky financial structures and can generate significant risk to the state budget and the country’s financial stability. Therefore, governments are required to have sound risk management and sound public debt structures to limit exposure to market risk, debt financing or rolling risk, liquidity risk, credit, settlement and operational risk. In recent years, the debt market crises have highlighted the importance of sound public debt management practices and related risks, and the need for an effective and well-developed domestic capital market. This may reduce the vulnerability of the economy to adverse economic and financial shocks. However, it is also important for the government to maintain a macroeconomic policy that ensures sound fiscal and monetary management. The aim of the research is to present the theoretical and practical aspects of extremely important issues such as public debt management and to indicate the most important implications for the financial stability of the country on the example of the Polish economy. The study uses a research method based on literature studies in the field of macroeconomics, economic policy and finance, as well as statistical analysis of the studied phenomenon. Results of research indicate that effective public debt management can reduce the economy’s vulnerability to financial threats, contribute to the financial stability of the country, maintain debt stability and protect the government’s reputation among investors.

Sovereign Debt Management During Debt Distress Periods

2018 ◽  
Keyword(s):  
Sovereign Debt ◽  
Market Access ◽  
Debt Crisis ◽  
Debt Management ◽  
International Capital ◽  
Debt Restructuring ◽  
Economic Program ◽  
Lending Decisions

Sound public debt-management policies during sovereign debt distress periods are key to efficiently resolving a debt crisis and regaining market access. In addition to understanding the causes, processes, and outcomes of sovereign debt restructurings, this article analyzes the role of the debt manager along with determinants and strategies to maintain/regain market access. The sovereign’s debt sustainability analysis and determination of loss of market access are two crucial elements in the IMF’s lending decisions to countries in debt distress. Various indicators used in assessing whether the sovereign can tap international capital on a sustained basis are discussed. When a sovereign debt restructuring needs to be undertaken, it is necessary to determine the financial terms of the debt operation. Some key principles in designing sovereign debt restructuring scenarios and ways in securing full-financing of the economic program and regaining market access are presented. We conclude by offering a few best practices on preventing and managing sovereign debt restructurings.

St. Petersburg Summit of the «Group of Twenty»

2014 ◽  
pp. 15-25
Author(s):  
D. Smyslov
Keyword(s):  
Economic Growth ◽  
Exchange Rate ◽  
Financial Stability ◽  
Management Practices ◽  
Emerging Market ◽  
Action Plan ◽  
Tax Avoidance ◽  
Financial Education ◽  
Debt Management ◽  
Wide Range

«The Group of Twenty» is an informal forum for international cooperation between the leading developed states, the largest developing countries and emerging market economies. The article explores the key strategic approaches and governance decisions related to the main directions of international macroeconomic and financial regulation elaborated during the Russian chairmanship in the G-20 (December 2012 – December 2013) which culminated in the St. Petersburg summit. The author makes attempt to estimate viability of discussed approaches and decisions against the background of the actual problems of global economy. The author pays special attention to the St. Petersburg summit’s approaches to the problems of providing favorable conditions for strong and sustainable economic growth and of addressing unemployment. The point is how to achieve an acceptable compromise between the purposes of fiscal and monetary policies, on the one part, and providing balanced state budgets, as well as price stability, on the other part. Also, the importance of a wide range of radical structural reforms is stressed. The author argues that Russia proposed to vital themes to discuss at G-20 summit: long-term financing for investment as a foundation for economic growth and improvement of public debt management practices. The article describes the principal provisions of the Declaration and the Action plan related to various aspects of the reconstruction of financial and monetary system, including: tackling tax avoidance; implementing the Basel-3 standards, dealing with the adequacy of the bank’s capital; ending «too big to fail» problem; reforming over-the-counter (OTC) derivatives market; reducing reliance on the credit rating agencies; addressing potential risks for financial stability posed by the shadow banking; increasing financial inclusion, financial education and strengthening financial consumer protection; eliminating the international misbalances through broad based rebalancing of global demand; resisting of all forms of protectionism and promoting liberalization of global trade and investment; moving towards exchange rate flexibility to avoid persistent exchange rate misalignment; transforming the International Monetary Fund and Financial Stability Board. The author points to significant achievements of G-20 as a coordinating body for economic crisis management and, at the same time, discloses obstacles complicating its activities and development.

The Right to Unilateral Repudiation of Odious, Illegal, and Illegitimate Sovereign Debt as a Human Rights Defence

2018 ◽  
pp. 536-554
Author(s):  
Ilias Bantekas
Keyword(s):  
Public Policy ◽  
Human Rights ◽  
International Law ◽  
Sovereign Debt ◽  
Debt Management ◽  
Audit Committees ◽  
Bilateral Investment Treaties ◽  
National Debt ◽  
Investment Treaties ◽  
The Right

States enjoy the right to unilaterally denounce sovereign debt that is odious, illegal and illegitimate under strict circumstances. This entitlement does not exist where the debt(s) was/were incurred lawfully. A particular form of denunciation is sovereign insolvency, whose unilateral manifestation, is treated in practice by similar principles and responses as those apply mutatis mutandis to other forms of debt management. This chapter identifies, in addition to insolvency, five forms of unilateral debt denunciation that arise from the limited practice of states, which are moreover consistent with general international law. These are: (a) repudiation or non-enforcement of arbitral awards on public policy grounds; (b) denunciation on grounds of executive necessity and/or the right to fiscal/tax sovereignty; (c) direct unilateral repudiation on the basis of reports by national debt audit committees; (d) repudiation of contracts when creditor/investor violates human rights and of unconscionable concession contracts; (e) re-negotiation of bilateral investment treaties and concessions.

Sovereign Debt Crises

2018 ◽  
pp. 28-44
Author(s):  
Rosa María Lastra ◽  
Vassilis Paliouras
Keyword(s):  
Financial Institutions ◽  
Sovereign Debt ◽  
Debt Relief ◽  
Debt Management ◽  
International Financial Institutions ◽  
Economic Adjustment ◽  
Underlying Causes ◽  
Debt Crises ◽  
Debt Repayment

Creditor responses to sovereign debt crises suggest that they view such crises as problems of debt management on the part of the countries facing debt repayment difficulties. Thus, for example, debt relief and restructuring mechanisms coordinated by the international financial institutions place emphasis on correcting perceived imprudent debt management through a series of economic adjustment measures. Little attention, if any, is paid to addressing the underlying causes of the debt crises. This chapter examines the various causes of sovereign debt crises and the role that debt management plays in their eruption or in addressing them in a sustainable manner.

Sign in / Sign up

Export Citation Format

Share Document