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Banking Crises Balance Sheet Effects due to debt composition Debt Structure Matters& x- =- =      .7%Volatility is another source of risk  &  09Will the good times last?   ra:As answer to these vulnerabilities, several countries are:;;  ; Accumulating huge reserves (well above GG rule) But self insurance is a very inefficient way to protect yourself Switching to the domestic market Currency mismatches are less likely Sudden Stops are less likely\0A!A0A!A  d>Can the switch to domestic debt eliminate all vulnerabilities???> *To some extent, but& Need to make sure not to trade a currency mismatch for a maturity mismatch In the past debt structure has mutated very rapidly T   c>Can the switch to domestic debt eliminate all vulnerabilities???" ?  x>Can the switch to domestic debt eliminate all vulnerabilities???> $To some extent, but& The cost of borrowing needs to be evaluated carefully What happens if the currency appreciates Need to be careful not to "force" domestic institutional investors and banks to assume "too much" government debt Especially banks Domestic debt may be more difficult to restructure Externalities to corporate bond market Positive (market creation, yield curve) Negative (crowding out)  6 )rZ@6)rZ  @    > Ae>Can the switch to domestic debt eliminate all vulnerabilities???> While the recent switch to more domestic borrowing may have important positive implications for debt management, policymakers should not be too complacent. 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B&C#DEF1&# @`n  @  B&C#DEF1&# @` r  A  B&C$DEF1&$ @`/S B  B&C$DEF1&$ @`   C  B&C#DEF1&# @`_ E  D  B&C$DEF1&$ @`/S E  B%C$DEF1%$ @`   F  B&C$DEF1&$ @` G  B%C#DEF1%# @`  H  B&C$DEF1&$ @`   I  B%C$DEF1%$ @`   J  B&C$DEF1&$ @` 5[  K  B%C$DEF1%$ @`N Chr  L  B%C$DEF1%$ @` Pu  M  B%C$DEF1%$ @`< t`  N  B&C$DEF1&$ @` / O  B&C$DEF1&$ @`/S P  B%C#DEF1%# @`_   Q  B&C#DEF1&# @`   R  B&C$DEF1&$ @`( N  S  B&C#DEF1&# @`_ 9 _  T  B&C#DEF1&# @` B h  U  B&C$DEF1&$ @`< u `  V  B%C#DEF1%# @`_  W  B&C$DEF1&$ @`N r  X  B&C$DEF1&$ @`/ S Y  B&C$DEF1&$ @`  Z  B%C$DEF1%$ @` ( M  [  B&C$DEF1&$ @`N - S r  \  B&C$DEF1&$ @`/@ f S ]  B&C$DEF1&$ @`M s  ^  B&C$DEF1&$ @`/ S _  B&C#DEF1&# @`q  `  B&C$DEF1&$ @`  a  B&C$DEF1&$ @`  b  B%C$DEF1%$ @`< 9 ^ `  c  B%C$DEF1%$ @`N r  d  B%C$DEF1%$ @`  e  B&C$DEF1&$ @`   f  B&C$DEF1&$ @`   g  B&C#DEF1&# @` 1  h  B%C$DEF1%$ @`/ 8 S i  B&C$DEF1&$ @` E k  j  B&C$DEF1&$ @`N X ~ r  k  B&C$DEF1&$ @`X ~  l  B%C#DEF1%# @` `  m  B%C$DEF1%$ @` o / n  B&C$DEF1&$ @` A o  B&C$DEF1&$ @`  p  B&C$DEF1&$ @`  q  B&C$DEF1&$ @` /  r  B&C$DEF1&$ @`< x `  s  B%C#DEF1%# @`|   t  B%C$DEF1%$ @`* N  u  B%C$DEF1%$ @` )N  v  B&C$DEF1&$ @`N ar  w  B%C$DEF1%$ @`< `  x  B&C$DEF1&$ @`   y  B&C#DEF1&# @`_   z  B%C$DEF1%$ @`* N  {  B&C$DEF1&$ @` |  B%C$DEF1%$ @` f  }  B%C$DEF1%$ @`< w`  ~  B%C$DEF1%$ @`$I   B&C#DEF1&# @`    B&C$DEF1&$ @` /   B%C$DEF1%$ @` Sx    B&C$DEF1&$ @`kA  <ΞD w-Public Debt and Sovereign Rating (1995-2005) ..-G  <<՞- MItaly,G  <؞w XG  OJamaica,G  <(ޞG! MJapan,G  <dj NIsrael,G  <ߞ\w OBelgium,G  <^ d&  MGhana,G  < %  NJordan,G  <_d T Saudi Arabia, G  <t .%,  PPakistan, G  <: h  XEgypt, Arab Rep.,G  <:I af  PMongolia, G  <: 9  OSenegal,G  <T: 0  OMorocco,G  <:p  OGrenada,G  <(: (  Q Argentina, G  <: ~ m  PBarbados, G  <!:5 f  OBolivia,G  <&:k  NPanama,G  < | #  Q Indonesia, G  <.:  PBulgaria, G  <4:p `! PPortugal, G  <9:"  NCyprus,G  <>:    OHungary,G  <;: J NSweden,G  <B:t  S Philippines, G  <\F:p  XPapua New Guinea,G  <P:+ > OAustria,G  <U:  OTunisia,G  <<[:- = z MMalta,G  <x`::w {  ODenmark,G  <\: b R  OEcuador,G  <c: X 0  MIndia,G  <h:[ p  MBenin,G  <r:H  NCanada,G  <4l::  OFinland,G  <{: Y R  MQatar,G  <: H Z S Netherlands, G  <~::  MSpain,G  <: 6 NFrance,G  <: K  OUruguay,G  <:I 5 c  ZRussian Federation,G  <d: e  U Venezuela, RB, G  <t:  VUnited Kingdom,G  <l: f 0  LPeru,G  <:x j 9  OCroatia,G  <ȣ: h  7  NBrazil,G  <: w  NPoland,G  <4: H a  T South Africa, G  <:\q  OIreland,G  <ܽ:" ur o  PMalaysia, G  <X: r [  [Trinidad and Tobago,G  <h:Qp  U United States, G  <`:tD  OIceland,G  <:W   NBelize,G  <x: p'  NTurkey,G  <:  Y  R Costa Rica, G  < :d   OUkraine,G  <x:k p  S El Salvador, G  <:   PColombia, G  <\: ?O]  OBahamas,G  <:c$ S New Zealand, G  <$:u   PParaguay, G ­ <;8@ OGermany,G í <; pf  WSlovak Republic,G ĭ <$;h R  NMexico,G ŭ <;X! S Switzerland, G ƭ < ;B ~  Q Lithuania, G ǭ <; xVf  OBahrain,G ȭ <H;MD PSlovenia, G ɭ <x!;C NNorway,G ʭ <%; X  LOman,G ˭ <X*;} M  MChina,G ̭ <.;}   PThailand, G ͭ <`3; 0  R Kazakhstan, G έ <8;Y [  Q Guatemala, G ϭ <>;`  S Korea, Rep., G Э <C;b$  VCzech Republic,G ѭ <H;6  MChile,G ҭ <M;:&  Q Australia, G ӭ <TS;- z  NLatvia,G ԭ <X;|Up PBotswana, G խ <];- :z  OEstonia,G ֭ <Z;g{ R Luxembourg, G ׭ <a;Sw/ I0,G ح <te;&/ J10,G ٭ <i;/ J20,G ڭ <tt;!i/ J30,G ۭ <x; / J40,G ܭ <T};d / J50,G ݭ <; O / J60,G ޭ <; / J70,G ߭ <T;J/ J80,G  <;4/ J90,G  <;y/ K100,G  <ܔ;/ K110,G  <;a  gPublic Debt as Percent of GDP.G    B;xD  l"Standard & Poor's Sovereign Rating.#"G    <;"a KAAA,G  <; Y  JB-,G  <l;   KBB-,G  <ĸ;K   LBBB-,G  <;4  JA-,G  <t;v KAA-,G  <T;* RSource0G  <;J 6: Jaimovich and Panizza (2006) and Standard and Poor's076G@B  C os cu   <;0 5  YInvestment grade ,G  J  3 BC+DELF8g !  ! M+SM@    `@`S"  SA   6th z f>& sometimes more than debt level  H  0޽h ? y___PPT10Y+D=' Z= @B +_ 0 ~0 %B(  (~ ( s *B  B X %B 0A?H ( 0޽h ? ̙33y___PPT10Y+D=' Z= @B +S 0 zrp BBh (  h~ h s *ģBP  B 4 h # NI/ -4 h # ~: h 3 ~R h *B$C DElFvf $7 QI R[an!$$ !     n [ I 7 $  8<@` ~\ h 4B$C DElFt $7 QI R[an!$$ !     n [ I 7 $  78@ ~4B h # 4B  h # 4B  h #   4B  h # 7 8 4B  h #   4B  h #   4B h # QR4B h # 4B h # 4B h # ~4B h # 4B h # 4B h # "#4B h # 4B h # 454B h #  4B h # G H 4B h #  4B h # YZ4B h # 4B h # kl4B h # 4B h # ~:B h 3 |W z :B  h 3 |"W :B !h 3 |" :B "h 3 | 4 :B #h 3 |5 4 :B $h 3 |5 G :B %h 3 | G  :B &h 3 | Y :B 'h 3 | Y :B (h 3 | k :B )h 3 | k :B *h 3 | ~  +h 6B] U0$     ,h 6h 6F  J2004   ?h 6F 5 J2005  4 @h #   Ah 6F   ePredicted Spreads$   Bh 6F  bActual Spreads$  H h 0޽h ? ̙33y___PPT10Y+D=' Z= @B +U C0 |tCC( (  (4 ( # ,: ( 3 ,R ( *B$C DElFv3f xr$7 I [n8 !$$ !     n [ I 7 $  8<@`+\ ( 4B$C DElFt xr$7 I [n8 !$$ !     n [ I 7 $  78@+4B ( # ,4B ( # y4B ( #  y 4B  ( # T yU 4B  ( #  y 4B  ( #  y 4B  ( # myn4B  ( #  y!4B ( # y4B ( # 4B ( # 4B ( # 4B ( # 4B ( # )*4B ( # 4B ( # ; < 4B ( #  4B ( # M N 4B ( # 4B ( # _`4B ( # 4B ( # qr4B ( # :B ( 3 8ct  :B ( 3 8ct :B ( 3 8c) :B  ( 3 8c ) :B !( 3 8cQ ;  :B "( 3 8cQ ; :B #( 3 8c M 7 :B $( 3 8c M 7 :B %( 3 8c _ :B &( 3 8c _ :B '( 3 8c q :B (( 3 8c q"  )( 6q7[ O0   *( 6w{ Z  Q200   +( 6. Z{  Q400   ,( 6H Z.  Q600   -( 6 Z  Q800   .( 6HGZ R1000   /( 6ZG R1200   0( 6Z R1400   1( 6'Dt R1993   2( 6d']t R1994   3( 6H˓'Vt R1995   4( 6,Փ'pt R1996   5( 6ߓ'ht R1997   6( 6\' t R1998   7( 6p'{ t R1999   8( 6\t' t R2000   9( 6_'t R2001   :( 6V't R2002   ;( 6h'/t R2003   <( 6tx'(t R2004   =( 6܁'Bt R2005  4 >( # @ ?( C 3fA @( 6H  u'Spread for average External Conditions (' ( :B A( 3 8c:  B( 6x k  \Actual Spreads   C( 0@tt BPredicted Spreads would be higher with average external conditionsC 2C$ C H ( 0޽h ? fy___PPT10Y+D=' Z= @B + 0 00(  x  c $DF  F x  c $FP F H  0޽h ? ̙33___PPT10i.B +D=' Z= @B +-  :0 \(  x  c $Fp   F   c $0F P<$0 F H  0޽h ? ̙33 ___PPT10.+FD' F= @B D<' = @BA?%,( < +O%,( < +Ds' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*a%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*a%(+8+0+0 +H' 90 o&g&`OO%(  ~  s *=F0  F 4  # ::  3 :4B  # :4B  # 4B  #   4B  #   4B   #   4B   # 2 3 4B   # ^ _ 4B   #   4B   # 4B  # 4B  # 4B  # :;4B  # 4B  # 4B  # $%4B  # lm4B  #  4B  #  4B  # CD4B  # 4B  # 4B  # 4B  # Ԕ~I4B  # ԔI~4B  # Ԕ 4B  # Ԕ  4B  # Ԕ g4B   # Ԕg44B ! # Ԕ4:B " 3 .Ԕ< I :B # 3 .Ԕ% I :B $ 3 .Ԕ%  + :B % 3 .Ԕ+  :B & 3 .Ԕ  g :B ' 3 .Ԕ g :B ( 3 .Ԕ  :B ) 3 ԔxI:B * 3 ԔI :B + 3 Ԕ  :B , 3 Ԕ  :B - 3 Ԕ%  g :B . 3 Ԕ% g :B / 3 Ԕ M  0 6`NF[R K0.0    1 6SF R  K0.1    2 6`VF R  K0.2    3 6[F R?  K0.3    4 6LZF Rk  K0.4    5 6daF7 R  K0.5    6 6fFb R  K0.6    7 6iFR K0.7    8 6nFR K0.8    9 6lFRG K0.9    : 6sFRs K1.0    ; 6yFX L1996    < 6{F L1997    = 6FG L1998    > 6lF /  L1999    ? 6F w  L2000    @ 6F L2001    A 6hFe L2002    B 6FN L2003    C <F$  fIndex of domestic original sin   4 D # 2? E 6lFdO \Note(   F 6tFe+ 2: Original sin is measured as share of domesic debt which is short term, denominated in foreign currency, or indexed to prices or the interest rate. "Latin America" includes: Argentina, Brazil, &&'   z G 6PFO Chile, Colombia, Mexico, and Venezuela. "Asia" includes: China, India, Indonesia (from 1998), Korea, Malaysia, Philippines, and Thailand. "Other emerging markets" includes: Czech Republic, &   H 6FO> ,Israel, Hungary, Poland, Russia, and Turkey.&-, -  I 6FGO ^Source(   J 6FH E: Authors' calculations based on Jeanne and Guscina (2006) data set. &FE&,   4 K #    L 6ļF ADomestic Original Sin in Latin America and Other Emerging Regions*BA B  M Z(Fv2 @ ?"6@ NNN?NP  KLAC(2  7 N ZFv2 @ ?"6@ NNN?N p `  o Other EMs (2 &    O ZFv2 @ ?"6@ NNN?N` `  PAsia(2  H  0޽h ? ̙33y___PPT10Y+D=' Z= @B + I0 `\(  `x ` c $Pp     ` c $ P<$0  H ` 0޽h ? ̙33___PPT10w.+FD' = @B D' = @BA?%,( < +O%,( < +D ' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*`%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*`L%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*`Lu%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*`u%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*`%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*`+%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*`+R%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*`Rz%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*`z%(+8+0+`0 +&  ;0 \(  x  c $LFp   F   c $LF N<$0 F H  0޽h ? ̙33  ___PPT10 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RomanLLsԖT0Ԗ" DArial Unicode MSLsԖT0Ԗ"0DSymbolnicode MSLsԖT0Ԗ@DArialnicode MSLsԖT0Ԗ"PDSmall Fontse MSLsԖT0Ԗ A .  @n?" dd@  @@`` H@|%     ,         T6338RgNnqS3ZzES;46KF@:?A;<PAJ&(CED*P (  `D&&&H !"#$O$R$ar>YpzB$b$hsZG5 0AA f3333f@q9U ʚ;t8ʚ;g4BdBd?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root EntrydO)ŝePictures5DCurrent UserGSummaryInformation(Y0UPowerPoint Document(#NDocumentSummaryInformation8@alnicode MSLsԖT0Ԗ"PDSmall Fontse MSLsԖT0Ԗ A .  @n?" dd@  @@`` @8x$     ,         T6338RgNnqS3ZzES;46KF@:?A;<PAJ&(CED*P (  `D&&&H !"#O$R$ar>YpzB$b$hsZG5 0AA f3333f@q9U ʚ;t8ʚ;g4BdBdCan the switch to domestic debt eliminate all vulnerabilities???> *To some extent, but& Need to make sure not to trade a currency mismatch for a maturity mismatch In the past debt structure has mutated very rapidly T  fff c>Can the switch to domestic debt eliminate all vulnerabilities???" ?  x>Can the switch to domestic debt eliminate all vulnerabilities???> $To some extent, but& The cost of borrowing needs to be evaluated carefully What happens if the currency appreciates Need to be careful not to "force" domestic institutional investors and banks to assume "too much" government debt Especially banks Domestic debt may be more difficult to restructure Externalities to corporate bond market Positive (market creation, yield curve) Negative (crowding out)  6 )rZ@f6f)frffZ  f@  f  f> Ae>Can the switch to domestic debt eliminate all vulnerabilities???> While the recent switch to more domestic borrowing may have important positive implications for debt management, policymakers should not be too complacent. 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Gopinath, Y. Akyz, and A. Rz The Unexplained Part of DebtThe Unexplained Part of DebtThe Unexplained Part of DebtThe Unexplained Part of DebtThe Unexplained Part of DebtSlide 7&Volatility is another source of risk ;As answer to these vulnerabilities, several countries are:Switch to Domestic MarketSwitch to Domestic Market?Can the switch to domestic debt eliminate all vulnerabilities??Can the switch to domestic debt eliminate all vulnerabilities??Can the switch to domestic debt eliminate all vulnerabil  !"Will the good times last?   ra:As answer to these vulnerabilities, several countries are:;;  ; Accumulating huge reserves (well above GG rule) But self insurance is a very inefficient way to protect yourself Switching to the domestic market Currency mismatches are less likely Sudden Stops are less likely\0A!A0fAf!fAf  ySwitch to Domestic Market"  zSwitch to Domestic Market"  d>Can the switch to domestic debt eliminate all vulnerabilities???> *To some extent, but& Need to make sure not to trade a currency mismatch for a maturity mismatch In the past debt structure has mutated very rapidly T  fff c>Can the switch to domestic debt eliminate all vulnerabilities???" ?  x>Can the switch to domestic debt eliminate all vulnerabilities???> $To some extent, but& The cost of borrowing needs to be evaluated carefully What happens if the currency appreciates Need to be careful not to "force" domestic institutional investors and banks to assume "too much" government debt Especially banks Domestic debt may be more difficult to restructure Externalities to corporate bond market Positive (market creation, yield curve) Negative (crowding out)  6 )rZ@f6f)frffZ  f@  f  f> Ae>Can the switch to domestic debt eliminate all vulnerabilities???> While the recent switch to more domestic borrowing may have important positive implications for debt management, policymakers should not be too complacent. "The history of crisis modelling in international macroeconomics reveals that each successive wave of crises exposes possibilities for crisis that were overlooked in earlier analysis." (Krugman, 2006) As vulnerabilities are often identified after a financial crisis starts to unravel, crisis prevention requires detailed and prompt information on debt structure Yet, most research and DSA focuses on external borrowing and prompt and detailed information on the level and composition of domestic public debt is often not available to policymakers and analysts PPPPffffff e:  d {ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     A remarkable feature of the Indian experience is the ability of financing large deficits without issuing external debt with private creditors Could have this been possible with an open capital account and fully convertible currency?  |ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     In the second phase of reforms foreign institutional investors were given access to primary and secondary market Why didn t they come in? &u   /YZ\9:;ABCGHIJK$ 0 0x$(  xr x S os  s r x S  o s H x 0޽h ? 80___PPT10.^0 0 @|0(  |x | c $`!h  h x | c $H h H | 0޽h ? 80___PPT10.^rB8B:|Xz<1,9(` / 0DTimes New RomanLLsԖT0ԖDTahomaew RomanLLsԖT0Ԗ" DArial Unicode MSLsԖT0Ԗ"0n EM Economies: A Critical Appraisal by: Yilmaz AkyzLDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzWill the good times last? Slide 24CPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCPublic Debt Management and Aities??Can the switch to domestic debt eliminate all vulnerabilities?[The Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[The Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[The Development of Local Currency bond Markets: The %_N CMS InstallerCMS InstallerIndian Experience by Shyamala GopinathLDebt Sustainability iDSymbolnicode MSLsԖT0Ԗ@DArialnicode MSLsԖT0Ԗ"PDSmall Fontse MSLsԖT0Ԗ A .  @n?" dd@  @@`` PH"&     ,         T6338RgNnqS3ZzES;46KF@:?A;<PAJ&(CED*P (  `D&&&H !"#$%O$R$ar>YpzB$b$hsZG5 0AA f3333f@q9U ʚ;t8ʚ;g4BdBdCan the switch to domestic debt eliminate all vulnerabilities???> *To some extent, but& Need to make sure not to trade a currency mismatch for a maturity mismatch In the past debt structure has mutated very rapidly T  fff c>Can the switch to domestic debt eliminate all vulnerabilities???" ?  x>Can the switch to domestic debt eliminate all vulnerabilities???> $To some extent, but& The cost of borrowing needs to be evaluated carefully What happens if the currency appreciates Need to be careful not to "force" domestic institutional investors and banks to assume "too much" government debt Especially banks Domestic debt may be more difficult to restructure Externalities to corporate bond market Positive (market creation, yield curve) Negative (crowding out)  6 )rZ@f6f)frffZ  f@  f  f> Ae>Can the switch to domestic debt eliminate all vulnerabilities???> While the recent switch to more domestic borrowing may have important positive implications for debt management, policymakers should not be too complacent. "The history of crisis modelling in international macroeconomics reveals that each successive wave of crises exposes possibilities for crisis that were overlooked in earlier analysis." (Krugman, 2006) As vulnerabilities are often identified after a financial crisis starts to unravel, crisis prevention requires detailed and prompt information on debt structure Yet, most research and DSA focuses on external borrowing and prompt and detailed information on the level and composition of domestic public debt is often not available to policymakers and analysts PPPPffffff e:  d {ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     A remarkable feature of the Indian experience is the ability of financing large deficits without issuing external debt with private creditors Could have this been possible with an open capital account and fully convertible currency?  |ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     In the second phase of reforms foreign institutional investors were given access to primary and secondary market Why didn t they come in?   }ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     The 16.9 years of average maturity of G-Bonds is impressive But the figure could be misleading. More than 50% of the bonds are in the hands of banks and this may shorten their de facto maturity If there is a banking crisis, long term bonds held by banks may soon become overnight!:bbWbbW  /YZ\9:;ABCGHIJK0 0 P0(  x  c $ss  s x  c $Bh s H  0޽h ? 80___PPT10.^r<uX<*x1f?(` / 0DTimes New RomanLLsԖT0ԖDTahomaew RomanLLsԖT0Ԗ" DArial Unicode MSLsԖT0Ԗ"0DSymbolnicode MSLsԖT0Ԗ@DArialnicode MSLsԖT0Ԗ"PDSmall Fontse MSLsԖT0Ԗ A .  @n?" dd@  @@`` `X ((     ,         T6338RgNnqS3ZzES;46KF@:?A;<PAJ&(CED*P (  `D&&&H !"#$%&'O$R$ar>YpzB$b$hsZG5 0AA f3333f@q9U ʚ;t8ʚ;g4BdBdCan the switch to domestic debt eliminate all vulnerabilities???> *To some extent, but& Need to make sure not to trade a currency mismatch for a maturity mismatch In the past debt structure has mutated very rapidly T  fff c>Can the switch to domestic debt eliminate all vulnerabilities???" ?  x>Can the switch to domestic debt eliminate all vulnerabilities???> $To some extent, but& The cost of borrowing needs to be evaluated carefully What happens if the currency appreciates Need to be careful not to "force" domestic institutional investors and banks to assume "too much" government debt Especially banks Domestic debt may be more difficult to restructure Externalities to corporate bond market Positive (market creation, yield curve) Negative (crowding out)  6 )rZ@f6f)frffZ  f@  f  f> Ae>Can the switch to domestic debt eliminate all vulnerabilities???> While the recent switch to more domestic borrowing may have important positive implications for debt management, policymakers should not be too complacent. "The history of crisis modelling in international macroeconomics reveals that each successive wave of crises exposes possibilities for crisis that were overlooked in earlier analysis." (Krugman, 2006) As vulnerabilities are often identified after a financial crisis starts to unravel, crisis prevention requires detailed and prompt information on debt structure Yet, most research and DSA focuses on external borrowing and prompt and detailed information on the level and composition of domestic public debt is often not available to policymakers and analysts PPPPffffff e:  d {ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     A remarkable feature of the Indian experience is the ability of financing large deficits without issuing external debt with private creditors Could have this been possible with an open capital account and fully convertible currency?f  |ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     In the second phase of reforms foreign institutional investors were given access to primary and secondary market Why didn t they come in? f  }ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     The 16.9 years of average maturity of G-Bonds is impressive But the figure could be misleading. More than 50% of the bonds are in the hands of banks and this may shorten their de facto maturity If there is a banking crisis, long term bonds held by banks may soon become overnight!FbbWbfbfWf  ~KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     One key question asked in the paper is what is a sustainable level of debt I am not a big fan of the  debt intolerance approach. What about:  No debt threshold is right for all countries or at all times What about the CPIA approach? (I am not a big fan of that either) What are the consequence of adopting the MDG approach for future access to financing*KZZK d KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     Capital controls may or may not be a good idea if introduced during tranquil time, but there may be a timing issue What would happen if Turkey were to introduce CC right now?&s<s<  /YZ\9:;ABCGHIJK$ 0 0x$(  xr x S os  s r x S  o s H x 0޽h ? 80___PPT10.^0 0 @|0(  |x | c $`!h  h x | c $H h H | 0޽h ? 80___PPT10.^0 0 P0(  x  c $ss  s x  c $Bh s H  0޽h ? 80___PPT10.^$ 0 `$(  r  S kh  s r  S ,i s H  0޽h ? 80___PPT10.^؜0 0 p0(  x  c $$Z  Z x  c $Z Z H  0޽h ? 80___PPT10.^؜r$fxԷ@8p~XBx1A(` / 0DTimes New RomanLLsԖT0ԖDTahomaew RomanLLsԖT0Ԗ" DArial Unicode MSLsԖT0Ԗ"0DSymbolnicode MSLsԖT0Ԗ@DArialnicode MSLsԖT0Ԗ"PDSmall Fontse MSLsԖT0Ԗ A .  @n?" dd@  @@`` h`(+)     ,         T6338RgNnqS3ZzES;46KF@:?A;<PAJ&(CED*P (  `D&&&H !"#$%&'(O$R$ar>YpzB$b$hsZG5 0AA f3333f@q9U ʚ;t8ʚ;g4BdBdCan the switch to domestic debt eliminate all vulnerabilities???> *To some extent, but& Need to make sure not to trade a currency mismatch for a maturity mismatch In the past debt structure has mutated very rapidly T  fff c>Can the switch to domestic debt eliminate all vulnerabilities???" ?  x>Can the switch to domestic debt eliminate all vulnerabilities???> $To some extent, but& The cost of borrowing needs to be evaluated carefully What happens if the currency appreciates Need to be careful not to "force" domestic institutional investors and banks to assume "too much" government debt Especially banks Domestic debt may be more difficult to restructure Externalities to corporate bond market Positive (market creation, yield curve) Negative (crowding out)  6 )rZ@f6f)frffZ  f@  f  f> Ae>Can the switch to domestic debt eliminate all vulnerabilities???> While the recent switch to more domestic borrowing may have important positive implications for debt management, policymakers should not be too complacent. "The history of crisis modelling in international macroeconomics reveals that each successive wave of crises exposes possibilities for crisis that were overlooked in earlier analysis." (Krugman, 2006) As vulnerabilities are often identified after a financial crisis starts to unravel, crisis prevention requires detailed and prompt information on debt structure Yet, most research and DSA focuses on external borrowing and prompt and detailed information on the level and composition of domestic public debt is often not available to policymakers and analysts PPPPffffff e:  d {ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     A remarkable feature of the Indian experience is the ability of financing large deficits without issuing external debt with private creditors Could have this been possible with an open capital account and fully convertible currency?f  |ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     In the second phase of reforms foreign institutional investors were given access to primary and secondary market Why didn t they come in? f  }ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     The 16.9 years of average maturity of G-Bonds is impressive But the figure could be misleading. More than 50% of the bonds are in the hands of banks and this may shorten their de facto maturity If there is a banking crisis, long term bonds held by banks may soon become overnight!FbbWbfbfWf  ~KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     One key question asked in the paper is what is a sustainable level of debt I am not a big fan of the  debt intolerance approach. I like:  No debt threshold is right for all countries or at all times What about the CPIA approach? I am not a big fan of that either What are the consequence of adopting the MDG approach for future access to financing?K8H"VKf8fHff"fVf b KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     Capital controls may or may not be a good idea if introduced during tranquil time, but there may be a timing issue What would happen if Turkey were to introduce CC right now?.s<sf<f  KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     Capital controls may be a good idea if introduced during tranquil times, but there may be a timing issue What would happen if Turkey were to introduce CC right now?.i<if<f@  +  ] /YZ\9:;ABCGHIJK$ 0 `$(  r  S kh  s r  S ,i s H  0޽h ? 80___PPT10.^؜0 0 p0(  x  c $$Z  Z x  c $Z Z H  0޽h ? 80___PPT10.^؜0 0 0(  x  c $   x  c $  H  0޽h ? 80___PPT10.^؜r$0#O X 1AC(` / 0DTimes New RomanLLsԖT0ԖDTahomaew RomanLLsԖT0Ԗ" DArial Unicode MSLsԖT0Ԗ"0DSymbolnicode MSLsԖT0Ԗ@DArialnicode MSLsԖT0Ԗ"PDSmall Fontse MSLsԖT0Ԗ A .  @n?" dd@  @@`` ph0.*     ,         T6338RgNnqS3ZzES;46KF@:?A;<PAJ&(CED*P (  `D&&&H !"#$%&'()O$R$ar>YpzB$b$hsZG5 0AA f3333f@q9U ʚ;t8ʚ;g4BdBdCan the switch to domestic debt eliminate all vulnerabilities???> *To some extent, but& Need to make sure not to trade a currency mismatch for a maturity mismatch In the past debt structure has mutated very rapidly T  fff c>Can the switch to domestic debt eliminate all vulnerabilities???" ?  x>Can the switch to domestic debt eliminate all vulnerabilities???> $To some extent, but& The cost of borrowing needs to be evaluated carefully What happens if the currency appreciates Need to be careful not to "force" domestic institutional investors and banks to assume "too much" government debt Especially banks Domestic debt may be more difficult to restructure Externalities to corporate bond market Positive (market creation, yield curve) Negative (crowding out)  6 )rZ@f6f)frffZ  f@  f  f> Ae>Can the switch to domestic debt eliminate all vulnerabilities???> While the recent switch to more domestic borrowing may have important positive implications for debt management, policymakers should not be too complacent. "The history of crisis modelling in international macroeconomics reveals that each successive wave of crises exposes possibilities for crisis that were overlooked in earlier analysis." (Krugman, 2006) As vulnerabilities are often identified after a financial crisis starts to unravel, crisis prevention requires detailed and prompt information on debt structure Yet, most research and DSA focuses on external borrowing and prompt and detailed information on the level and composition of domestic public debt is often not available to policymakers and analysts PPPPffffff e:  d {ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     A remarkable feature of the Indian experience is the ability of financing large deficits without issuing external debt with private creditors Could have this been possible with an open capital account and fully convertible currency?f  |ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     In the second phase of reforms foreign instiRoot EntrydO) PArPictures5DCurrent UserJSummaryInformation(Y0Ututional investors were given access to primary and secondary market Why didn t they come in? f  }ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     The 16.9 years of average maturity of G-Bonds is impressive But the figure could be misleading. More than 50% of the bonds are in the hands of banks and this may shorten their de facto maturity If there is a banking crisis, long term bonds held by banks may soon become overnight!FbbWbfbfWf  ~KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     One key question asked in the paper is what is a sustainable level of debt I am not a big fan of the  debt intolerance approach. I like:  No debt threshold is right for all countries or at all times What about the CPIA approach? I am not a big fan of that either What are the consequence of adopting the MDG approach for future access to financing?K8H"VKf8fHff"fVf b KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     Capital controls may or may not be a good idea if introduced during tranquil time, but there may be a timing issue What would happen if Turkey were to introduce CC right now?.s<sf<f  KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     The paper raises the issue that fiscal adjustments often go through cuts in public investment Should expenditure in public investments removed from fiscal targets in IMF programs? What are the pros and cons?.^r^frf  KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     &I am moderately pessimistic on spreads''f ' 09Will the good times last?   r/YZ\9:;ABCGHIJK0 0 0(  x  c $   x  c $  H  0޽h ? 80___PPT10.^؜0 0 0(  x  c $8s  s x  c $  s H  0޽h ? 80___PPT10.^؜r  LOQX S1$B(` / 0DTimes New RomanLLsԖT0ԖDTahomaew RomanLLsԖT0Ԗ" DArial Unicode MSLsԖT0Ԗ"0DSymbolnicode MSLsԖT0Ԗ@DArialnicode MSLsԖT0Ԗ"PDSmall Fontse MSLsԖT0Ԗ A .  @n?" dd@  @@`` ph0(     ,         T6338RgNnqS3ZzES;46KF@:?A;<PAJ&(CED*P( `D&&&H !"#$%&'()O$R$ar>YpzB$b$hsZG5 0AA f3333f@q9U ʚ;t8ʚ;g4BdBdCan the switch to domestic debt eliminate all vulnerabilities???> *To some extent, but& Need to make sure not to trade a currency mismatch for a maturity mismatch In the past debt structure has mutated very rapidly T  fff c>Can the switch to domestic debt eliminate all vulnerabilities???" ?  x>Can the switch to domestic debt eliminate all vulnerabilities???> $To some extent, but& The cost of borrowing needs to be evaluated carefully What happens if the currency appreciates Need to be careful not to "force" domestic institutional investors and banks to assume "too much" government debt Especially banks Domestic debt may be more difficult to restructure Externalities to corporate bond market Positive (market creation, yield curve) Negative (crowding out)  6 )rZ@f6f)frffZ  f@  f  f> Ae>Can the switch to domestic debt eliminate all vulnerabilities???> While the recent switch to more domestic borrowing may have important positive implications for debt management, policymakers should not be too complacent. "The history of crisis modelling in international macroeconomics reveals that each successive wave of crises exposes possibilities for crisis that were overlooked in earlier analysis." (Krugman, 2006) As vulnerabilities are often identified after a financial crisis starts to unravel, crisis prevention requires detailed and prompt information on debt structure Yet, most research and DSA focuses on external borrowing and prompt and detailed information on the level and composition of domestic public debt is often not available to policymakers and analysts PPPPffffff e:  d {ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     A remarkable feature of the Indian experience is the ability of financing large deficits without issuing external debt with private creditors Could have this been possible with an open capital account and fully convertible currency?f  |ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     RIn the second phase of reforms foreign institutional investors were given access to the primary and secondary markets Did they come in? If not, why didn t they come in? f  }ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     The 16.9 years of average maturity of G-Bonds is impressive But the figure could be misleading. More than 50% of the bonds are in the hands of banks and this may shorten their de facto maturity If there is a banking crisis, long term bonds held by banks may soon become overnight!FbbWbfbfWf  ~KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     One key question asked in the paper is what is a sustainable level of debt I am not a big fan of the  debt intolerance approach. I like:  No debt threshold is right for all countries or at all times What about the CPIA approach? I am not a big fan of that either What are the consequence of adopting the MDG approach for future access to financing?K8H"VKf8fHff"fVf b KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     Capital controls may or may not be a good idea if introduced during tranquil time, but there may be a timing issue What would happen if Turkey were to introduce CC right now?.s<sf<f  KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     The paper raises the issue that fiscal adjustments often go through cuts in public investment Should expenditure in public investments removed from fiscal targets in IMF programs? What are the pros and cons?.^r^frf  KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     &I am moderately pessimistic on spreads''f ' 09Will the good times last?   r/lYZ\9:;BCGHIJK0 @`n(  `x ` c $(  x ` c $\^@`    6 ` 08 Y `Workshop on Debt, Finance, and Emerging Issues in Financial Integration London, 6-7 March 2007 Fa ^ a H ` 0޽h ? ̙33y___PPT10Y+D=' s= @B +0 0 @|0(  |x | c $`!h  h x | c $H h H | 0޽h ? 80___PPT10.^rS(|XS1I(` / 0DTimes New RomanLLsԖT0ԖDTahomaew RomanLLsԖT0Ԗ" DArial Unicode MSLsԖT0Ԗ"0DSymbolnicode MSLsԖT0Ԗ@DArialnicode MSLsԖT0Ԗ"PDSmall Fontse MSLsԖT0Ԗ A .  @n?" dd@  @@`` H#+     ,         T6338RgNnqS3ZzES;46KF@:?A;<PAJ&(CED*P( `D&&&H !"#$%&'()*+,O$R$ar>YpzB$b$hsZG5 0AA f3333f@q9U ʚ;t8ʚ;g4BdBdCan the switch to domestic debt eliminate all vulnerabilities???> *To some extent, but& Need to make sure not to trade a currency mismatch for a maturity mismatch In the past debt structure has mutated very rapidly T  fff c>Can the switch to domestic debt eliminate all vulnerabilities???" ?  x>Can the switch to domestic debt eliminate all vulnerabilities???> $To some extent, but& The cost of borrowing needs to be evaluated carefully What happens if the currency appreciates Need to be careful not to "force" domestic institutional investors and banks to assume "too much" government debt Especially banks Domestic debt may be more difficult to restructure Externalities to corporate bond market Positive (market creation, yield curve) Negative (crowding out)  6 )rZ@f6f)frffZ  f@  f  f> Ae>Can the switch to domestic debt eliminate all vulnerabilities???> While the recent switch to more domestic borrowing may have important positive implications for debt management, policymakers should not be too complacent. "The history of crisis modelling in international macroeconomics reveals that each successive wave of crises exposes possibilities for crisis that were overlooked in earlier analysis." (Krugman, 2006) As vulnerabilities are often identified after a financial crisis starts to unravel, crisis prevention requires detailed and prompt information on debt structure Yet, most research and DSA focuses on external borrowing and prompt and detailed information on the level and composition of domestic public debt is often not available to policymakers and analysts PPPPffffff e:  d {ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     A remarkable feature of the Indian experience is the ability of financing large deficits without issuing external debt with private creditors Could have this been possible with an open capital account and fully convertible currency?f  |ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     RIn the second phase of reforms foreign institutional investors were given access to the primary and secondary markets Did they come in? If not, why didn t they come in? f  }ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     The 16.9 years of average maturity of G-Bonds is impressive But the figure could be misleading. More than 50% of the bonds are in the hands of banks and this may shorten their de facto maturity If there is a banking crisis, long term bonds held by banks may soon become overnight!FbbWbfbfWf  ~KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     One key question asked in the paper is what is a sustainable level of debt I am not a big fan of the  debt intolerance approach. I like:  No debt threshold is right for all countries or at all times What about the CPIA approach? I am not a big fan of that either What are the consequence of adopting the MDG approach for future access to financing?K8H"VKf8fHff"fVf b KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     Capital controls may or may not be a good idea if introduced during tranquil time, but there may be a timing issue What would happen if Turkey were to introduce CC right now?.s<sf<f  KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     The paper raises the issue that fiscal adjustments often go through cuts in public investment Should expenditure in public investments removed from fiscal targets in IMF programs? What are the pros and cons?.^r^frf  KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     &I am moderately pessimistic on spreads''f ' 09Will the good times last?   rBPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCC @8     JI liked the discussion on the importance of having an independent and well working DMO but also the possible obstacles to policy-making that come from having independent institutions I was intrigued by the availability of data on non-residents holding of domestic public debt ..but how can you be sure that they are non-residents?27f7f&<   BPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCC @8     Is it always the case that if one focuses on the PV of tax revenues, the logical outcome is to have all debt in domestic currency? What about the role of the tradable sector What are the tradeoffs Cost MaturityFBfBff  BPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCC @8     iThe paper states that the size of foreign currency reserves should be limited at the optimal level But what determines the optimal level? Greesnpan-Guidotti Size and solidity of the banking system Openness (Import/Exports) Need to stabilize the XR Would the optimal level of reserves be lower with a better International Financial Architecture and a better IMF?NPnPrPfnfrf&   /lYZ\9:;BCGHIJK0 0 0(  x  c $vp@  v x  c $u< v H  0޽h ? 80___PPT10.^؜0 0 0(  x  c $8pvp@  v x  c $Pu< v H  0޽h ? 80___PPT10.^؜0 0 0(  x  c $up@  u x  c $5u< u H  0޽h ? 80___PPT10.^؜rc08pX?1I(` / 0DTimes New RomanLLsԖT0ԖDTahomaew RomanLLsLM: The Case of Hungary by: Andrs Rz2Comments to S. Gopinath, Y. Akyz, and A. Rz  Fonts UsedDesign Template Slide TitlesԖT0Ԗ" DArial Unicode MSLsԖT0Ԗ"0DSymbolnicode MSLsԖT0Ԗ@DArialnicode MSLsԖT0Ԗ"PDSmall Fontse MSLsԖT0Ԗ A .  @n?" dd@  @@`` H#+     ,         T6338RgNnqS3ZzES;46KF@:?A;<PAJ&(CED*P( `D&&&H !"#$%&'()*+,O$R$ar>YpzB$b$hsZG5 0AA f3333f@q9U ʚ;t8ʚ;g4BdBdCan the switch to domestic debt eliminate all vulnerabilities???> *To some extent, but& Need to make sure not to trade a currency mismatch for a maturity mismatch In the past debt structure has mutated very rapidly T  fff c>Can the switch to domestic debt eliminate all vulnerabilities???" ?  x>Can the switch to domestic debt eliminate all vulnerabilities???> $To some extent, but& The cost of borrowing needs to be evaluated carefully What happens if the currency appreciates Need to be careful not to "force" domestic institutional investors and banks to assume "too much" government debt Especially banks Domestic debt may be more difficult to restructure Externalities to corporate bond market Positive (market creation, yield curve) Negative (crowding out)  6 )rZ@f6f)frffZ  f@  f  f> Ae>Can the switch to domestic debt eliminate all vulnerabilities???> While the recent switch to more domestic borrowing may have important positive implications for debt management, policymakers should not be too complacent. "The history of crisis modelling in international macroeconomics reveals that each successive wave of crises exposes possibilities for crisis that were overlooked in earlier analysis." (Krugman, 2006) As vulnerabilities are often identified after a financial crisis starts to unravel, crisis prevention requires detailed and prompt information on debt structure Yet, most research and DSA focuses on external borrowing and prompt and detailed information on the level and composition of domestic public debt is often not available to policymakers and analysts PPPPffffff e:  d {ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     A remarkable feature of the Indian experience is the ability of financing large deficits without issuing external debt with private creditors Could have this been possible with an open capital account and fully convertible currency?f  |ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     RIn the second phase of reforms foreign institutional investors were given access to the primary and secondary markets Did they come in? If not, why didn t they come in? f  }ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     The 16.9 years of average maturity of G-Bonds is impressive But the figure could be misleading. More than 50% of the bonds are in the hands of banks and this may shorten their de facto maturity If there is a banking crisis, long term bonds held by banks may soon become overnight!FbbWbfbfWf  ~KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     One key question asked in the paper is what is a sustainable level of debt I am not a big fan of the  debt intolerance approach. I like:  No debt threshold is right for all countries or at all times What about the CPIA approach? I am not a big fan of that either What are the consequence of adopting the MDG approach for future access to financing?K8H"VKf8fHff"fVf b KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     Capital controls may or may not be a good idea if introduced during tranquil time, but there may be a timing issue What would happen if Turkey were to introduce CC right now?.s<sf<f  KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     The paper raises the issue that fiscal adjustments often go through cuts in public investment Should expenditure in public investments removed from fiscal targets in IMF programs? What are the pros and cons?.^r^frf  KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     &I am moderately pessimistic on spreads''f ' 09Will the good times last?   rBPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCC @8     JI liked the discussion on the importance of having an independent and well working DMO but also the possible obstacles to policy-making that come from having independent institutions I was intrigued by the availability of data on non-residents holding of domestic public debt ..but how can you be sure that they are non-residents?27f7f K BPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCC @8     Is it always the case that if one focuses on the PV of tax revenues, the logical outcome is to have all debt in domestic currency? What about the role of the tradable sector What are the tradeoffs Cost MaturityFBfBff  BPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCC @8     iThe paper states that the size of foreign currency reserves should be limited at the optimal level But what determines the optimal level? Greesnpan-Guidotti Size and solidity of the banking system Openness (Import/Exports) Need to stabilize the XR Would the optimal level of reserves be lower with a better International Financial Architecture and a better IMF?NPnPrPfnfrf&   /lYZ\9:;BCGHIJKr$X61K(` / 0DTimes New RomanLLsԖT0ԖDTahomaew RomanLLsԖT0Ԗ      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}" DArial Unicode MSLsԖT0Ԗ"0DSymbolnicode MSLsԖT0Ԗ@DArialnicode MSLsԖT0Ԗ"PDSmall Fontse MSLsԖT0Ԗ A .  @n?" dd@  @@`` H#+     ,         T6338RgNnqS3ZzES;46KF@:?A;<PAJ&(CED*P( `D&&&H !"#$%&'()*+,O$R$ar>YpzB$b$hsZG5 0AA f3333f@q9U ʚ;t8ʚ;g4BdBdCan the switch to domestic debt eliminate all vulnerabilities???> *To some extent, but& Need to make sure not to trade a currency mismatch for a maturity mismatch In the past debt structure has mutated very rapidly T  fff c>Can the switch to domestic debt eliminate all vulnerabilities???" ?  x>Can the switch to domestic debt eliminate all vulnerabilities???> $To some extent, but& The cost of borrowing needs to be evaluated carefully What happens if the currency appreciates Need to be careful not to "force" domestic institutional investors and banks to assume "too much" government debt Especially banks Domestic debt may be more difficult to restructure Externalities to corporate bond market Positive (market creation, yield curve) Negative (crowding out)  6 )rZ@f6f)frffZ  f@  f  f> Ae>Can the switch to domestic debt eliminate all vulnerabilities???> While the recent switch to more domestic borrowing may have important positive implications for debt management, policymakers should not be too complacent. "The history of crisis modelling in international macroeconomics reveals that each successive wave of crises exposes possibilities for crisis that were overlooked in earlier analysis." (Krugman, 2006) As vulnerabilities are often identified after a financial crisis starts to unravel, crisis prevention requires detailed and prompt information on debt structure Yet, most research and DSA focuses on external borrowing and prompt and detailed information on the level and composition of domestic public debt is often not available to policymakers and analysts PPPPffffff e:  d {ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     A remarkable feature of the Indian experience is the ability of financing large deficits without issuing external debt with private creditors Could have this been possible with an open capital account and fully convertible currency?f  |ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     RIn the second phase of reforms foreign institutional investors were given access to the primary and secondary markets Did they come in? If not, why didn t they come in? f  }ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     The 16.9 years of average maturity of G-Bonds is impressive But the figure could be misleading. More than 50% of the bonds are in the hands of banks and this may shorten their de facto maturity If there is a banking crisis, long term bonds held by banks may soon become overnight!FbbWbfbfWf  ~KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     One key question asked in the paper is what is a sustainable level of debt I am not a big fan of the  debt intolerance approach. I like:  No debt threshold is right for all countries or at all times What about the CPIA approach? I am not a big fan of that either What are the consequence of adopting the MDG approach for future access to financing?K8H"VKf8fHff"fVf b KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     Capital controls may or may not be a good idea if introduced during tranquil time, but there may be a timing issue What would happen if Turkey were to introduce CC right now?.s<sf<f  KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     The paper raises the issue that fiscal adjustments often go through cuts in public investment Should expenditure in public investments removed from fiscal targets in IMF programs? What are the pros and cons?.^r^frf  KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     &I am moderately pessimistic on spreads''f ' 09Will the good times last?   rBPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCC @8     I liked the discussion on the importance of having an independent and well working DMO but also the possible obstacles to policy-making that come from having independent institutions I was intrigued by the availability of data on non-residents holdings of domestic public debt ..but how can you be sure that they are non-residents?6Z7Zf7f M BPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCC @8     Is it always the case that if one focuses on the PV of tax revenues, the logical outcome is to have all debt in domestic currency? What about the role of the tradable sector What are the tradeoffs Cost MaturityFBfBff  BPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCC @8     iThe paper states that the size of foreign currency reserves should be limited at the optimal level But what determines the optimal level? Greesnpan-Guidotti Size and solidity of the banking system Openness (Import/Exports) Need to stabilize the XR Would the optimal level of reserves be lower with a better International Financial Architecture and a better IMF?NPnPrPfnfrf&   /lYZ\9:;BCGHIJK0 0 0(  x  c $vp@  v x  c $u< v H  0޽h ? 80___PPT10.^؜r7 X6X1L(` / 0DTimes New RomanLLsԖT0ԖDTahomaew RomanLLsԖT0Ԗ" DArial Unicode MSLsԖT0Ԗ"0DSymbolnicode MSLsԖT0Ԗ@DArialnicode MSLsԖT0Ԗ"PDSmall Fontse MSLsԖT0Ԗ A .  @n?" dd@  @@`` P',     ,         T6338RgNnqS3ZzES;46KF@:?A;<PAJ&(CED*P( `D&&&H !"#$%&'()*+,-O$R$ar>YpzB$b$hsZG5 0AA f3333f@q9U ʚ;t8ʚ;g4BdBdCan the switch to domestic debt eliminate all vulnerabilities???> *To some extent, but& Need to make sure not to trade a currency mismatch for a maturity mismatch In the past debt structure has mutated very rapidly T  fff c>Can the switch to domestic debt eliminate all vulnerabilities???" ?  x>Can the switch to domestic debt eliminate all vulnerabilities???> $To some extent, but& The cost of borrowing needs to be evaluated carefully What happens if the currency appreciates Need to be careful not to "force" domestic institutional investors and banks to assume "too much" government debt Especially banks Domestic debt may be more difficult to restructure Externalities to corporate bond market Positive (market creation, yield curve) Negative (crowding out)  6 )rZ@f6f)frffZ  f@  f  f> Ae>Can the switch to domestic debt eliminate all vulnerabilities???> While the recent switch to more domestic borrowing may have important positive implications for debt management, policymakers should not be too complacent. "The history of crisis modelling in international macroeconomics reveals that each successive wave of crises exposes possibilities for crisis that were overlooked in earlier analysis." (Krugman, 2006) As vulnerabilities are often identified after a financial crisis starts to unravel, crisis prevention requires detailed and prompt information on debt structure Yet, most research and DSA focuses on external borrowing and prompt and detailed information on the level and composition of domestic public debt is often not available to policymakers and analysts PPPPffffff e:  d {ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     A remarkable feature of the Indian experience is the ability of financing large deficits without issuing external debt with private creditors Could have this been possible with an open capital account and fully convertible currency?f  |ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     RIn the second phase of reforms foreign institutional investors were given access to the primary and secondary markets Did they come in? If not, why didn t they come in? f  }ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     The 16.9 years of average maturity of G-Bonds is impressive But the figure could be misleading. More than 50% of the bonds are in the hands of banks and this may shorten their de facto maturity If there is a banking crisis, long term bonds held by banks may soon become overnight!FbbWbfbfWf  ~KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     One key question asked in the paper is what is a sustainable level of debt I am not a big fan of the  debt intolerance approach. I like:  No debt threshold is right for all countries or at all times What about the CPIA approach? I am not a big fan of that either What are the consequence of adopting the MDG approach for future access to financing?K8H"VKf8fHff"fVf b KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     Capital controls may or may not be a good idea if introduced during tranquil time, but there may be a timing issue What would happen if Turkey were to introduce CC right now?.s<sf<f  KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     The paper raises the issue that fiscal adjustments often go through cuts in public investment Should expenditure in public investments removed from fiscal targets in IMF programs? What are the pros and cons?.^r^frf  KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     &I am moderately pessimistic on spreads''f ' 09Will the good times last?   rBPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCC @8     I liked the discussion on the importance of having an independent and well working DMO but also the possible obstacles to policy-making that come from having independent institutions I was intrigued by the availability of data on non-residents holdings of domestic public debt ..but how can you be sure that they are non-residents?6Z7Zf7f M BPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCC @8     Is it always the case that if one focuses on the PV of tax revenues, the logical outcome is to have all debt in domestic currency? What about the role of the tradable sector What are the tradeoffs Cost MaturityFBfBff  BPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCC @8     iThe paper states that the size of foreign currency reserves should be limited at the optimal level But what determines the optimal level? Greesnpan-Guidotti Size and solidity of the banking system Openness (Import/Exports) Need to stabilize the XR Would the optimal level of reserves be lower with a better International Financial Architecture and a better IMF?NPnPrPfnfrf&   1Comments to S. Gopinath, Y. Akyz, and A. 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̙33y___PPT10Y+D=' @= @B +rL6sPx!2)GdQq@'OXp1L(` / 0DTimes New RomanLLsԖT0ԖDTahomaew RomanLLsԖT0Ԗ" DArial Unicode MSLsԖT0Ԗ"0DSymbolnicode MSLsԖT0Ԗ@DArialnicode MSLsԖT0Ԗ"PDSmall Fontse MSLsԖT0Ԗ A .  @n?" dd@  @@`` P',     ,         T6338RgNnqS3ZzES;46KF@:?A;<PAJ&(CED*P( `D&&&H !"#$%&'()*+,-O$R$ar>YpzB$b$hsZG5 0AA f3333f@q9U ʚ;t8ʚ;g4BdBdCan the switch to domestic debt eliminate all vulnerabilities???> *To some extent, but& Need to make sure not to trade a currency mismatch for a maturity mismatch In the past debt structure has mutated very rapidly T  fff c>Can the switch to domestic debt eliminate all vulnerabilities???" ?  x>Can the switch to domestic debt eliminate all vulnerabilities???> $To some extent, but& The cost of borrowing needs to be evaluated carefully What happens if the currency appreciates Need to be careful not to "force" domestic institutional investors and banks to assume "too much" government debt Especially banks Domestic debt may be more difficult to restructure Externalities to corporate bond market Positive (market creation, yield curve) Negative (crowding out)  6 )rZ@f6f)frffZ  f@  f  f> Ae>Can the switch to domestic debt eliminate all vulnerabilities???> While the recent switch to more domestic borrowing may have important positive implications for debt management, policymakers should not be too complacent. "The history of crisis modelling in international macroeconomics reveals that each successive wave of crises exposes possibilities for crisis that were overlooked in earlier analysis." (Krugman, 2006) As vulnerabilities are often identified after a financial crisis starts to unravel, crisis prevention requires detailed and prompt information on debt structure Yet, most research and DSA focuses on external borrowing and prompt and detailed information on the level and composition of domestic public debt is often not available to policymakers and analysts PPPPffffff e:  d {ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     A remarkable feature of the Indian experience is the ability of financing large deficits without issuing external debt with private creditors Could have this been possible with an open capital account and fully convertible currency?f  |ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     TIn the second phase of reforms, foreign institutional investors were given access to the primary and secondary markets Did they come in? If not, why didn t they come in? f  }ZThe Development of Local Currency bond Markets: The Indian Experience by Shyamala Gopinath[[ @I     The 16.9 years of average maturity of G-Bonds is impressive But the figure could be misleading. More than 50% of the bonds are in the hands of banks and this may shorten their de facto maturity If there is a banking crisis, long term bonds held by banks may soon become overnight!babWafPff fWf  ~KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     One key question asked in the paper is what is a sustainable level of debt I am not a big fan of the  debt intolerance approach. I like:  No debt threshold is right for all countries or at all times What about the CPIA approach? I am not a big fan of that either What are the consequence of adopting the MDG approach for future access to financing?K8H"VKf8fHff"fVf b KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     Capital controls may be a good idea if introduced during tranquil times, but there may be a timing issue What would happen if Turkey were to introduce CC right now?.i<if<f  KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     The paper raises the issue that fiscal adjustments often go through cuts in public investment Should expenditure in public investments removed from fiscal targets in IMF programs? What are the pros and cons?.^r^frf  KDebt Sustainability in EM Economies: A Critical Appraisal by: Yilmaz AkyzLL @?     &I am moderately pessimistic on spreads''f ' 09Will the good times last?   rBPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCC @8     I liked the discussion on the importance of having an independent and well working DMO but also the possible obstacles to policy-making that come from having independent institutions I was intrigued by the availability of data on non-residents holdings of domestic public debt ..but how can you be sure that they are non-residents?6Z7Zf7f M BPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCC @8     Is it always the case that if one focuses on the PV of tax revenues, the logical outcome is to have all debt in domestic currency? What about the role of the tradable sector What are the tradeoffs Cost MaturityFBfBff  BPublic Debt Management and ALM: The Case of Hungary by: Andrs RzCC @8     iThe paper states that the size of foreign currency reserves should be limited at the optimal level But what determines the optimal level? Greesnpan-Guidotti Size and solidity of the banking system Openness (Import/Exports) Need to stabilize the XR Would the optimal level of reserves be lower with a better International Financial Architecture and a better IMF?NPnPrPfnfrf&   1Comments to S. Gopinath, Y. Akyz, and A. 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