By Organisation for Economic Co-Operation a
ISBN-10: 9264104410
ISBN-13: 9789264104419
ISBN-10: 9264104437
ISBN-13: 9789264104433
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Extra info for Advances in Risk Management of Government Debt
Example text
A reduction in the volatility of debtservice costs would – all other things being equal – dampen or reduce budget variability. g. 11 Most debt managers focus on the modelling of the variability of the debtservice costs themselves, while some government debt managers also explicitly take into account the covariance between the primary budget balance and the debt-service costs in their models (see Section III). Debt structure and risk The debt structure concerns the distribution of the debt over the various instruments in terms of indexation, maturity, currency composition, etc.
With respect to the risk management systems used, almost all countries employ a combination of internally developed models, specialised purchased applications and general software. In this regard, key challenges to risk management systems include: finding software packages which satisfy the business needs of the operation and for which support is available if (when) problems occur; learning how to use the purchased applications; acquiring, training and retaining skilled staff; and, the ever-present bane of risk managers, data integrity concerns.
Therefore, there is a cost-risk trade-off in the choice between short-and long duration debt. , the risk that the debt need to be refinanced at very high rates or, in the extreme case, cannot be rolled over at all. This risk is related to country specific circumstances and not only to the general development in market rates. In particular refinancing risk is important for countries with a high debt level and unstable macroeconomic and financial market conditions. The distinction between interest-rate risk and refinancing risk may be less pronounced in countries with stable macroeconomic conditions and well-developed markets.
Advances in Risk Management of Government Debt by Organisation for Economic Co-Operation a
by George
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