Debt Structures with Existing Instruments: Emerging Market Countries Versus Advanced Economies
3
(1)
Ideas for Sovereigns from the Corporate Context: Explicit Seniority
3
(1)
Expanding the Set of Instruments: Real Indexation
4
(1)
Toward Better Sovereign Debt Structures: A Road Map
5
(2)
Facts on Existing Public Debt Structures
7
(7)
Public Debt in Emerging Market Countries Versus Advanced Economies
7
(4)
Sovereign Versus Corporate Liability Structures
11
(3)
Rendering Debt Structures Less Crisis Prone with Existing Instruments
14
(9)
Problems with the Status Quo
14
(1)
Determinants of Government Debt Structure
15
(4)
Policy Implications
19
(4)
Explicit Seniority in Privately Held Sovereign Debt
23
(6)
Economic Role of Seniority
23
(2)
Approaches and Obstacles in Implementing Explicit Seniority
25
(3)
Conclusions
28
(1)
Expanding the Set of Instruments: Indexation to Real Variables
29
(17)
Benefits of Indexation to Real Variables
29
(2)
Real Variables Beyond the Control of the Country's Authorities
31
(7)
Real Variables Partially Within the Control of the Country's Authorities
38
(4)
Obstacles for Variables Partly Within the Control of the Government
42
(1)
Steps to Foster Acceptance
43
(1)
Real Indexation: Which Variables for Which Countries?
44
(2)
Past and Future of Innovation in Sovereign Borrowing
46
(3)
Financial Innovation in Sovereign Borrowing: A Haphazard Process
46
(2)
Road Maps for Future Innovation
48
(1)
Conclusions
49
(2)
Appendix Investors' Attitudes Toward Growth-Linked and Other Innovative Financial Instruments for Sovereign Borrowers: Results of a Survey
51
(5)
References
56
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