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Choosing the Currency Structure for Sovereign Debt : A Review of Current Approaches / Melecky, Martin
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Melecky, Martin
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Bank Policy.
- Currencies and Exchange Rates.
- Currency.
- Debt Management.
- Debt Markets.
- Economic Theory and Research.
- Emerging Markets.
- Exchange rate.
- External Debt.
- Finance and Financial Sector Development.
- Foreign currencies.
- Foreign Exchange.
- Foreign Exchange Risk.
- International Economics & Trade.
- Macroeconomics and Economic Growth.
- Monetary policy.
- Private Sector Development.
- Risk Management.
- Sovereign Debt.
- Local Subjects:
- Bank Policy.
- Currencies and Exchange Rates.
- Currency.
- Debt Management.
- Debt Markets.
- Economic Theory and Research.
- Emerging Markets.
- Exchange rate.
- External Debt.
- Finance and Financial Sector Development.
- Foreign currencies.
- Foreign Exchange.
- Foreign Exchange Risk.
- International Economics & Trade.
- Macroeconomics and Economic Growth.
- Monetary policy.
- Private Sector Development.
- Risk Management.
- Sovereign Debt.
- Physical Description:
- 1 online resource (36 pages)
- Place of Publication:
- Washington, D.C., The World Bank, 2007
- System Details:
- data file
- Summary:
- This paper acknowledges the fact that some countries have to borrow in foreign currencies due to the various constraints they face. Starting from this point, the author reviews approaches for trying to determine the currency structure for sovereign debt, and discusses some issues inherent in these approaches. The analysis mainly focuses on the correlations of domestic fundamentals with the actual versus equilibrium exchange rate in light of the long-term perspective of a debt manager and changing exchange rate regimes. In addition, the author makes some observations on the characterization of exchange rate volatilities in the existing approaches.
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