OECD Sovereign Borrowing Outloo - OECD _ OCDE

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✦ Table of Contents

Foreword
Acknowledgements
Table of Contents
Preface
Acronyms
Executive Summary
Sovereign Borrowing Overview
A highly uncertain issuance environment: concerns about the recovery and growing sovereign risk
Evolution of budget deficits, sovereign borrowing and debt
Summary overview of the borrowing outlook for OECD country groupings
The challenge of raising large volumes of funds with acceptable roll-over risk during periods with changes in perceptions of sovereign risk
Funding strategy during periods of fiscal dominance and fiscal consolidation
Central government debt at a glance
References
Outlook for sovereign risk
Concerns about sovereign risk outlook is creating major challenges for government borrowing operations
Widening of euro area spreads in the summer of 2011
Market spotlight on Italy
Animal spirits pushing up borrowing rates?
Role of credit rating agencies
Volatile markets are generating selling pressures and higher borrowing costs
Definition and measurement of sovereign risk
Mispricing of sovereign risk?
Notes
References
Impact of financial contagion on borrowing operations within the euro area
Potential for contagion of the euro area crisis
Direct channels of contagion
Indirect channels of contagion and impact on borrowing operations
Vulnerability of a monetary union to liquidity crises
Notes
References
Changes in issuance procedures and techniques
The need to adjust issuance procedures and techniques
OECD best practices as global standards?
Results from a recent survey on OECD issuance procedures and policies
Issuance conditions amid a volatile and uncertain environment
Responses to tougher issuance condition
Notes
References
Annex A. Principles and trade-offs when making issuance choicesin the United Kingdom
Annex B. A suggested new approach to the measurement and reporting of gross short-term borrowing operations by governments
Annex C. Methods and sources
Glossary