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State-Contingent Government Debt: a New Database

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  • Gonçalo Pina

Abstract

State-contingent government debt has been proposed as a way to reduce costly debt crisis. However, markets for this type of debt remain very limited, for reasons that are not yet fully understood. This paper describes a new database covering state-contingent government debt issued between 1863 and 2020. Based on these data, this paper shows stylized facts regarding the main design features, and market performance, of state-contingent government debt. It also provides a brief history of state-contingent government borrowing, which is contextualized with a simple theoretical model of state-contingent debt. The results show that there have been several small, heterogeneous, issuances of state-contingent debt, which resemble pilot runs in this new asset class. The paper concludes with some common challenges associated to state-contingent government debt.

Suggested Citation

  • Gonçalo Pina, 2022. "State-Contingent Government Debt: a New Database," Credit and Capital Markets – Kredit und Kapital, Duncker & Humblot, Berlin, vol. 55(1), pages 35-66.
    • Handle: RePEc:dah:aeqccm:v55_y2022_i1_q1_p35-66
    DOI: 10.3790/ccm.55.1.35
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    Citations

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    Cited by:

    1. Yasin Kursat Onder, 2023. "Optimal GDP-indexed Bonds," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 747-777, December.
    2. Pina, Gonçalo, 2024. "State-contingent debt with lender risk aversion," The Quarterly Review of Economics and Finance, Elsevier, vol. 94(C), pages 180-189.

    More about this item

    Keywords

    State-Contingent Debt; GDP-Linked Bonds; Public Debt;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • N2 - Economic History - - Financial Markets and Institutions
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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