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OECD Sovereign Borrowing Outlook No.3

Author

Listed:
  • Hans J. Blommestein
  • Eylem Vayvada Derya
  • Perla Ibarlucea Flores

Abstract

OECD governments are facing ongoing challenges in the markets for government securities as a result of continued strong borrowing amid concerns about the pace of recovery and sovereign risk. The third OECD Sovereign Borrowing Outlook† Raising large volumes of funds at lowest cost, with acceptable roll-over risk, remains a great challenge for several countries, with most OECD debt managers continuing to rebalance the profile of debt portfolios by issuing more long-term instruments and moderating bill issuance. provides revised estimates for 2010 and projections for 2011. Gross borrowing needs of OECD governments are expected to reach almost USD 17.5 trillion in 2010, up from an earlier estimate of almost USD 16 trillion. In 2011, the borrowing needs of OECD sovereigns are projected to reach almost USD 19 trillion, nearly twice that of 2007. Against this backdro,p government debt ratios are expected to further deteriorate. An additional challenge for government issuers is how to deal with the complications generated by the pressures of a rapid increase in sovereign risk, whereby “the market” suddenly perceives the debt of some sovereigns as “risky”. JEL Classification: G14, G15, G18, H6, H60, H62, H63, H68 Keywords: sovereign borrowing, public deficits and debt, roll-over risk, sovereign risk.

Suggested Citation

  • Hans J. Blommestein & Eylem Vayvada Derya & Perla Ibarlucea Flores, 2011. "OECD Sovereign Borrowing Outlook No.3," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2010(2), pages 1-15.
    • Handle: RePEc:oec:dafkad:5kgk9qpnfzwh
    DOI: 10.1787/fmt-2010-5kgk9qpnfzwh
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    Citations

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    Cited by:

    1. JESSICA JEWELL & ALEH CHERP & VADIM VINICHENKO & NICO BAUER & TOM KOBER & DAVID McCOLLUM & DETLEF P. VAN VUUREN & BOB VAN DER ZWAAN, 2013. "ENERGY SECURITY OF CHINA, INDIA, THE E.U. AND THE U.S. UNDER LONG-TERM SCENARIOS: RESULTS FROM SIX IAMs," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 4(04), pages 1-33.
    2. Elmar Kriegler & Massimo Tavoni & Tino Aboumahboub & Gunnar Luderer & Katherine Calvin & Gauthier Demaere & Volker Krey & Keywan Riahi & Hilke Rösler & Michiel Schaeffer & Detlef P. Van Vuuren, 2013. "What Does The 2°C Target Imply For A Global Climate Agreement In 2020? The Limits Study On Durban Platform Scenarios," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 4(04), pages 1-30.

    More about this item

    Keywords

    sovereign borrowing; public deficits and debt; roll-over risk; sovereign risk.;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt

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