IDEAS home Printed from https://ideas.repec.org/a/vrs/foeste/v10y2011i1p66-77n18.html
   My bibliography  Save this article

Term Structure of Public Debt and Refinancing Risk in the Economic and Monetary Union

Author

Listed:
  • Uryszek Tomasz

    (Institute of Finance, Banking and Insurance, Faculty of Economics and Sociology, University of Lodz)

Abstract

As public debt is an important factor influencing most countries' economies, the debt management seems to be crucial for the economy. Risk identification and minimizing is considered to be the most important aim of the debt management process, especially during economic slowdowns or crises. The main goal of the article is to assess the term structure and the level of refinancing risk in the in the Economic and Monetary Union (EMU) as a whole and in chosen EMU member states in particular. Refinancing risk is affected by the term structure of public debt. To monitor the level of this type of risk, not only the original maturity should be taken into account, but the residual maturity as well. Since the beginning of changes on the markets caused by the crisis, the volume of short-term public liabilities in the EMU countries has increased significantly, as well as the value of "debt to GDP" ratio. This could contribute to the overall increase in the level of refinancing risk. High share of short-term instruments in the structure of public debt in some EMU member states can cause problems with liquidity and solvency of their budgets. However, as an average, long-term instruments were mostly used to cover the financial needs of public sector in the EMU.

Suggested Citation

  • Uryszek Tomasz, 2011. "Term Structure of Public Debt and Refinancing Risk in the Economic and Monetary Union," Folia Oeconomica Stetinensia, Sciendo, vol. 10(1), pages 66-77, January.
  • Handle: RePEc:vrs:foeste:v:10:y:2011:i:1:p:66-77:n:18
    DOI: 10.2478/v10031-011-0018-x
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/v10031-011-0018-x
    Download Restriction: no

    File URL: https://libkey.io/10.2478/v10031-011-0018-x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Oecd, 2005. "Overview of Advances in Risk Management of Government Debt," Financial Market Trends, OECD Publishing, vol. 2005(1), pages 117-134.
    2. Dudley G. Luckett, 1964. "On Maturity Measures of the Public Debt," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 78(1), pages 148-157.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mr. Udaibir S Das & Miss Yinqiu Lu & Mr. Michael G. Papaioannou & Iva Petrova, 2012. "Sovereign Risk and Asset and Liability Management: Conceptual Issues," IMF Working Papers 2012/241, International Monetary Fund.
    2. International Monetary Fund, 2006. "Jamaica: Selected Issues," IMF Staff Country Reports 2006/157, International Monetary Fund.
    3. Johannes Holler, 2013. "Funding Strategies of Sovereign Debt Management: A Risk Focus," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 51-74.
    4. Hossein Afrasiabi, 2017. "Determinants of Tendency to Deviant Social Identity among Delinquent Youth," European Journal of Multidisciplinary Studies Articles, Revistia Research and Publishing, vol. 2, ejms_v2_i.
    5. Semih ŞEN & Mircan TOKATLIOĞLU, 2020. "Contingent Liabilities as a Risk Factor in Public Finance: The Case of Turkey," Sosyoekonomi Journal, Sosyoekonomi Society, issue 28(44).
    6. Florian Fastenrath & Michael Schwan & Christine Trampusch, 2017. "Where states and markets meet: the financialisation of sovereign debt management," New Political Economy, Taylor & Francis Journals, vol. 22(3), pages 273-293, May.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:foeste:v:10:y:2011:i:1:p:66-77:n:18. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.