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Choosing the currency structure for sovereign debt : a review of current approaches

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  • Melecky, Martin

Abstract

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.

Suggested Citation

  • Melecky, Martin, 2007. "Choosing the currency structure for sovereign debt : a review of current approaches," Policy Research Working Paper Series 4246, The World Bank.
    • Handle: RePEc:wbk:wbrwps:4246
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    Citations

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    Cited by:

    1. Melecky, Ales & Melecky, Martin, 2011. "Analyzing the Impact of Macroeconomic Shocks on Public Debt Dynamics: An Application to the Czech Republic," MPRA Paper 34114, University Library of Munich, Germany.
    2. Melecky, Martin, 2008. "An alternative framework for foreign exchange risk management of sovereign debt," Policy Research Working Paper Series 4458, The World Bank.
    3. Shah Hussain, 2009. "Misalignment of Real Exchange Rate with its Equilibrium Path: Case of Pakistan," SBP Research Bulletin, State Bank of Pakistan, Research Department, vol. 5, pages 1-14.

    More about this item

    Keywords

    Economic Theory&Research; External Debt; Financial Intermediation; Strategic Debt Management; Foreign Direct Investment;
    All these keywords.

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