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| Content Provider | OECD iLibrary |
|---|---|
| Organization | OECD |
| Abstract | Sovereign debt management offices need to deal with the challenges of changes in unconventional monetary policy; a tightening of fiscal policy; and market dynamics associated with the various exit paths from Quantitative Easing (QE).The complications generated by the increase in global volatility and long-term rates associated with confusion about the timing of the QE exit and tapering by the US Federal Reserve, constitute additional challenges for government issuers. This global volatility-cum-yield shock provides arguments for assessing carefully the potential impact of exit strategies and procedures on debt management and sovereign borrowing decisions.The challenges for debt managers during the early stages of the monetary and fiscal exit strategy are framed against the question that bedevils almost every government: how to continue to raise smoothly new funds at a reasonable cost, while managing rollover risk and the risks associated with a still growing debt stock. |
| Page Count | 16 |
| Starting Page | 59 |
| Ending Page | 74 |
| Language | English |
| Publisher | OECD Publishing |
| Publisher Date | 2014-03-28 |
| Access Restriction | Open |
| Subject Keyword | Finance and Investment Governance |
| Content Type | Text |
| Resource Type | Chapter |
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