06285oam 22013214 450 991080716590332120200520144314.01-4623-6689-91-4527-5513-21-4518-7015-997866128410881-282-84108-4(CKB)3170000000055049(EBL)1607907(SSID)ssj0000944020(PQKBManifestationID)11612512(PQKBTitleCode)TC0000944020(PQKBWorkID)10982474(PQKB)11043146(OCoLC)815736786(IMF)WPIEE2008157(MiAaPQ)EBC1607907(IMF)WPIEA2008157(EXLCZ)99317000000005504920020129d2008 uf 0engur|n|---|||||txtccrDollarization and Maturity Structure of Public Securities : The Experience of Bolivia /Esteban Vesperoni, Walter Orellana R1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (32 p.)IMF Working PapersIMF working paper ;WP/08/157Description based upon print version of record.1-4519-1468-7 Includes bibliographical references.Contents; I. Introduction; II. Financial Dollarization in the Literature; III. Domestic Debt in Bolivia: Institutional Issues; IV. Review of Recent Trends in Public Domestic Debt; Figures; 1. Stock of Central Bank Paper; 2. Inflation and Central Bank Paper; 3. Domestic Treasury Debt; A. Currency Composition of Public Debt; 4. Currency Issue and Central Bank Paper; 5. Auctioned Treasury Paper by Currency; 6. Weekly Supply of Auctioned Treasury Paper; B. Maturity Structure of Public Debt; 7. Stock of Placements to Pension Funds by Currency; 8. Central Bank Paper: Maturity Structure9a. Auctioned Treasury Paper: Remaining Maturity9b. Auctioned Treasury Paper: Maturity at Issuance; 9c. Auctioned Treasury Paper: Amortization Schedule; 10a. Stock of Placements to Pension Funds Bonds: Remaining Maturity; 10b. Stock of Placements to Pension Funds Bonds: Amortization Schedule; V. Bolivia in Perspective: Treasury Paper in Latin America; VI. Currency Composition and Debt Maturity: Debt Management and Macroeconomic Fundamentals; Tables; 1. Latin America: Domestic Treasury Debt; 2. Dollarization of Open Market Operations; 3. Maturity Structure of Open Market OperationsVII. ConclusionReferences; AppendixThe public debt profile has improved in Bolivia in recent years, with regard to both the maturity structure and the currency composition. This paper analyzes changes in the public debt profile in Bolivia since 2000, and the role played by macroeconomic factors and the debt management strategy adopted by the authorities. We find that both played an important role, in particular the strengthening of the fiscal and international reserves positions and the appreciation of the Boliviano; and regulations promoting the use of the domestic currency. Our findings are consistent with Claessens, Klingebiel and Schmukler (2007)—who found that macro and institutional factors had an impact on debt profiles for a group of emerging and developed economies—and are in contrast with the original sin literature, which stresses that profiles are mainly determined by market incompleteness. We also compare the debt profile of Bolivia with those of other countries in Latin America, and find that there is still room for improvement against the regional benchmark, both in terms of maturity structure and currency composition.IMF Working Papers; Working Paper ;No. 2008/157Debts, PublicBoliviaCurrenciesimfDebt ManagementimfDebtimfDebts, PublicimfDollarizationimfFinanceimfFinance: GeneralimfFinancial InstrumentsimfFinancial instrumentsimfGovernment and the Monetary SystemimfInstitutional InvestorsimfMonetary economicsimfMonetary policyimfMonetary SystemsimfMoney and Monetary PolicyimfMoneyimfNon-bank Financial InstitutionsimfPayment SystemsimfPension FundsimfPension spendingimfPensionsimfPublic debtimfPublic finance & taxationimfPublic FinanceimfRegimesimfSocial Security and Public PensionsimfSovereign DebtimfStandardsimfBoliviaEconomic conditionsBoliviaEconomic policyBoliviaimfDebts, PublicCurrenciesDebt ManagementDebtDebts, PublicDollarizationFinanceFinance: GeneralFinancial InstrumentsFinancial instrumentsGovernment and the Monetary SystemInstitutional InvestorsMonetary economicsMonetary policyMonetary SystemsMoney and Monetary PolicyMoneyNon-bank Financial InstitutionsPayment SystemsPension FundsPension spendingPensionsPublic debtPublic finance & taxationPublic FinanceRegimesSocial Security and Public PensionsSovereign DebtStandards339.50984Vesperoni Esteban1717627Orellana R Walter1717628DcWaIMFBOOK9910807165903321Dollarization and Maturity Structure of Public Securities4114009UNINA