LEADER 06232oam 22012974 450 001 9910788236003321 005 20230721045629.0 010 $a1-4623-6689-9 010 $a1-4527-5513-2 010 $a1-4518-7015-9 010 $a9786612841088 010 $a1-282-84108-4 035 $a(CKB)3170000000055049 035 $a(EBL)1607907 035 $a(SSID)ssj0000944020 035 $a(PQKBManifestationID)11612512 035 $a(PQKBTitleCode)TC0000944020 035 $a(PQKBWorkID)10982474 035 $a(PQKB)11043146 035 $a(OCoLC)815736786 035 $a(MiAaPQ)EBC1607907 035 $a(IMF)WPIEE2008157 035 $a(EXLCZ)993170000000055049 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aDollarization and Maturity Structure of Public Securities : $eThe Experience of Bolivia /$fEsteban Vesperoni, Walter Orellana R. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (32 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/157 300 $aDescription based upon print version of record. 311 $a1-4519-1468-7 320 $aIncludes bibliographical references. 327 $aContents; 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 Structure 327 $a9a. 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 Operations 327 $aVII. ConclusionReferences; Appendix 330 3 $aThe public debt profile has improved in Bolivia in recent years, with regard to both the maturity structure and the currency composition. This paper analyzes changes in the public debt profile in Bolivia since 2000, and the role played by macroeconomic factors and the debt management strategy adopted by the authorities. We find that both played an important role, in particular the strengthening of the fiscal and international reserves positions and the appreciation of the Boliviano; and regulations promoting the use of the domestic currency. Our findings are consistent with Claessens, Klingebiel and Schmukler (2007)?who found that macro and institutional factors had an impact on debt profiles for a group of emerging and developed economies?and are in contrast with the original sin literature, which stresses that profiles are mainly determined by market incompleteness. We also compare the debt profile of Bolivia with those of other countries in Latin America, and find that there is still room for improvement against the regional benchmark, both in terms of maturity structure and currency composition. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/157 606 $aDebts, Public$zBolivia 606 $aFinance: General$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPublic Finance$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aSocial Security and Public Pensions$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aMonetary economics$2imf 606 $aPensions$2imf 606 $aPublic finance & taxation$2imf 606 $aFinance$2imf 606 $aCurrencies$2imf 606 $aPension spending$2imf 606 $aPublic debt$2imf 606 $aDollarization$2imf 606 $aFinancial instruments$2imf 606 $aMoney$2imf 606 $aDebts, Public$2imf 606 $aMonetary policy$2imf 607 $aBolivia$xEconomic conditions 607 $aBolivia$xEconomic policy 607 $aBolivia$2imf 615 0$aDebts, Public 615 7$aFinance: General 615 7$aMoney and Monetary Policy 615 7$aPublic Finance 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aSocial Security and Public Pensions 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aMonetary economics 615 7$aPensions 615 7$aPublic finance & taxation 615 7$aFinance 615 7$aCurrencies 615 7$aPension spending 615 7$aPublic debt 615 7$aDollarization 615 7$aFinancial instruments 615 7$aMoney 615 7$aDebts, Public 615 7$aMonetary policy 676 $a339.50984 700 $aVesperoni$b Esteban$01485196 701 $aOrellana R$b Walter$01485197 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788236003321 996 $aDollarization and Maturity Structure of Public Securities$93704189 997 $aUNINA