LEADER 01248nam--2200421---450- 001 990000764290203316 005 20090519115204.0 010 $a88-14-05356-1 035 $a0076429 035 $aUSA010076429 035 $a(ALEPH)000076429USA01 035 $a0076429 100 $a20011122d1995----km-y0itay50------ba 101 0 $aita 102 $aIT 105 $a||||||||001yy 200 1 $aVendetta$fdi Pietro Marongiu e Graeme Newman 210 $aMilano$cGiuffrè$dcopyr. 1995 215 $aXII, 161 p.$d23 cm 606 0 $aVendetta$xAspetti socio-culturali 676 $a364.256 700 1$aMARONGIU,$bPietro$0262643 701 1$aNEWMAN,$bGraeme$0224580 801 0$aIT$bsalbc$gISBD 912 $a990000764290203316 951 $a364.256 MAR 1 (IG XI 535)$b9118 G.$c364.256 MAR 1 (IG XI)$d00171559 951 $aSANT.7 1 29$b1151 DDPG$cSANT.7 959 $aBK 969 $aGIU 969 $aDDPG 979 $aPATTY$b90$c20011122$lUSA01$h1504 979 $c20020403$lUSA01$h1724 979 $aPATRY$b90$c20040406$lUSA01$h1653 979 $aDDPG1$b90$c20070112$lUSA01$h1544 979 $aDDPG1$b90$c20070215$lUSA01$h0923 979 $aRSIAV2$b90$c20090519$lUSA01$h1152 996 $aVendetta$9964400 997 $aUNISA LEADER 08288oam 22013934 450 001 9910970616803321 005 20250426110044.0 010 $a9781475524222 010 $a1475524226 010 $a9781475593228 010 $a1475593228 035 $a(CKB)2550000001041536 035 $a(EBL)1607088 035 $a(SSID)ssj0000943953 035 $a(PQKBManifestationID)11503131 035 $a(PQKBTitleCode)TC0000943953 035 $a(PQKBWorkID)10983799 035 $a(PQKB)11066690 035 $a(Au-PeEL)EBL1607088 035 $a(CaPaEBR)ebr10661223 035 $a(OCoLC)820489145 035 $a(IMF)WPIEE2012284 035 $a(IMF)WPIEA2012284 035 $a(MiAaPQ)EBC1607088 035 $aWPIEA2012284 035 $a(EXLCZ)992550000001041536 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aTracking Global Demand for Advanced Economy Sovereign Debt /$fSerkan Arslanalp, Takahiro Tsuda 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (63 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 08$a9781475521061 311 08$a1475521065 311 08$a9781475596403 311 08$a1475596405 320 $aIncludes bibliographical references. 327 $aCover; Contents; Executive Summary; I. Introduction; II. Motivation; III. Methodology for Sovereign Investor Base Estimates; A. Overview; Tables; 1. Sample of Countries; 2. Summary of Data Sources; Figures; 1. Summary of Methodology; 3. Construction of General Government Gross Debt on a Consolidated Basis for Non-European Countries, end-2011; 2. Advanced Economies: Holders of Government Debt, end-2011; 4. Valuation of Debt Securities in Various Databases; B. Estimation Methodology for Each Investor Type; 5. Estimation of Foreign Central Bank Holdings of Government Debt, end-2011 327 $aC. Robustness Checks and AdjustmentsD. Limitations and Extensions; IV. Key Trends in The Post-Crisis Period; 3. Foreign Holdings of Government Debt by Country of Origin, 2004-11; A. How Did Foreign Demand Change?; 4. Advanced Economies: Foreign Investors as an Investor Class, 2004-11; Boxes; 1. Country Groups; 5. Advanced Economies: Foreign Share in Government Debt Stock, 2004-11; 6. Advanced Economies: Foreign Net Purchases and Sales of Government Debt, 2008-11; 7. Euro and Non-Euro Area: Foreign Holders of Government Debt; 8. Advanced Economies: Changes in Sovereign Credit Ratings, 2004-11 327 $aB. How Did Foreign Demand Change by Investor Type?9. Euro and Non-Euro Area Countries: Foreign Net Purchases of Government Debt; 10. Advanced Economies: Country Allocation of Foreign Investors, 2004-11; 11. Advanced Economies: Cumulative Net Foreign Purchases of Government Debt; 12. Advanced Economies: Foreign Investors' Portfolio Reallocation in 2011; C. How Did Domestic Investors React to Falls in Foreign Demand?; 13. Foreign Investors Position and Sovereign Downgrades, 2004-11; D. How Did Domestic Bank Demand Change More Generally? 327 $a14. Advanced Economies: Bank Holdings of Own Government Debt, 2004-1115. Euro and Non-Euro Area: Bank Holdings of Own Government Debt, 2008-11; 16. Euro Area: Bank Holdings of Own Government Debt Securities, 2007-11; V. Sovereign Investor Base Risk Indicators; A. Sovereign Funding Shock Scenarios; 2: Methodology of Sovereign Funding Shock Scenarios; 17. Advanced Economies: Sovereign Funding Shock Scenarios; B. Investor Base Risk Index; 6. Risk Scores by Investor Type; 18. Advanced Economies: Investor Base Risk Index, 2008-11; 19. A Stylized Framework for Sovereign Risk Analysis 327 $a20. Advanced Economies: Application of Investor Base Risk Index, end-2009C. Foreign Investor Position Index; 21. Advanced Economies: Foreign Investor Position Index (FIPI), end-2011; VI. Conclusion; Annex Figures; 1. Advanced Economies: Holders of Government Debt, 2004-11; 2. Advanced Economies: Cumulative Purchases of Government Debt, since end-2007; References 330 3 $aRecent events have shown that sovereigns, just like banks, can be subject to runs, highlighting the importance of the investor base for their liabilities. This paper proposes a methodology for compiling internationally comparable estimates of investor holdings of sovereign debt. Based on this methodology, it introduces a dataset for 24 major advanced economies that can be used to track US$42 trillion of sovereign debt holdings on a quarterly basis over 2004-11. While recent outflows from euro periphery countries have received wide attention, most sovereign borrowers have continued to increase reliance on foreign investors. This may have helped reduce borrowing costs, but it can imply higher refinancing risks going forward. Meanwhile, advanced economy banks? exposure to their own government debt has begun to increase across the board after the global financial crisis, strengthening sovereign-bank linkages. In light of these risks, the paper proposes a framework?sovereign funding shock scenarios (FSS)?to conduct forward-looking analysis to assess sovereigns? vulnerability to sudden investor outflows, which can be used along with standard debt sustainability analyses (DSA).  It also introduces two risk indices?investor base risk index (IRI) and foreign investor position index (FIPI)?to assess sovereigns? vulnerability to shifts in investor behavior. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/284 606 $aDebts, Public$zDeveloped countries 606 $aFinance, Public$zDeveloped countries 606 $aBanking$2imf 606 $aBanks and Banking$2imf 606 $aBanks and banking$2imf 606 $aBanks and banking, Foreign$2imf 606 $aBanks$2imf 606 $aDebt Management$2imf 606 $aDebt$2imf 606 $aDebts, Public$2imf 606 $aDepository Institutions$2imf 606 $aFinancial Crises$2imf 606 $aFinancial institutions$2imf 606 $aFinancial instruments$2imf 606 $aForeign banks$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aGovernment debt management$2imf 606 $aGovernment securities$2imf 606 $aInvestment & securities$2imf 606 $aInvestment Decisions$2imf 606 $aInvestments: General$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aPortfolio Choice$2imf 606 $aPublic debt$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aPublic financial management (PFM)$2imf 606 $aSecurities$2imf 606 $aSovereign Debt$2imf 607 $aUnited States$2imf 615 0$aDebts, Public 615 0$aFinance, Public 615 7$aBanking 615 7$aBanks and Banking 615 7$aBanks and banking 615 7$aBanks and banking, Foreign 615 7$aBanks 615 7$aDebt Management 615 7$aDebt 615 7$aDebts, Public 615 7$aDepository Institutions 615 7$aFinancial Crises 615 7$aFinancial institutions 615 7$aFinancial instruments 615 7$aForeign banks 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aGovernment debt management 615 7$aGovernment securities 615 7$aInvestment & securities 615 7$aInvestment Decisions 615 7$aInvestments: General 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aPortfolio Choice 615 7$aPublic debt 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aPublic financial management (PFM) 615 7$aSecurities 615 7$aSovereign Debt 676 $a332.042 700 $aArslanalp$b Serkan$01449591 701 $aTsuda$b Takahiro$01816675 801 0$bDcWaIMF 906 $aBOOK 912 $a9910970616803321 996 $aTracking Global Demand for Advanced Economy Sovereign Debt$94372959 997 $aUNINA