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Additional resources for Advances in Risk Management of Government Debt
Several countries use internally developed ratings in combination with external ratings. While credit rating is the most common factor, many countries also use the counterparty’s size (generally, capital) in setting exposure limits. Quite a number of countries look also to the type of entity in setting limits. Among those which do, several make a distinction between sovereigns, banks and corporates. Before countries will transact with counterparties, there are eligibility criteria which must be satisfied.
Does the trade in interest rate risk instruments with counterparts of lower ratings send signals to markets about acceptable spread levels? Debt managers provide different answers to this question. Some note that every transaction, whether it be borrowing, lending, or involving a derivative, will send market signals, but that this is of no policy concern. Other sovereigns note that it is their explicit aim to limit this impact on the market; these concerns influence, among other things, the use of instruments.
The government has the ability to pay down the principal of government debt if, and only if, it runs future budget surpluses. The inclusion of the government’s future budget balance (the future revenues and expenditures) in the analysis of the interest-rate risk conceptually captures the idea of ALM. The government’s financial liabilities (the government debt) are in principle analysed jointly with its assets in the form of the future government budget balances, although in practice the focus is on cost and budget flows rather than assets and liabilities.
Advances in Risk Management of Government Debt by Organisation for Economic Co-Operation a