Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/163509
Authors: 
Balling, Morten
Gnan, Ernest
Holler, Johannes
Bindseil, Ulrich
Sauter, Nicolas
Blommestein, Hans J.
Cannata, Maria
Kilponen, Juha
Missale, Alessandro
Nowotny, Ewald
Sandleris, Guido
Wright, Mark L.J.
Year of Publication: 
2013
Series/Report no.: 
SUERF Studies 2013/5
Abstract: 
In March 2013 around 130 participants from academia, banking and finance, governments and central banking gathered at the premises of the OeNB in Vienna for a conference jointly organized by the European Money and Finance Forum SUERF, the OeNB and the Austrian Society for Bank Research to discuss “The Future of Sovereign Borrowing.” The financial, economic and sovereign debt crisis has fundamentally changed the rules of the game in sovereign debt markets, particularly in the euro area, but also beyond its borders. Sovereign bonds are no longer widely perceived as ‘risk-free’ assets. Even the sovereign bonds of safe-haven countries have come under close scrutiny or lost some of their prime ratings. Yet crisis countries have seen dramatic downgrades of their sovereign debt ratings so that they face soaring risk spreads and unsustainably high financing costs (or even a loss of access to bond market financing), pushing them towards shorter financing or forcing them to rely on financial support from other countries and the international community or massive intervention by central banks.
Subjects: 
fiscal policy
monetary policy
sovereign bond markets
sovereign debt
monetary union
financial stability
sovereign yield spreads
sovereign debt crisis
crisis resolution mechanisms
debt sustainability
sovereign borrowing
funding strategies
public debt management
Euro Area debt crisis
sovereign risk
crisis resolution mechanisms
government debt
monetary policy implementation
international comparison
risk management
GDP-Indexed Bonds
Argentinian debt crisis
inflation indexation
real indexation
JEL: 
E42
E52
E58
E62
E63
F34
H12
H63
ISBN: 
978-3-902109-71-2
Document Type: 
Proceedings

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