Reviving the Case for GDP-Indexed Bonds:
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| 520 | 3 | |a This paper seeks to revive the case for countries to self-insure against economic growth slowdowns by issuing GDP-indexed bonds. We simulate the effects of GDP-indexed bonds under different assumptions about fiscal policy reaction functions and their output effects and find that they could substantially reduce the likelihood that debt/GDP paths become explosive. The insurance premium would likely be small, because cross-country comovement of GDP growth rates is low and cross-country GDP growth risk is thus largely diversifiable for an investor holding a portfolio of GDP-indexed bonds. Potential obstacles to the emergence of a market for these bonds include the verifiability of GDP data, the trade-off between insurance and moral hazard, and the need for liquidity. The paper discusses institutional fixes and suggests an approach to attempting to start up a market | |
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| illustrated | Not Illustrated |
| indexdate | 2024-12-20T19:42:18Z |
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| language | English |
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| publishDate | 2002 |
| publishDateSearch | 2002 |
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| publisher | International Monetary Fund |
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| series2 | IMF Policy Discussion Papers |
| spellingShingle | Borensztein, Eduardo Reviving the Case for GDP-Indexed Bonds |
| title | Reviving the Case for GDP-Indexed Bonds |
| title_auth | Reviving the Case for GDP-Indexed Bonds |
| title_exact_search | Reviving the Case for GDP-Indexed Bonds |
| title_full | Reviving the Case for GDP-Indexed Bonds Borensztein, Eduardo |
| title_fullStr | Reviving the Case for GDP-Indexed Bonds Borensztein, Eduardo |
| title_full_unstemmed | Reviving the Case for GDP-Indexed Bonds Borensztein, Eduardo |
| title_short | Reviving the Case for GDP-Indexed Bonds |
| title_sort | reviving the case for gdp indexed bonds |
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