OECD Sovereign Borrowing Outlook 2019

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The OECD Sovereign Borrowing Outlook provides regular updates on trends and developments associated with sovereign borrowing requirements, funding strategies, market infrastructure and debt levels from the perspective of public debt managers. The Outlook makes a policy distinction between funding strategy and borrowing requirements. The central government marketable gross borrowing needs, or requirements, are calculated on the basis of budget deficits and redemptions. The funding strategy entails decisions on how borrowing needs are going to be financed using different instruments and which distribution channels are being used.

This edition provides data, information and background on sovereign borrowing needs and discusses funding strategies and debt management policies for the OECD area and country groupings. In particular, it examines: gross borrowing requirements; net borrowing requirements; central government marketable debt; interactions between fiscal policy, public debt management and monetary policy; funding strategies, procedures and instruments; liquidity in secondary markets; and changes in the investor base.


Executive summary

The Global Financial Crisis (GFC) marked a watershed in the evolution of sovereign debt in the OECD area. The fiscal and monetary policy responses to the GFC have had important implications for both sovereign debt levels and funding conditions in most OECD countries. The sustained borrowing needs of OECD governments over the past decade mean that outstanding government marketable debt has doubled in nominal terms, from USD 22.5 trillion in 2007 to USD 45.2 trillion in 2018.


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