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OECD Sovereign Borrowing Outlook 2016

image of OECD Sovereign Borrowing Outlook 2016

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; the impact of new regulations on primary market operations; liquidity in secondary markets; and the transparency of public debt statistics, operations and policies.

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Editorial

The OECD Sovereign Borrowing Outlook 2016 (the Outlook) indicates that the combined gross borrowing needs of governments have declined gradually in recent years, thanks to tighter fiscal policies. Nevertheless, net borrowing requirements are still positive and fiscal consolidation efforts have slowed in response to fragile economic growth. As a result, central government debt to GDP ratios in OECD countries remains above 70% (and close to 90% in G7 countries). This remains high by historical standards, despite a slight decline in 2015 and estimated decline in 2016.

English

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