Debt Markets: Policy Challenges in the Post-Crisis Landscape

OECD Journal: Financial Market Trends, Vol. 2010, No. 1, 2010

27 Pages Posted: 13 Oct 2010

See all articles by Hans Blommestein

Hans Blommestein

Organization for Economic Co-Operation and Development (OECD)

Vincenzo Guzzo

International Monetary Fund (IMF)

Allison Holland

International Monetary Fund (IMF); Bank of England

Yibin Mu

International Monetary Fund; Harvard University; World Bank

Date Written: October 12, 2010

Abstract

Discussions at the 11th OECD-WBG-IMF Global Bond Market Forum focused on four key areas: i) the impact of crisis-related measures and the potential implications of exit; ii) the measurement of sovereign risk; iii) the determinants of investor demand; and iv) debt managers’ response to the crisis. Overall, participants felt that the steps taken to stabilise financial conditions had generally been effective and that conditions in financial markets were normalising. However, discussions highlighted a number of ongoing risks including: i) while credible consolidation plans were needed, fiscal and monetary policy would be tightened too soon; ii) managing investor uncertainty would prove critical in managing risk in the near-term; and (iii) regulatory changes might lead to a deterioration in conditions in primary and secondary markets and otherwise aggravate the challenges facing debt managers.

Keywords: Debt Market, Crisis Response, Exit Strategy, Financial Market

JEL Classification: G15, G18, G20, G24, G32, G38, H62, H68

Suggested Citation

Blommestein, Hans and Guzzo, Vincenzo and Holland, Allison and Mu, Yibin, Debt Markets: Policy Challenges in the Post-Crisis Landscape (October 12, 2010). OECD Journal: Financial Market Trends, Vol. 2010, No. 1, 2010. Available at SSRN: https://ssrn.com/abstract=1691107

Hans Blommestein

Organization for Economic Co-Operation and Development (OECD) ( email )

2 rue Andre Pascal
Paris Cedex 16, 75775
France

Vincenzo Guzzo

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Allison Holland

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

Yibin Mu (Contact Author)

International Monetary Fund ( email )

1700 19th Street, NW
Washington, DC 20431
United States

Harvard University ( email )

Cambridge, MA 02138
United States

World Bank ( email )

1818 H Street, N.W.
Washington, DC 20433
United States

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