Risk Management of Sovereign Assets and Liabilities

53 Pages Posted: 15 Feb 2006

See all articles by Marcel Cassard

Marcel Cassard

affiliation not provided to SSRN

David Folkerts-Landau

Deutsche Bank, London; National Bureau of Economic Research (NBER)

Date Written: December 1997

Abstract

In an environment of sizable and volatile capital flows and integrated international capital markets, large and unhedged net external sovereign liabilities expose countries to swings in international asset prices and to potential speculative currency attacks. The paper argues that an essential step in reducing emerging market vulnerability to such external shocks is to reform the institutional arrangements governing asset and liability management policies, so as to promote a transparent, publicly accountable, and professional incentive structure.

Keywords: Sovereign Debt Management, Reserves Management

JEL Classification: E58, H63

Suggested Citation

Cassard, Marcel and Folkerts-Landau, David, Risk Management of Sovereign Assets and Liabilities (December 1997). IMF Working Paper No. 97/166, Available at SSRN: https://ssrn.com/abstract=883049

Marcel Cassard (Contact Author)

affiliation not provided to SSRN

No Address Available

David Folkerts-Landau

Deutsche Bank, London ( email )

Winchester House
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London EC2N 2DB
United Kingdom
(44) 171 545-4545 (Phone)

National Bureau of Economic Research (NBER)

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