Debt Management Publications

(2020) "Update on the Joint IMF-WB Multipronged Approach to Address Debt Vulnerabilities", Washington D.C., World Bank; International Monetary Fund, Strategy, Policy, & Review Department

(2020) "Cyber Risk and Financial Stability: It’s a Small World After All", Frank Adelmann, Jennifer Elliott, Ibrahim Ergen, Tamas Gaidosch, Nigel Jenkinson, Tanai Khiaonarong, Anastasiia Morozova, Nadine Schwarz, and Christopher Wilson, IMF Discussion Note SDN/20/07, Washington D.C., International Monetary Fund

(2020) “Valuation Methodology For Contingent Liabilities in Infrastructure Projects: The Colombian Case”, General Directorate of  Public Credit and National Treasury, Ministry of Finance and Public Credit, Colombia

(2020) "The Role of State-Contingent Debt Instruments in Sovereign Debt Restructurings", Charles Cohen, S. M. Ali Abbas, Myrvin Anthony, Tom Best, Peter Breuer, Hui Miao, Alla Myrvoda, and Eriko Togo, IMF Discussion Note SDN/20/06, Washington D.C., International Monetary Fund

(2020) "Engaging with Investors on Environmental, Social, and Governance (ESG) Issues: A World Bank Guide for Sovereign Debt Managers", Washington D.C., World Bank

(2020) "Riding the Wave: Navigating the ESG Landscape for Sovereign Debt Managers", Sebastien Boitreaud, Ekaterina M.Gratcheva, Bryan Gurhy, Cindy Paladines, and Andrius Skarnulis, Washington D.C., World Bank

(2020) "Do Enhanced Collective Action Clauses Affect Sovereign Borrowing Costs?", Kay Chung and Michael G. Papaioannou, IMF Working Paper No. 20/162, Washington D.C., International Monetary Fund

(2020) "The International Architecture for Resolving Sovereign Debt Involving Private-Sector Creditors—Recent Developments, Challenges, and Reform Options", IMF Policy Paper No. 2020/043, Washington D.C., International Monetary Fund

(2020) "Sovereign Investor Relations: From Principles to Practice", James Knight and Bill Northfield, IMF Working Paper WP/20/204, Washington D.C., International Monetary Fund 

(2020) "Stress Testing : Principles, Concepts, and Frameworks", Li Lian Ong and Andreas A. Jobst, Washington D.C., International Monetary Fund

(2020) "Drivers of European Public Debt Management", Guido Wolswijk, ECB Working Paper No. 2347, July 2020, European Central Bank

(2020) "Central Bank Bond Purchases in Emerging Market Economies", Yavuz Arslan, Mathias Drehmann and Boris Hofmann, BIS Bulletin No. 20, Bank for International Settlements

(2020) "Power to the Fiscal? An Exploration of the Use of Credit Ratings to Estimate the Expected Cost of a Guarantee of a Power-Purchase Agreement", Çiğdem Aslan and Tim Irwin, Policy Research Working Paper No. 9271, Washington D.C., World Bank

(2020) "Scenario Analysis Tool for Assessing and Monitoring of Government Guarantees: A Guidance Note", Lilia Razlog, Chris Marrison, and Tim Irwin, MTI Global Practice, Discussion Paper No.21, May 2020, Washington D.C., World Bank

(2020) "A Framework for Managing Government Guarantees", Lilia Razlog, Tim Irwin, and Chris Marrison, MTI Global Practice, Discussion Paper No.20, May 2020, Washington D.C., World Bank

(2020) "Public Sector Debt Definitions and Reporting in Low-Income Developing Countries", Joint IMF-World Bank Policy Paper No. 20/005, Washington D.C., International Monetary Fund

(2020) "Debt Management Responses to the Pandemic",  Special Series on COVID-19, Monetary and Capital Markets, Washington D.C., International Monetary Fund

(2020) "State Debt Management in Nigeria : Challenges and Lessons Learned", Lilia Razlog, Yue Man Lee, Ying Li, and Jaime Garron Bozo, MTI Global Practice, Discussion Paper No.19, April 2020, Washington D.C., World Bank

(2020) "Central Bank Operations in Government Securities During the Pandemic", William A. Allen, NIESR Policy Paper. 014, National Institute of Economic and Social Research

(2020) "The Next Step in Green Bond Financing", Dion Bongaerts and Dirk Schoenmaker, Erasmus University Rotterdam

(2020) "Green Bonds for Financing Renewable Energy and Energy Efficiency in Southeast Asia: A Review of Policies", Dina Azhgaliyeva, Anant Kapoor and Yang Liu, ADBI Working Paper Series, Asian Development Bank Institute

(2020) "Debt rule design in theory and practice: the SGP’s debt benchmark revisited", Sebastian Hauptmeier and Christophe Kamps, European Central Bank Working Paper No 2379, ECB

(2020) "Natural Disaster Insurance for Sovereigns: Issues, Challenges and Optimality", Aliona Cebotari and Karim Youssef, IMF Working Paper WP/20/3, Washington D.C., International Monetary Fund

(2019) "Capital Markets Development: Causes, Effects and Sequencing", A Literature Review, World Bank

(2019) "A Framework to Assess Debt Sustainability and Fiscal Risks under the Belt and Road Initiative", Luca Bandiera and Vasileios Tsiropoulos,  Policy Research Working Paper 8891, World Bank 

(2019) "Debt and Entanglements Between the Wars", Thomas J Sargent, George Hall, Martin Ellison, Andrew Scott, Harold James, Era Dabla-Norris, Mark De Broeck, Nicolas End, Marina Marinkov, and Vitor Gaspar, IMF

(2019) "Sovereign Asset and Liability Management in Emerging Market Countries: The Case of Uruguay", André Amante, Phillip Anderson, Thordur Jonasson, Herman Kamil, and Michael Papaioannou, IMF Working Paper WP/19/290, IMF 

(2019) "Sovereign Debt: A Guide for Economists and Practitioners", S. Ali Abbas, Alex Pienkowski, Kenneth Rogoff (eds), Oxford

(2019) "Learning and Training Notes Assessing and Managing Risk from Contingent Liabilities", August 2019, World Bank Treasury Public Debt Management Advisory Services, World Bank

(2019) "Inaugural RAMP Survey on the Reserve Management Practices of Central Banks: Results and Observations", The Reserves Advisory and Management Program (RAMP), World Bank

(2019) "Governance Improvements and Sovereign Financing Costs in Developing Countries", Michael Brown and Alex Sienaert, MTI Global Practice, Discussion Paper No.14, June 2019, World Bank

(2019) "Good Practices for Developing a Local Currency Bond Market: Lessons from the ASEAN+3 Asian Bond Markets Initiative", Asian Bonds Online, May 2019, ADB

(2019) "2018 Review of Program Design and Conditionality", Policy Paper, IMF

(2019) "Issuing International Bonds: A Guidance Note", Patrick B. G. van der Wansem, Lars Jessen, and Diego Rivetti, MTI Global Practice, Discussion Paper No.13, April 2019, World Bank

(2019) "A Look Inside the Mind of Debt Managers: A Survey on Contingent Liabilities Risk Management", Andrew Lee and Fritz Bachmair, World Bank Treasury Public Debt Management, World Bank 

(2019) "A Joint Foreign Currency Risk Management Approach for Sovereign Assets and Liabilities", M. Coskun Cangoz, Olga Sulla, Chun Lan Wang, and Christopher Dychala, Policy Research Working Paper WPS 8728, World Bank

(2019) "Managing South Africa’s Exposure to Eskom: How to Evaluate the Credit Risk from the Sovereign Guarantees?", Fritz Florian Bachmair, Cigdem Aslan, and Mkhulu Maseko, Policy Research Working Paper WPS8703, World Bank

(2019) "Public Debt Through the Ages", Barry Eichengreen, Asmaa El-Ganainy, Rui Pedro Esteves and Kris James Mitchener, IMF Working Paper WP/19/6, IMF

(2018) "Management of Fiscal and Financial Risks Generated by PPPs: Conceptual Issues and Country Experiences", Edgardo C. Demaestri, Cynthia Moskovits, and Jimena Chiara, Discussion Paper No. IDB-DB-628, IDB

(2018) "Assessment of Contingent Liabilities and Their Impact on Debt Dynamics in South Africa", Fritz F. Bachmair and Jane Bogoev, MTI Global Practice, Discussion Paper No.1 May 2018, World Bank

(2018) "The liquidity buffer practices of public debt managers in OECD countries", Pedro Cruz and Fatos Koc, OECD Working Papers on Sovereign Borrowing and Public Debt Management No. 9, OECD 

(2018) "How to Control the Fiscal Costs of Public-Private Partnerships", Timothy C Irwin, Samah Mazraani, and Sandeep Saxena, How To Notes 1804, Fiscal Affairs Department, IMF

(2018) "How Do Countries Use an Asset and Liability Management Approach? A Survey on Sovereign Balance Sheet Management", M. Coskun Cangoz, Sebastien Boitreaud, Christopher Dychala, World Bank Policy Research Working Paper WPS8624, World Bank

(2018) "Study on Public Debt Management Systems and Results of a Survey on Solutions Used by Debt Management Offices", Cigdem Aslan, Artan Ajazaj, Shurufa Abdul Wahidh, World Bank Policy Research Working Paper WPS8544, World Bank 

(2018) "A Primer on Managing Sovereign Debt-Portfolio Risks", Thordur Jonasson and Michael G. Papaioannou, IMF Working Paper WP/18/74, IMF

(2017) "Why are more sovereigns issuing in Euros? Choosing between USD and EUR-denominated bonds", Antonio Velandia and Rodrigo Cabral, World Bank 

(2017) "How to Strengthen the Management of Government Guarantees", How To Notes 1706, Fiscal Affairs Department, IMF

(2017) "The Medium-Term Debt Management Strategy: An Assessment of Recent Capacity Building", IMF and World Bank 

(2017) "Recent Developments on Local Currency Bond Markets in Emerging Economies", Staff Note for the G20 IFA Working Group Meeting in Seoul, Korea

(2017) "State-Contingent Debt Instruments for Sovereigns", Staff Report, International Monetary Fund

(2017) "Establishing a Legal Framework for Sovereign Sukuk Issuance: A Public Debt Management Perspective", Emre Balibek, MFM Global Practice Discussion Paper No.18, World Bank

(2017) "Risk and Returns: Managing Financial Trade-Offs for Inclusive Growth in Europe and Central Asia", David Michael Gould and Martin Melecky, Europe and Central Asia Studies, World Bank

(2017) "Push and Pull: Emerging Risks in Frontier Economy Access to International Capital Markets", Tobias Haque, Jane Bogoev, Greg Smith, MFM Global Practice Discussion Paper No.17, World Bank

(2017) "The Role of Debt Managers in Contingent Liability Management", L Ülgentürk, OECD Working Papers on Sovereign Borrowing and Public Debt Management No.8

(2016) "Optimal Debt Policy Under Asymmetric Risk", IMF Working Paper WP/16/178

(2016) "Analyzing and Managing Fiscal Risks—Best Practices", IMF Policy Paper

(2016) "Addressing Debt Vulnerabilities in Small States: The Potential Role of New Financing Instruments", Tobias Haque, Zeinab Partow, Sona Varma, and Luiz Edgard Oliveira, MFM Global Practice Discussion Paper No.10, World Bank

(2016) "Subnational Debt Management and Restructuring: Lessons from International Experience", Editors Satu Kahkonen and Sudarshan Gooptu, The World Bank and Ministry of Finance of the People's Republic of China

(2016) "Contingent Liabilities Risk Management: A Credit Risk Analysis Framework for Sovereign Guarantees and On-Lending - Country Experience from Colombia, Indonesia, Sweden, and Turkey", Fritz Florian Bachmair, MFM Global Practice Discussion Paper No.9, World Bank

(2016) "Development of Local Currency Bond Markets: Overview of Recent Developments and Key Themes", Staff Note for the G20 IFA Working Group Meeting in Seoul, Korea

(2015) "Issuance Plan for Government Securities: Guidance Note", World Bank Finance & Markets Global Practice | Finance for Development

(2015) "Bond Buybacks and Exchanges: Background Note", World Bank Global Finance & Markets | Governments Bonds Markets Advisory Services

(2015) "Securities Lending and Related Standing Facilities", World Bank Global Finance & Markets | Governments Bonds Markets Advisory Services

(2015) "Domestic Syndications", World Bank Global Finance & Markets | Governments Bonds Markets Advisory Services

(2015) "Public Debt Vulnerabilities in Low-Income Countries: The Evolving Landscape", IMF Policy Paper

(2015) "Public Financial Management in Latin America: The Key to Efficiency and Transparency", Editors Carlos Pimenta and Mario Pessoa, Inter-American Development Bank

(2015) "The Evolving Functions and Organization of Finance Ministries", Richard Allen, Yasemin Hurcan, Peter Murphy, Maximilien Queyranne, and Sami Yläoutinen, IMF Working Paper WP/15/232

(2015) "Getting the Dog to Bark: Disclosing Fiscal Risks from the Financial Sector", Timothy C. Irwin, IMF Working Paper WP/15/208

(2015) "From Banking to Sovereign Stress: Implications for Public Debt", IMF

(2015) "Designing Legal Frameworks for Public Debt Management", Elsie Addo Awadzi, IMF Working Paper WP/15/147

(2015) "Trends in Fiscal Transparency: Evidence from a New Database of the Coverage of Fiscal Reporting", Rachel F. Wang, Timothy C. Irwin, and Lewis K. Murara, IMF Working Paper WP/15/88

(2015) "Debt Management Performance Assessment (DeMPA) Methodology", World Bank

(2015) "How Strategically is Public Debt Being Managed Around the Globe? A Survey on Public Debt Management Strategies", Rodrigo Cabral, World Bank

(2014) "Sukuk Markets: A Proposed Approach for Development", Ketut Ariadi Kusuma and Anderson Caputo Silva, World Bank Policy Research Working Paper WPS7133

(2014) "Sovereign Debt Composition in Advanced Economies: A Historical Perspective", S. M. Ali Abbas, Laura Blattner, Mark De Broeck, Asmaa El-Ganainy, and Malin Hu, IMF Working Paper WP/14/162

(2014) "Government Finance Statistics Manual 2014"IMF Statistics Department

(2014) "How Do Countries Measure, Manage, and Monitor Fiscal Risks Generated by Public-Private Partnerships? Chile, Peru, South Africa, Turkey", Cigdem Aslan & David Duarte, World Bank Policy Research Working Paper WPS 7041 

(2014) "External Debt Statistics: Guide for Compilers and Users", Inter-Agency Task Force on Finance Statistics (TFFS)

(2014) "Revised Guidelines for Public Debt Management", IMF and World Bank

(2014) "Sovereign Asset and Liability Management Framework for DMOs: What Do Country Experiences Suggest?", Fatos Koc, UNCTAD

(2013) "Data Quality Assessment Framework (DQAF) for External Debt Statistics", IMF

(2013) "Budgeting and Reporting for Public-Private Partnerships", Katja Funke, Tim Irwin, Isabel Rial, International Transport Forum, OECD and IMF

(2013) "Local Currency Bond Markets—A Diagnostic Framework", IMF, World Bank, EBRD and OECD

(2013) "Assessing the Cost Effectiveness of Index-linked Bond Issuance", James Knight, OECD Papers on Sovereign Borrowing and Public Debt Management, OECD

(2013) "Investor Relations and Communications", Mark Dooner and David McAlister, OECD Papers on Sovereign Borrowing and Public Debt Management, OECD

(2013) "Government Debt Management and Operational Risk: A Risk Management Framework and its Application in Turkey", Hakan Tokaç and Mike Williams, SIGMA PAPER No. 50 & OECD Working Papers on Sovereign Borrowing and Public Debt Management, No. 7, OECD and EU

(2013) "Helping Developing Countries Address Public Debt Management Challenges: Background Paper", IMF and World Bank

(2012) "Public Debt Management", Enrique Cosio-Pascal, UNESCO-EOLSS Encyclopedia (published 2014)

(2012) "Data Quality Assessment Framework for Government Finance Statistics and Public Sector Debt Statistics", IMF Statistics Department

(2012) "Contingent Liabilities: Methodologies in Colombia", General Directorate of Public Credit and National Treasury, Ministry of Finance and Public Credit, Republic of Colombia

(2011) "Contingent Liabilities: The Colombian Experience", Ministry of Finance and Public Credit, Republic of Colombia

(2011) "Operational Risk Management and Business Continuity Planning for Modern State Treasuries", IMF Fiscal Affairs Department Technical Notes and Manuals series (TNM/11/05) written by Ian Storkey

(2011) "Sovereign Debt and the Financial Crisis: Will This Time Be Different", Carlos A. Primo Braga and Gallina A. Vincelette (eds), World Bank

(2010) "Public Debt: the Brazilian Experience", Brazilian National Treasury, in partnership with the World Bank Group

(2010) "Managing Contingent Liabilities in Public-Private Partnerships: Practice in Australia, Chile, and South Africa", Timothy Irwin and Tanya Mokdad, World Bank and Public-Private Infrastructure Advisory Facility

(2010) "Government Debt Management: A Guidance Note on the Legal Framework", Arindam Roy and Mike Williams, Commonwealth Secretariat

(2010) "Guidance for Operational Risk Management in Government Debt Management", Tomas Magnusson, Abha Prasad and Ian Storkey, World Bank

(2010 "Handbook on Securities Statistics: Part 2 Debt Securities Issues" Bank for International Settlements, European Central Bank, and International Monetary Fund, International Monetary Fund

(2009) "Handbook on Securities Statistics: Part 1 Debt Securities Issues" Bank for International Settlements, European Central Bank, and International Monetary Fund, International Monetary Fund

(2009) "Managing Public Debt: Formulating Strategies and Strengthening Institutional Capacity", International Monetary Fund and the World Bank

(2009) "Update of the External Debt Guide on Issues Emerging from BPM6", International Monetary Fund

(2008) "Strategic Considerations for First-Time Sovereign Bond Issuers", Udaibir S Das, Michael G Papaioannou and Magdalena Polan, IMF Working Paper (WP/08/261), International Monetary Fund

(2007) "A Cross-Country Analysis of Public Debt Management Strategies", Martin Melecky, World Bank Policy Research Working Paper (WPS 4287)

(2007) "Managing Public Debt: From Diagnostics to Reform Implementation", World Bank

(2007) "Developing the Domestic Government Debt Market: From Diagnostics to Reform Implementation", World Bank


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