Riacquisto di debito pubblico: estero e interno

Silvia Marchesi

Rivista di Politica Economica, 2002, vol. 92, issue 4, 131-166

Abstract: Over the last decade, both highly indebted countries and OECD countries have repurchased part of their outstanding debt, the former usually at substantial discounts on the face value. The main objectives of a debt repurchase are to reduce both the risks and the costs of debt service. The risk that is considered is refinancing risk. Then, buybacks could help reducing the costs of indebtedness for three reasons. They can help reducing the outstanding debt and they can be a way to increase the liquidity of the secondary market by switching from illiquid to liquid bonds. Finally, buybacks could be used to eliminate “unfair” risk premium since they can make a government enhance its commitment to an announced policy.

JEL-codes: E62 H63 (search for similar items in EconPapers)
Date: 2002
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.rivistapoliticaeconomica.it/2002/lug-ago/marchesi.php
Payment required

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rpo:ripoec:v:92:y:2002:i:4:p:131-166

Access Statistics for this article

Rivista di Politica Economica is currently edited by Gustavo Piga

More articles in Rivista di Politica Economica from SIPI Spa
Bibliographic data for series maintained by Sabrina Marino ().