Do the IMF and World Bank Promote Autonomous Sovereign Debt Management?
- Tal Sadeh Eyal Rubinson
- Sep 2017
- International Monetary Fund (IMF)
- International
As global financial markets develop, sovereign debt management requires an increasing degree of expertise and professionalism. The World Bank and the IMF have encouraged the professionalization of such management, but never explicitly advocated greater autonomy for Debt Management Offices (DMOs) from political decision-makers. This is surprising because autonomy is an important element of debt management professionalism, and because it is a credibility mechanism. This paper explores whether these institutions may be indirectly promoting DMO autonomy since 2000.
With data from 75 democratic countries over the period 1950-2013, the paper gives us an overview of :-
- Professionalism in Sovereign Debt Management
- The significance of Debt Management Offices (DMO) autonomy from political decision-makers
- Research design in context to above two
- Results from research design
