TAILIEUCHUNG - GDP-Indexed Bonds: Making It Happen

There has been increasing interest in exploring fi nancial instruments that could limit the cyclical vulnerabilities of developing countries and reduce the likelihood of defaults and debt crises. GDPindexed bonds fall into this category and may also generate a wider range of benefi ts for issuer countries, investors and the global fi nancial system. The authors also examine the concerns and obstacles relating to the introduction of this instrument, suggesting that some may be exaggerated while others could be overcome. The paper calls for international public action to help develop markets for GDP-linked bonds and proposes a number of actions, some of which would require collaboration between. | Economic DESA Working Paper No. 21 ST ESA 2006 DWP 21 April 2006 Social Affairs GDP-Indexed Bonds Making It Happen Stephany Griffith-Jones and Krishnan Sharma Abstract There has been increasing interest in exploring financial instruments that could limit the cyclical vulnerabilities of developing countries and reduce the likelihood of defaults and debt crises. GDP-indexed bonds fall into this category and may also generate a wider range of benefits for issuer countries investors and the global financial system. The authors also examine the concerns and obstacles relating to the introduction of this instrument suggesting that some may be exaggerated while others could be overcome. The paper calls for international public action to help develop markets for GDP-linked bonds and proposes a number of actions some of which would require collaboration between Governments multilateral development banks and the private sector. JEL Classification F21 International Investment Long-Term Capital Movements F30 International Finance General G15 International Financial Markets . Keywords GDP-indexed bonds cyclical vulnerabilities issuers investors public good international public action. Stephany Griffith-Jones is a Professorial Fellow at the Institute of Development Studies University of Sussex. At the time of writing she was a Principal Officer at the Department of Economic and Social Affairs. Krishnan Sharma is an Economic Affairs Officer and the Focal Point for Business Engagement in the Financing for Development Office Department of Economic and Social Affairs. Comments should be addressed by email to the authors at or Sharmak@. Contents GDP-Indexed Bonds Making It Happen. 1 The benefits of GDP-indexed bonds. 2 Gains for borrowing countries. 2 Gains for investors. 3 Broader benefits to the global economy and financial system. 3 Recent experience with GDP-indexed bonds the case of Argentina. 4 Features of the Argentine GDP warrant. 4 Concerns .

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