Highlights from the 2014 edition of the OECD's Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more information at http://www.oecd.org/daf/fin/public-debt/oecdsovereignborrowingoutlook.htm
A presentation of the main findings and recommendations of the OECD Economic Survey of Spain 2014 launched 8 September 2014 in Madrid, Spain.
Structural reforms (labour market, banking, fiscal) have put the economy on the road to recovery.
Across the OECD, GDP per capita is converging. In contrast, regional disparities – or differences in GDP per capita across jurisdictions – are rising, mainly as a result of widening productivity differences. Fiscal decentralisation could help reduce them again.
Will risks-derail-the-modest-recovery-oecd-interim-economic-outlook-march-2017OECD, Economics Department
Global GDP growth is projected to pick up modestly to around 3½ per cent in 2018, from just under 3% in 2016, boosted by fiscal initiatives in the major economies. The forecast is broadly unchanged since November 2016. Confidence has improved, but consumption, investment, trade and productivity are far from strong, with growth slow by past norms and higher inequality.
This presentation provides key findings from the 2017 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more information at http://www.oecd.org/finance/oecdsovereignborrowingoutlook.htm
This presentation provides key findings from the 2018 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more information at http://www.oecd.org/finance/oecdsovereignborrowingoutlook.htm
A presentation of the main findings and recommendations of the OECD Economic Survey of Spain 2014 launched 8 September 2014 in Madrid, Spain.
Structural reforms (labour market, banking, fiscal) have put the economy on the road to recovery.
Across the OECD, GDP per capita is converging. In contrast, regional disparities – or differences in GDP per capita across jurisdictions – are rising, mainly as a result of widening productivity differences. Fiscal decentralisation could help reduce them again.
Will risks-derail-the-modest-recovery-oecd-interim-economic-outlook-march-2017OECD, Economics Department
Global GDP growth is projected to pick up modestly to around 3½ per cent in 2018, from just under 3% in 2016, boosted by fiscal initiatives in the major economies. The forecast is broadly unchanged since November 2016. Confidence has improved, but consumption, investment, trade and productivity are far from strong, with growth slow by past norms and higher inequality.
This presentation provides key findings from the 2017 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more information at http://www.oecd.org/finance/oecdsovereignborrowingoutlook.htm
This presentation provides key findings from the 2018 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more information at http://www.oecd.org/finance/oecdsovereignborrowingoutlook.htm
This presentation provides key findings from the 2019 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more at http://www.oecd.org/finance/oecd-sovereign-borrowing-outlook-23060476.htm
The UN/DESA Expert Group Meeting on the World Economy (Project LINK) was held in New York on 24-26 October. The agenda of the meeting included three broad items: (1) Economic outlook for the world economy in 2012-2013, (2) Major macroeconomic policy issues, and (3) Econometric modelling. The LINK Global Economic Outlook summarizes the forecasts for the world economy in 2012-2013. Also available are the LINK Country Reports which contain detailed country forecasts and policy analyses.
The global economy is expected to continue expanding at a moderate pace over the coming two years, but policymakers must ensure that instability in financial markets and underlying fragility in major economies are not allowed to derail growth, according to the OECD’s latest Economic Outlook.
Demographic Change and Expenditure Pressures in IrelandDaragh McCarthy
Presentation by Dr Thomas Conefrey—Chief Economist, Irish Fiscal Advisory Council—focuses on government spending and presents preliminary work that attempts to quantify the likely pressures on the government finances in Ireland due to population ageing and other demographic trends over the next 50 years.
Assessing the fiscal sustainability of health and long-term care: the EU meth...OECD Governance
This presentation was made by Christoph Schwierz, European Commission, at the 4th meeting of the Joint DELSA/GOV-SBO Network on Fiscal Sustainability of Health Systems, held in Paris on 16-17 February 2015.
New developments cast doubts on global recovery
This monthly briefing highlights that sequestration may lead to lower growth in the United States, continuing weaknesses in the European Union, China announcing a GDP target of 7.5 per cent, while India boosts budget spending.
For more information:
http://www.un.org/en/development/desa/policy/index.shtml
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Growth-Debt Nexus: An Examination of Public Debt Levelsand Debt Crisis in Zim...iosrjce
Government debt is an indirect debt of the taxpayers, and can be classified as internal or external.
Debt crisis is the general term for a proliferation of massive public debt relative to tax revenues.Public debt
enables governments to invest in critical areas of the economy where the capacity of tax revenue to undertake
these projects may be limited or in situations where printing additional money will disrupt the stability of the
economy. Government borrows in order defer difficult but necessary reforms such as the imposition of taxes
which might be necessary to generate revenue for development. Countries with high public debt tend to grow
slowly. The study examines the origin of debt crisis in Zimbabwe, debt nature, causes, consequences and
possible ways of reducing the debt. The study uses 1980-2013 data to run an OLS model on economic growth
using STATA Econometric Software, in an effort to explore the effect of external debt. The regression results
shows that public debt has a negative effect on economic growth in Zimbabwe, which has varying theories
prevailing. The study concludes by encouraging the government not to borrow unnecessarily, and to use
borrowed funds for investment projects, rather than on consumption expenditure
OECD, 7th Meeting on Public-Private Partnerships - Isabel RIALOECD Governance
This presentation by Isabel RIAL was made at the 7th Meeting on Public-Private Partnerships held on 17-18 February 2014. Find more information at http://www.oecd.org/gov/budgeting/ppp.htm
This presentation by Morris Kleiner (University of Minnesota), was made during the discussion “Competition and Regulation in Professions and Occupations” held at the Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found out at oe.cd/crps.
This presentation was uploaded with the author’s consent.
This presentation comprises highlights from the publication OECD Competition Trends 2024 published in Paris on 6 March 2024 during the OECD Competition Open Day. The full publication can be accessed at oe.cd/comp-trends.
This presentation by Cristina Camacho, Head of Cabinet and Head of International Relations, Portuguese Competition Authority, was made during the discussion “Use of Economic Evidence in Cartel Cases” held at the 22nd meeting of the OECD Global Forum on Competition on 8 December 2023. More papers and presentations on the topic can be found out at oe.cd/egci.
This presentation was uploaded with the author’s consent.
This presentation by William E. Kovacic, Global Competition Professor of Law and Policy and Director, Competition Law Center, The George Washington University, was made during the discussion “Ex-post Assessment of Merger Remedies” held at the 22nd meeting of the OECD Global Forum on Competition on 8 December 2023. More papers and presentations on the topic can be found out at oe.cd/eamr.
This presentation was uploaded with the author’s consent.
This presentation by John E. Kwoka, Neal F. Finnegan Distinguished Professor of Economics, Northeastern University, was made during the discussion “Ex-post Assessment of Merger Remedies” held at the 22nd meeting of the OECD Global Forum on Competition on 8 December 2023. More papers and presentations on the topic can be found out at oe.cd/eamr.
This presentation was uploaded with the author’s consent.
This presentation by Amelia Fletcher CBE, Professor of Competition Policy, University of East Anglia, was made during the discussion “Ex-post Assessment of Merger Remedies” held at the 22nd meeting of the OECD Global Forum on Competition on 8 December 2023. More papers and presentations on the topic can be found out at oe.cd/eamr.
This presentation was uploaded with the author’s consent.
This presentation by the OECD Secretariat was made during the discussion “Ex-post Assessment of Merger Remedies” held at the 22nd meeting of the OECD Global Forum on Competition on 8 December 2023. More papers and presentations on the topic can be found out at oe.cd/eamr.
This presentation was uploaded with the author’s consent.
This presentation by John Davies, Member, UK Competition Appeal Tribunal, was made during the discussion “Use of Economic Evidence in Cartel Cases” held at the 22nd meeting of the OECD Global Forum on Competition on 8 December 2023. More papers and presentations on the topic can be found out at oe.cd/egci.
This presentation was uploaded with the author’s consent.
This presentation by Simon Roberts, Professor, Centre for Competition, Regulation and Economic Development, University of Johannesburg, was made during the discussion “Use of Economic Evidence in Cartel Cases” held at the 22nd meeting of the OECD Global Forum on Competition on 8 December 2023. More papers and presentations on the topic can be found out at oe.cd/egci.
This presentation was uploaded with the author’s consent.
This presentation by Serbia was made during the discussion “Alternatives to Leniency Programmes” held at the 22nd meeting of the OECD Global Forum on Competition on 7 December 2023. More papers and presentations on the topic can be found out at oe.cd/atlp.
This presentation was uploaded with the author’s consent.
This presentation by Italy was made during the discussion “Alternatives to Leniency Programmes” held at the 22nd meeting of the OECD Global Forum on Competition on 7 December 2023. More papers and presentations on the topic can be found out at oe.cd/atlp.
This presentation was uploaded with the author’s consent.
This presentation by Daniel CRANE, Richard W. Pogue Professor of Law, University of Michigan, was made during the discussion “Out-of-Market Efficiencies in Competition Enforcement” held at the 141st meeting of the OECD Competition Committee on 6 December 2023. More papers and presentations on the topic can be found out at oe.cd/omee.
This presentation was uploaded with the author’s consent.
This presentation by John DAVIES, Member, Competition Appeal Tribunal UK, was made during the discussion “Out-of-Market Efficiencies in Competition Enforcement” held at the 141st meeting of the OECD Competition Committee on 6 December 2023. More papers and presentations on the topic can be found out at oe.cd/omee.
This presentation was uploaded with the author’s consent.
This presentation by Nancy ROSE, Head of the Department of Economics and Charles P. Kindleberger Professor of Applied Economics, Massachusetts Institute of Technology (MIT), was made during the discussion “Out-of-Market Efficiencies in Competition Enforcement” held at the 141st meeting of the OECD Competition Committee on 6 December 2023. More papers and presentations on the topic can be found out at oe.cd/omee.
This presentation was uploaded with the author’s consent.
This presentation by Nicole ROSENBOOM, Principal, Oxera Consulting LLP, was made during the discussion “Out-of-Market Efficiencies in Competition Enforcement” held at the 141st meeting of the OECD Competition Committee on 6 December 2023. More papers and presentations on the topic can be found out at oe.cd/omee.
This presentation was uploaded with the author’s consent.
This presentation by Anna TZANAKI, Lecturer in Law, University of Leeds, was made during the discussion “Serial Acquisitions and Industry Roll-ups” held at the 141st meeting of the OECD Competition Committee on 6 December 2023. More papers and presentations on the topic can be found out at oe.cd/sair.
This presentation was uploaded with the author’s consent.
This presentation by Sha'ista GOGA, Director, Acacia Economics, was made during the discussion “Serial Acquisitions and Industry Roll-ups” held at the 141st meeting of the OECD Competition Committee on 6 December 2023. More papers and presentations on the topic can be found out at oe.cd/sair.
This presentation was uploaded with the author’s consent.
This presentation by Ioannis KOKKORIS, Chair in Competition Law and Economics and Director, Centre for Commercial Law Studies, Queen Mary University of London, was made during the discussion “Serial Acquisitions and Industry Roll-ups” held at the 141st meeting of the OECD Competition Committee on 6 December 2023. More papers and presentations on the topic can be found out at oe.cd/sair.
This presentation was uploaded with the author’s consent.
This presentation by the OECD Secretariat was made during the discussion “Serial Acquisitions and Industry Roll-ups” held at the 141st meeting of the OECD Competition Committee on 6 December 2023. More papers and presentations on the topic can be found out at oe.cd/sair.
This presentation was uploaded with the author’s consent.
This presentation by Simonetta VEZZOSO, Associate Professor, Economics Department, University of Trento, was made during the discussion “Competition and Innovation - The Role of Innovation in Enforcement Cases” held at the 141st meeting of the OECD Competition Committee on 5 December 2023. More papers and presentations on the topic can be found out at oe.cd/rbci.
This presentation was uploaded with the author’s consent.
More from OECD Directorate for Financial and Enterprise Affairs (20)
Up the Ratios Bylaws - a Comprehensive Process of Our Organizationuptheratios
Up the Ratios is a non-profit organization dedicated to bridging the gap in STEM education for underprivileged students by providing free, high-quality learning opportunities in robotics and other STEM fields. Our mission is to empower the next generation of innovators, thinkers, and problem-solvers by offering a range of educational programs that foster curiosity, creativity, and critical thinking.
At Up the Ratios, we believe that every student, regardless of their socio-economic background, should have access to the tools and knowledge needed to succeed in today's technology-driven world. To achieve this, we host a variety of free classes, workshops, summer camps, and live lectures tailored to students from underserved communities. Our programs are designed to be engaging and hands-on, allowing students to explore the exciting world of robotics and STEM through practical, real-world applications.
Our free classes cover fundamental concepts in robotics, coding, and engineering, providing students with a strong foundation in these critical areas. Through our interactive workshops, students can dive deeper into specific topics, working on projects that challenge them to apply what they've learned and think creatively. Our summer camps offer an immersive experience where students can collaborate on larger projects, develop their teamwork skills, and gain confidence in their abilities.
In addition to our local programs, Up the Ratios is committed to making a global impact. We take donations of new and gently used robotics parts, which we then distribute to students and educational institutions in other countries. These donations help ensure that young learners worldwide have the resources they need to explore and excel in STEM fields. By supporting education in this way, we aim to nurture a global community of future leaders and innovators.
Our live lectures feature guest speakers from various STEM disciplines, including engineers, scientists, and industry professionals who share their knowledge and experiences with our students. These lectures provide valuable insights into potential career paths and inspire students to pursue their passions in STEM.
Up the Ratios relies on the generosity of donors and volunteers to continue our work. Contributions of time, expertise, and financial support are crucial to sustaining our programs and expanding our reach. Whether you're an individual passionate about education, a professional in the STEM field, or a company looking to give back to the community, there are many ways to get involved and make a difference.
We are proud of the positive impact we've had on the lives of countless students, many of whom have gone on to pursue higher education and careers in STEM. By providing these young minds with the tools and opportunities they need to succeed, we are not only changing their futures but also contributing to the advancement of technology and innovation on a broader scale.
Many ways to support street children.pptxSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
Russian anarchist and anti-war movement in the third year of full-scale warAntti Rautiainen
Anarchist group ANA Regensburg hosted my online-presentation on 16th of May 2024, in which I discussed tactics of anti-war activism in Russia, and reasons why the anti-war movement has not been able to make an impact to change the course of events yet. Cases of anarchists repressed for anti-war activities are presented, as well as strategies of support for political prisoners, and modest successes in supporting their struggles.
Thumbnail picture is by MediaZona, you may read their report on anti-war arson attacks in Russia here: https://en.zona.media/article/2022/10/13/burn-map
Links:
Autonomous Action
http://Avtonom.org
Anarchist Black Cross Moscow
http://Avtonom.org/abc
Solidarity Zone
https://t.me/solidarity_zone
Memorial
https://memopzk.org/, https://t.me/pzk_memorial
OVD-Info
https://en.ovdinfo.org/antiwar-ovd-info-guide
RosUznik
https://rosuznik.org/
Uznik Online
http://uznikonline.tilda.ws/
Russian Reader
https://therussianreader.com/
ABC Irkutsk
https://abc38.noblogs.org/
Send mail to prisoners from abroad:
http://Prisonmail.online
YouTube: https://youtu.be/c5nSOdU48O8
Spotify: https://podcasters.spotify.com/pod/show/libertarianlifecoach/episodes/Russian-anarchist-and-anti-war-movement-in-the-third-year-of-full-scale-war-e2k8ai4
ZGB - The Role of Generative AI in Government transformation.pdfSaeed Al Dhaheri
This keynote was presented during the the 7th edition of the UAE Hackathon 2024. It highlights the role of AI and Generative AI in addressing government transformation to achieve zero government bureaucracy
Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
A process server is a authorized person for delivering legal documents, such as summons, complaints, subpoenas, and other court papers, to peoples involved in legal proceedings.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
OECD Sovereign Borrowing Outlook - 2014 Highlights
1. OECD Sovereign
Borrowing Outlook 2014
HIGHLIGHTS
Dr. Hans J. Blommestein
Head of Bond Market and Public Debt
Management Unit, OECD
28 March 2014
2. 1. The combined gross borrowing needs of OECD
governments seem to have peaked but government debt
ratios continue to rise or remain at elevated levels
• Although the borrowing needs of OECD governments seem to have peaked in 2012, OECD debt
managers continue to face considerable funding challenges, with relatively high levels of redemptions in
several countries and government debt to remain at elevated levels in many OECD jurisdictions.
• OECD Sovereign Borrowing Outlook 2014 shows that the combined gross borrowing needs of OECD
governments are expected to fall slightly from USD 11 trillion in 2012 to USD 10.8 trillion in 2013. For
2014, they are projected to drop further to around USD 10.6 trillion.
• For the OECD area as a whole, the outstanding central government marketable debt is expected to
increase from USD 38.4 trillion in 2013, to around USD 39.8 trillion at the end of 2014. As a percentage of
GDP, central government marketable debt is projected to increase to more than 77 % in 2014.
• See Chart 1.
2
3. 2. CHART 1: Borrowing outlook in OECD countries for the
period 2007-2014
Note: GBR= gross borrowing requirement.
Source: 2013 Survey on central government marketable debt and borrowing by OECD Working Party Debt Management; and OECD staff
estimates.
3
4. 3. The Outlook makes a policy distinction between funding
strategy and borrowing needs…
• The Outlook makes a policy distinction between funding strategy and borrowing needs. Central
government marketable gross borrowing needs are calculated based on budget deficits and
redemptions, using the OECD standardised method for calculating gross short-term borrowing
needs.
• The funding strategy entails decisions on how borrowing needs are going to be financed using
different instruments (e.g. long-term, short-term, nominal, indexed, etc.) and distribution
channels.
4
5. 4. Failure to use a sensible methodology results in highly
inflated estimates for gross borrowing needs…
• Using an economically meaningful methodology is important because of complications in
providing meaningful estimates of gross short-term borrowing requirements that may yield quite
different (usually inflated) outcomes that cannot easily be compared across different OECD
markets.
• Failure to use OECD’s standard methodology results in highly inflated and misleading
estimates for gross short-term borrowing needs.
• For example, it is estimated that the OECD short-term gross borrowing needs for 2013, using
the OECD standardised method, is around USD 5.0 trillion. However, by using a so-called non-
standardised methodology this estimate increases by more than 300% to around USD 15.5
trillion!
5
6. 5. Central government marketable gross borrowing and
marketable debt in the OECD area using OECD’s
standardised method
Note: GBR= gross borrowing requirement, NBR= net borrowing requirement
Source: 2013 Survey on central government marketable debt and borrowing by OECD Working Party on Debt Management; OECD Economic
Outlook 94 database; and OECD staff estimates.
Trillion USD 2007 2008 2009 2010 2011 2012 2013 2014
Central government marketable GBR 6.7 8.2 10.7 10.9 10.4 11.0 10.8 10.6
Central government marketable debt 22.9 25.2 28.4 31.7 34.3 36.4 38.4 39.8
Central government marketable NBR 0.6 2.2 3.3 3.2 2.3 2.4 2.0 1.5
General government deficit 0.6 1.5 3.7 3.6 3.0 2.8 2.3 2.1
6
7. 6. Outlook for central government marketable gross
borrowing needs for OECD groupings
• Gross marketable borrowing needs in the OECD area as a whole continue to decline slightly. After having
peaked in 2009, gross borrowing needs are projected to fall slightly in all country groupings. For
example, “G7” gross borrowing requirements of the central government as a percentage of GDP are
expected to continue to decline (by a projected 1.2% in 2014).
• But, for all country groupings (except “Emerging OECD”), gross borrowing needs remain at elevated
levels in comparison to pre-crisis levels (see Chart 2).
7
8. Source: 2013 Survey on central government marketable debt and borrowing by OECD Working Party on Debt Management; OECD Economic
Outlook 94; OECD staff estimates.
7. CHART 2: Estimates and projections of central
government marketable gross borrowing requirements
0
5
10
15
20
25
30
Total OECD G7 Euro area Emerging OECD Other OECD
Central government marketable gross borrowing by OECD country groupings
Percentage of GDP
2007 2008 2009 2010 2011 2012 2013 2014
8
9. 8. The challenge of raising large volume of funds with
acceptable rollover risk
• For countries that were facing relatively high spreads in 2012 (in particular in the euro
area), issuance conditions began to improve significantly in the second half of 2012 with further
progress in 2013.
• However, debt managers are well advised to keep in mind how capricious markets can behave. As
noted in OECD Sovereign Borrowing Outlook 2012 and 2013, very rapid increases in (perceived)
sovereign risk can occur without (important) changes in fundamentals. Financial markets often
react in a non-linear fashion to delayed or postponed fiscal adjustments as well as to sudden
mood swings, thereby creating the risk of cliff effects where markets suddenly lose confidence in
yesterday’s safe sovereign assets.
• Clearly, these considerations and findings are in particular of importance for countries that are
facing high borrowing needs and challenging redemption profiles.
• Indeed, the redemption profile of medium- and long-term central government debt in the OECD
area is fairly challenging with large projected payment flows for the G7 and euro area
governments for 2013 and 2014 (Chart 3).
9
10. Source: 2013 Survey on central government marketable debt and borrowing by OECD Working Party on Debt Management; OECD Economic
Outlook 94; OECD staff estimates.
9. CHART 3: The redemption profile of medium- and long-
term central government debt in OECD country groupings
0
1
2
3
4
5
6
7
8
9
10
Total OECD G7 Euro area Emerging OECD Other OECD
Medium-and long term redemptions of central government debt in OECD country groupings
Percentage of GDP
2007 2008 2009 2010 2011 2012 2013 2014
10
11. 10. Government debt at a glance: general government
debt as a percentage of GDP is projected to surpass the
World War II peak…
• Fiscal accounts deteriorated sharply in the wake of the global financial crisis. In fact, the direct fallout of
this crisis explains roughly two-thirds of the rise in the debt ratio among the advanced economies
markets.
• As a result, government debt levels in many OECD countries increased to close to the historical World
War II peak. For selected OECD economies, the GDP PPP-weighted average government debt ratio
reached around 116% of GDP in the 1940s.
• The fall-out of the 2007-9 global financial crisis (the most serious financial crisis on record) has put
such pressure on the increase in government debt ratios in the OECD area that with an estimated ratio
of 115.6% of GDP for 2013 the World War II peak is being nearly scaled. In fact, general government
debt, as a percentage of GDP, is projected to surpass the World War II peak in 2014. See Chart 4.
11
12. Notes: Historical debt levels, GDP-weighted average.
* Includes Australia, Canada, France, Germany, Italy, Japan, Korea, Spain, United Kingdom and United States.
Source: IMF Historical public debt database; OECD Economic Outlook 94 database; and OECD staff calculations.
11. CHART 4: Development of gross public debt since 1880
for selected OECD economies
0
20
40
60
80
100
120
1880 1887 1894 1901 1908 1915 1922 1929 1936 1943 1950 1957 1964 1971 1978 1985 1992 1999 2006 2013
Gross public debt of selected* advanced economies: 1880-2014
Percentage of GDP
12
13. 12. Central government marketable debt to remain at
elevated levels
13
• The ratios of central government marketable debt-to-GDP of all country groupings have increased
significantly since 2007. See Chart 5.
• The G7 central government marketable debt-to-GDP ratio is estimated to reach nearly 90% in 2013 and
2014.
• For the Euro area, this ratio is estimated to increase slightly to around 67.4% in 2014.
• For Other OECD (which includes a number of OECD countries with a fiscal surplus), this ratio is
expected to be 27% in 2013 and slightly higher in 2014.
• While for Emerging OECD this debt ratio is projected to reach around 33% in 2013 and 2014.
14. Source: 2013 Survey on central government marketable debt and borrowing by OECD Working Party on Debt Management; OECD Economic
Outlook 94; and OECD staff estimates.
13. CHART 5: Central government marketable debt as
percentage of GDP
0
10
20
30
40
50
60
70
80
90
100
Total OECD G7 Euro area Emerging OECD Other OECD
Central government marketable debt in OECD countries
Percentage of GDP
2007 2008 2009 2010 2011 2012 2013 2014
14
15. 14. Gross borrowing, sovereign debt and the evolution of
fiscal balances
15
• Since 2010, markets and rating agencies pay more attention to relatively high government deficit and
debt situations. As a result, the (sudden) increase in sovereign stress led at times to ultra-high
borrowing rates. Rollover risk emerged as a key policy concern for debt managers, in particular in
countries with (perceived) debt sustainability problems.
• As a result, during the past two years, significant progress has been made in strengthening OECD
fiscal balances. However, deficits and gross borrowing needs are in many countries not declining
enough to stop the rise in public debt (including in relation to GDP). As a result, general government
gross debt increased by 2.9% of GDP in 2013 (in 2012 the debt-to GDP ratio was 107.4% and is
estimated to reach 110.3% in 2013). In 2014, general government debt as a percentage of GDP is
projected to reach 111.8%.
• The good news is that debt ratios are increasing at a significantly slower pace than in the
past, declining from an increase of 11.3% in 2008-9 to a projected 1.5% in 2013-14.
Source: OECD Sovereign Borrowing Outlook 2014 (forthcoming) and OECD Economic Outlook 94 database.
16. 15. Maturity structure of the outstanding stock of central
government marketable debt for OECD area
16
• At the height of the financial crisis in 2008, there was a sharp drop of almost 4% in the share of long-term
liabilities in total marketable central government debt. Since then, most OECD debt managers began to
issue more long-term debt and moderating bill issuance. As a result, the share of long-term debt is
estimated to reach around 87% in 2013. For 2014, the long-term share is projected to reach around 88.1%.
85.8
81.9 82.7 84.7 86.4 86.5 87.1 88.1
14.2
18.1 17.3 15.3 13.6 13.5 12.9 11.9
0
10
20
30
40
50
60
70
80
90
100
2007 2008 2009 2010 2011 2012 2013 2014
Maturity structure of central government marketable debt for OECD area
Percentage
Long term Short term (T-bills)
Source: 2013 Survey on central government marketable debt and borrowing by OECD Working Party Debt Management and OECD
staff estimates.
17. • The demand for safe instruments issued by sovereigns has increased owing to regulatory changes, the
use of unconventional monetary policy, the greater use of high-grade collateral and other structural
factors.
• At the same time, some analysts believe that the supply of “safe” sovereign assets has fallen (after credit
rating agencies began to downgrade OECD governments).
• This in turn seems to have created some concern that there is a growing structural shortage of safe
(sovereign) assets.
• If true, this would be problematic. An adequate supply of safe sovereign assets (functioning as
“information-insensitive” instruments that can serve as secure stores of value) is crucial for the proper
functioning of the financial system.
• Nevertheless, the Borrowing Outlook argues that there is no decisive evidence for supporting the belief
that there is a lasting or structural shortage in the aggregate supply of safe sovereign assets.
• Still, local and temporary supply-demand imbalances are possible, but they are likely to trigger
endogenous policy and market responses.
17
16. Structural shortage in the supply of safe sovereign
assets?
18. Source
18
OECD Sovereign Borrowing Outlook 2014
http://www.oecd.org/daf/fin/financial-
markets/oecdsovereignborrowingoutlook.htm
http://www.oecd.org/daf/fin/public-debt/