World Bank2016-04-212016-04-212013-05https://hdl.handle.net/10986/24117The global financial crisis of 2008-2009 required most sovereign debt managers to adapt to rapidly changing market circumstances, by changing the mix of borrowing instruments and adopting techniques that minimize the impact of severe market dislocations and increased risk aversion. These actions, allied to prudent macroeconomic and debt management policies implemented by government in the years preceding the crises, were critical in helping countries meet their financing needs without undue strain on the financial markets. This toolkit draws on the approaches taken by a range of countries and provides sovereign debt policy makers with a rich set of potential actions to address crisis periods. A practical illustration on the use of some of these actions is conducted by analyzing the measures taken by Romania, Serbia and Turkey as a response to the recent crises. Authors draw lessons from these experiences and examine what other measures included in the toolkit could have been used to boost the crisis response impact in these economies, respecting country-specific contexts.en-USCC BY 3.0 IGOACCOUNTINGACTIVE MARKETASSET PRICESAUCTIONAUCTIONSBALANCE SHEETSBANK DEPOSITSBANK LENDINGBANKING SECTORBANKING SYSTEMBENCHMARK BONDSBILATERAL TRANSACTIONSBOND ISSUANCEBORROWERBORROWING COSTSBORROWING PLANBORROWING REQUIREMENTSBUDGET DEFICITBUDGETINGBUYBACKSCAPITAL CONSTRAINTSCAPITAL FLOWSCAPITAL INFLOWSCAPITAL MARKETCAPITAL MARKETSCASH BALANCESCASH MANAGEMENTCENTRAL BANKCENTRAL BANKSCOMMERCIAL BANKSCONSUMER PRICE INDEXCONTINGENT LIABILITIESCREDIBILITYCREDIT LINECREDIT LINESCREDIT RATINGCREDIT RISKCREDITORSCRISIS COUNTRIESCRISIS LENDINGCURRENCY COMPOSITIONCURRENCY RISKCURRENT ACCOUNT DEFICITSDATED SECURITIESDEBT BUYBACKDEBT CRISISDEBT FINANCINGDEBT INSTRUMENTSDEBT ISSUANCEDEBT ISSUANCESDEBT MANAGEMENTDEBT MANAGEMENT POLICIESDEBT MARKET DEVELOPMENTDEBT MATURITIESDEBT OUTSTANDINGDEBT PAPERDEBT PAYMENTSDEBT POLICYDEBT SERVICINGDEPOSITSDEVALUATIONDEVELOPING COUNTRIESDEVELOPING GOVERNMENT BONDDEVELOPING GOVERNMENT BOND MARKETSDISBURSEMENTDISBURSEMENTSDOMESTIC BANKSDOMESTIC BORROWINGDOMESTIC CAPITALDOMESTIC CAPITAL MARKETSDOMESTIC DEBTDOMESTIC DEBT MARKETSDOMESTIC MARKETDOMESTIC MARKETSEMERGING MARKETEMERGING MARKET COUNTRIESEMERGING MARKET ECONOMIESEMERGING MARKETSEXCESS LIQUIDITYEXCESS SUPPLYEXTERNAL BORROWINGEXTERNAL DEBTFINANCESFINANCIAL CRISISFINANCIAL FLOWSFINANCIAL INSTITUTIONSFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL SAVINGSFINANCIAL SYSTEMSFISCAL DEFICITFISCAL POLICYFIXED INCOMEFIXED INCOME MARKETSFOREIGN CURRENCYFOREIGN CURRENCY LOANSFOREIGN EXCHANGEFOREIGN EXCHANGE RISKSFOREIGN INTERESTFOREIGN MARKETSGOVERNMENT BONDSGOVERNMENT BORROWINGGOVERNMENT DEBTGOVERNMENT PAPERGOVERNMENT REVENUESGOVERNMENT SECURITIESGOVERNMENT SECURITIES MARKETSGOVERNMENT SUPPORTINDEXED BONDSINFLATIONINFLATIONARY PRESSURESINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINTEREST RATEINTEREST RATESINTERNATIONAL BANKINTERNATIONAL BONDINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL FINANCIAL INSTITUTIONSINTERNATIONAL MARKETSINVENTORYINVESTOR BASEINVESTOR DEMANDISLAMIC INVESTORSISSUANCEISSUANCE OF T-BILLSLEGAL FRAMEWORKLENDERSLEVEL PLAYING FIELDLIABILITYLIABILITY MANAGEMENTLIQUID INSTRUMENTSLIQUID MARKETLIQUID SECONDARY MARKETLIQUIDITYLIQUIDITY POSITIONLIQUIDITY RISKSLOANLOAN AGREEMENTLOCAL CURRENCYLOCAL MARKETLOCAL MARKETSLONG-TERM DEBTMACROECONOMIC MANAGEMENTMACROECONOMIC POLICYMARKET ACCESSMARKET BORROWINGMARKET DEVELOPMENTMARKET ENVIRONMENTMARKET ENVIRONMENTSMARKET INSTRUMENTSMARKET INTEREST RATESMARKET MAKINGMARKET PARTICIPANTSMARKET SIZEMARKETABLE INSTRUMENTSMATURITIESMATURITYMEDIUM TERM SECURITIESMONETARY FUNDMONETARY POLICIESMONETARY POLICYMORTGAGEOPPORTUNITY COSTPENSIONPENSION FUNDSPORTFOLIOPORTFOLIO RISKPORTFOLIO RISK MANAGEMENTPORTFOLIOSPRICE DISCOVERYPRICE VOLATILITYPRIMARY DEALERPRIMARY DEALER SYSTEMSPRIMARY DEALERSPRIMARY MARKETPRIMARY MARKETSPUBLIC BUDGETSPUBLIC DEBTPUBLIC DEBT MANAGEMENTREGULATORY FRAMEWORKREINVESTMENTREPAYMENTREPAYMENT SCHEDULERESERVESRETAIL DEBTRETAIL GOVERNMENT SECURITIESRETAIL INVESTORSRETURNREVERSE AUCTIONSRISK AVERSIONRISK PROFILESECONDARY MARKETSECONDARY MARKET ACTIVITYSECONDARY MARKET TRANSACTIONSSECONDARY MARKETSSECURITIESSECURITIES MARKETSSETTLEMENTSETTLEMENT SYSTEMSSHORT-TERM BONDSSHORT-TERM DEBTSHORT-TERM INSTRUMENTSSOVEREIGN DEBTSOVEREIGN DEBT MARKETSTRATEGIC DEBT MANAGEMENTT-BILLST-BONDSTRADINGTRANSPARENCYTREASURYWHOLESALE INVESTORWHOLESALE INVESTORSWITHDRAWALYIELD CURVEWorking PaperWorld Bank10.1596/24117