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2. OVERVIEW OF RISK MANAGEMENT PRACTICES IN OECD COUNTRIES requirement of a sound governance system is that there are rules and procedures such that the costs of a guarantee are made explicit when it is issued. This can be achieved through the use of explicit fees. Moreover, a sound governance system requires adequate rules for reporting guarantees. Third, clear principles need to be developed for how guarantees are to be priced on a risk-adjusted basis, with fees based on market value being the rule.
14. See Henning Bohn (1990) “Tax Smoothing with Financial Instruments”, The American Economic Review, Vol. 80, No. 5, pp. 1217-1230, for discussion of tax smoothing characteristics of foreign-currency debt. 15. Henning Bohn (2002) “Retirement Savings in an Aging Society: A Case of Innovative Government Debt Management”, Working Paper, University of California at Santa Barbara, considers wage-indexed government bonds. Huw Lloyd-Ellis and Xiaodong Zhu (2000) “Fiscal Shocks and Fiscal Risk Management” Working Paper, University of Toronto, considers the use of index-linked swaps with a infinite maturity as an instrument in government risk management.
The risk that the debt need to be refinanced at very high rates or, in the extreme case, cannot be rolled over at all. This risk is related to country specific circumstances and not only to the general development in market rates. In particular refinancing risk is important for countries with a high debt level and unstable macroeconomic and financial market conditions. The distinction between interest-rate risk and refinancing risk may be less pronounced in countries with stable macroeconomic conditions and well-developed markets.