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- W1563709675 abstract "Since the 1980s many indebted countries have repurchased part of their debt usually at substantial discounts on the face value and these operations have appeared to be an attractive opportunity for highly indebted countries. Since 1990 onwards, some OECD countries have also begun to acquire experience in the use of debt repurchase instruments and some of them established regular bond repurchasing programmes. As far as we know, the literature on public debt management has not dealt with buybacks of domestic debt (except, for example, Coe et al., 2000), while they have been analysed quite deeply in the international debt framework. The main objectives of a domestic debt repurchase is to reduce both the risks and the costs of debt service. The risk that is considered is refinancing risk. Through buybacks the government can intervene in the market in order to smooth the maturities profile and so to avoid tensions in the secondary market. Then, buybacks could help reducing the costs of indebtedness for three reasons. In the first place they could be a way to increase the liquidity of the secondary ∗ Sono grata ad Alessandro Missale per avermi incoraggiata a scrivere questo lavoro e per i suoi preziosi suggerimenti. Desidero ringraziare anche Pasquale Ferro, della Banca d’Italia, Servizio Rapporti con il Tesoro, per avermi fornito i dati relativi alle operazioni di riacquisto di debito pubblico. Eventuali errori e imprecisioni rimangono di mia esclusiva responsabilita. Corrispondenza: P.za S.Francesco 7, 53100 Siena. Tel. 0577/235088; Fax. 0577/298661. E-mail: marchesi@unisi.it" @default.
- W1563709675 created "2016-06-24" @default.
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- W1563709675 date "2002-01-01" @default.
- W1563709675 modified "2023-09-26" @default.
- W1563709675 title "Riacquisto di debito pubblico: estero ed interno" @default.
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