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Part IV Economics of Sovereign Borrowing, 21 Borrowing and Debt »

Arturo C. Porzecanski
From: Sovereign Debt Management
Edited By: Rosa M Lastra, Lee Buchheit
21.01 Sovereign debt issuance serves as the primary means for governments to finance their expenditures, and particularly to cover gaps between cash outlays and inflows from genuine revenues, such as those derived from taxation. Under normal circumstances, government bonded debt is highly liquid and is priced to yield the least of any comparable securities, in accordance with the perception that it is the easiest to trade and the most unlikely to experience a default. A secondary function of public debt is to provide a benchmark for all other issuers (such as...