Table of Contents
Foreword
Andy Haldane and Maurice Obstfeld
Introduction
Robert J. Shiller
Part I: Rationale
1 Overcoming the obstacles to adoption of GDP-linked debt
Eduardo Borensztein, Maurice Obstfeld, and Jonathan D. Ostry
2 Sovereign GDP-linked bonds: Pros and cons
James Benford and Fernando Eguren-Martin
3 On the role of GDP-linked debt in expanding fiscal space
Jonathan D. Ostry and Jun I. Kim
4 Debt limits and the structure of public debt
Alex Pienkowski
Part II: Design
5 Could performance-linked lending have helped in the euro crisis? Could it still?
Patrick Honohan
6 Sovereign GDP-linked bonds: Design choices
Mark Joy
7 A Term Sheet for GDP-linked bonds
Yannis Manuelides and Peter Crossan
8 GDP-linked securities: Designing instruments for a new asset class
Christian Kopf
9 The case for GDP-linked sukuk
Arshadur Rahman
10 GDP-linked or similar instruments in sovereign debt restructurings
Mark A. Walker
Part III: Market Development
11 Estimating GDP-linked bonds’ volatility risk premiums
Joel Bowman and Kevin Lane
12 Credit ratings and the new market for GDP-linked bonds
David T. Beers
13 Applying lessons from past innovations to build consensus on the London Term Sheet
Starla Griffin
14 Making a reality of GDP-linked bonds
Stephany Griffith-Jones
Annex:
Indicative Term Sheet — GDP bonds
London Term Sheet (English law version)