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Securitization of ArrearsIssues to be Taken into Account in Designing
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allow amount announcing Argentine arrears clearance arrears problem arrears to suppliers assets assume below-market interest rate bonds cash budget deficit cash deficit claimants country experiences creditors current and future current income current stock debt holders debt instruments discount domestic ex-ante expected expenditure arrears face value financial markets fiscal adjustment fiscal consolidation funds future consumption future income government arrears government debt government default higher-than-expected payment honored hyperinflation immediate payment implicit claims implicit debt in-kind payment increase indifference curve inflation intertemporal budget constraint issue Kazakstan lenders liability liquidity constrained agents market interest rate maturity Moldova moral hazard obligations options for addressing paid pensioners percent of GDP private aggregate demand redeem reduce distortions associated repudiation Ricardian Equivalence Russia savings instruments secondary market securities securitization operation Social stock of arrears stock of explicit Tajikistan termination of employment timetable for arrears transparent Treasury bill holders Ukraine uncertainty wealth effect yield curve