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In finance, a GDP-linked bond is a debt security or derivative security in which the authorized issuer (a country) promises to pay a return, in addition to amortization, that varies with the behavior of Gross Domestic Product (GDP). This type of security can be thought as a “stock on a country” in the sense that it has “equity-like” features. It pays more/less when the performance of the country is better/worse than expected. Nevertheless, it is substantially different from a stock because it there are no ownership-rights over the country. GDP-linked bonds are a form of floating-rate bond with a coupon that is associated with the growth rate of a country, just as other floating-rate bonds are linked to interest rates, such as LIBOR or federal funds rate, or inflation rates, which is the case of inflation-indexed bonds. These securities can be issued to reference real GDP, nominal GDP or aspects of both. In some cases, however, these securities may not have any principal claim and the notional is only used as a basis for calculating the investor's share of payments. The term GDP-linked bond is often used interchangeably with the terms GDP-indexed bond, GDP-linked security, and GDP-indexed security in the literature. Sometimes the term warrant is used as well. This is likely because it is a relatively new asset class in which there are few real examples—the few of which were created from restructurings rather than primary issuance. There is also a variety of different ways that these instruments can be structured.〔http://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2008-athens/Ruban.pdf〕 For example, they can take the form of equity-like securities where payments are solely contingent on GDP growth or another extreme where they can resemble vanilla bonds with adjustments based upon GDP performance. The country will designate the classification in the instrument's indenture or prospectus. == Advantages for the issuer〔Williamson, John. (2006). “Borrowing Strategy: The Role of GDP-Linked Bonds”. Peterson Institute for International Economics.〕 == Debt service varies with ability to pay. Therefore, if a country has poor economic performance, it needs to pay less on its obligations to the investors. This means that this type of security has countercyclical features. The existence of this type of debt can reduce the probability of default because they tend to keep the debt/GDP ratios within a narrower range than fixed income bonds.〔Borensztein, Eduardo, and Paolo Mauro (2004). "The Case for GDP-indexed Bonds." Economic Policy 19 (38): 166-216.〕 GDP-linked bonds also act as automatic stabilizers and reduce the temptation for policymakers to spend too much in periods of high growth. In this sense this type of bond may be especially useful for developing countries where the presence of weaker institutions makes it easier for governments to implement more volatile of policies.〔Acemoglu, Daron et al.(2003). "Institutional Causes, Macroeconomic Symptoms: Volatility, Crisis and Growth." Journal of Monetary Economics 50, p.49-123.〕 Moreover, this type of bond allows governments to implement less volatile tax policies, since there is less need to increase taxes during times of poor economic performance because it is precisely during these times when debt repayments are lower. If we believe that agents prefer to smooth consumption across time and across states of nature then it is worth it to do so. Hence using GDP-linked bonds may be welfare improving. Furthermore, emerging markets are usually forced to actually undertake more austere measures in times of crises than their developed counterparts, and it is common to see that emerging markets reduce public expenditures in times of crises with the purpose of reassuring international investors.〔Gavin Michael and Roberto Perotti. (1997). “Fiscal Policy in Latin America.” NBER Macroeconomics Annual, MIT Press, Cambridge, MA, 11-61.〕 This means that countries cut their expenditures when they need it the most. In terms of social policy it has been mentioned〔Stephany Griffith-Jones and Krishnan Sharma. (2006). “(GDP-Indexed Bonds: Making It Happen )”. United Nations Department of Economic and Social Affairs Working Paper No.21.〕 that GDP-linked bonds disproportionately benefit the poor because using them reduces the need to cut social benefits when economic performance is low, given that the debt repayments are lower. For a corporate issuer or project finance issuer whose revenues will be driven by (amongst other things) GDP, to issue GDP-linked debt would leave the overall capital structure less risky. Finally, even if this type of bond were initially thought in the context of emerging markets, they also constitute an interesting idea for developed countries.〔David, Javier. (2011). “Worried About U.S. Debt? Shiller Pushes GDP-Linked Bonds.” The Wall Street Journal, February 17, 2011. http://blogs.wsj.com/economics/2011/02/17/worried-about-us-debt-shiller-pushes-gdp-linked-bonds〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「GDP-linked bond」の詳細全文を読む スポンサード リンク
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