Management Of The Nominal Public Debt Theory And Applications
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| Author | : Mr.Guillermo Calvo |
| Publisher | : International Monetary Fund |
| Total Pages | : 42 |
| Release | : 1990-12-01 |
| Genre | : Business & Economics |
| ISBN | : 1451942796 |
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Optimal management of the public debt is explored in a context where economic policy is continuously revised because, when the public debt is non—indexed, policy—makers are tempted to use inflation in order to reduce the real value of the public debt. The model’s implications are explored following two approaches. First, the effects of various exogenous disturbances are examined by means of numerical simulations. Secondly, the analysis explores—for Italy, Ireland, and the United States—if the model’s implications concerning the maturity structure of government debt are consistent with actual experience.
| Author | : Pablo E. Guidotti |
| Publisher | : |
| Total Pages | : 42 |
| Release | : 2006 |
| Genre | : |
| ISBN | : |
Download Management of the Nominal Public Debt Theory and Applications Book in PDF, Epub and Kindle
Optimal management of the public debt is explored in a context where economic policy is continuously revised because, when the public debt is nonőindexed, policyőmakers are tempted to use inflation in order to reduce the real value of the public debt.The model`s implications are explored following two approaches. First the effects of various exogenous disturbances are examined by means of numerical simulations. Secondly the analysis explores for Italy Ireland and the United States if the model`s implications concerning the maturity structure of government debt are consistent with actual experience.
| Author | : Guillermo A. Calvo |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 1990 |
| Genre | : Debts, Public |
| ISBN | : |
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| Author | : Rudiger Dornbusch |
| Publisher | : Cambridge University Press |
| Total Pages | : 384 |
| Release | : 1990-11-30 |
| Genre | : Political Science |
| ISBN | : 1139935860 |
Download Public Debt Management Book in PDF, Epub and Kindle
As Europe proceeds towards economic and monetary union, fiscal convergence and the prospect of a common money are at the centre of discussion. This volume from the Centre for Economic Policy Research brings together theoretical, applied and historical research on the management of public debt and its implications for financial stability. Gale fills a gap in the literature, using a consistent framework to investigate the welfare economics of public debt, while Calvo and Guidotti analyse the trade-off between indexation and maturity when it comes to minimizing debt service. Confidence crises have become relevant again in view of the high debt ratios in countries such as Belgium, Italy and Ireland. Alesina, Prati and Tabellini develop a formal model of the propagation of a debt run and use it to interpret Italian debt panics. Giavazzi and Pagano concentrate on how inappropriate debt management can precipitate a run on the currency while Makinen and Woodward review a broad sweep of historical experience.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 39 |
| Release | : 2003-09-12 |
| Genre | : Business & Economics |
| ISBN | : 149832892X |
Download Guidelines for Public Debt Management -- Amended Book in PDF, Epub and Kindle
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| Author | : Samuel Edorisiagbon Omoruyi |
| Publisher | : |
| Total Pages | : 380 |
| Release | : 2016 |
| Genre | : Debts, Public |
| ISBN | : 9789789529346 |
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| Author | : Eriko Togo |
| Publisher | : World Bank Publications |
| Total Pages | : 37 |
| Release | : 2012 |
| Genre | : |
| ISBN | : |
Download coordinating public debt management with fiscal and monetary policies: an analytical framework Book in PDF, Epub and Kindle
This paper proposes a sovereign asset and liability management framework for analyzing the inter-relationships between debt management, fiscal and monetary policies. It illustrates the consequences of uncoordinated policy mix and extends Sargent and Wallace (1981 and 1993) by including debt management. Examples of policy games played by fiscal, monetary, and debt management authorities reinforce the importance of policy separation and coordination to prevent domination by one authority over another which could lead to inconsistent policy mix.
| Author | : Mr.Torbjorn I. Becker |
| Publisher | : International Monetary Fund |
| Total Pages | : 24 |
| Release | : 1999-07-01 |
| Genre | : Business & Economics |
| ISBN | : 1451852673 |
Download Public Debt Management and Bailouts Book in PDF, Epub and Kindle
This paper addresses how public debt should be managed to reduce the cost of private sector bailouts. It uses a tax smoothing model to show that bailouts affect the timing of government deficits and surpluses as well as the composition of public debt. In general, public debt managers will have to monitor the private sector’s leverage and portfolio composition in order to design the tax smoothing policy. This contrasts with Ricardian models where households monitor the government’s debt. The moral hazard aspect of defaults is also shown to be important in determining an optimal government debt strategy.
| Author | : Alessandro Missale |
| Publisher | : Oxford University Press on Demand |
| Total Pages | : 309 |
| Release | : 1999 |
| Genre | : Business & Economics |
| ISBN | : 9780198290858 |
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The choice of currency denomination, indexation, and maturity structure of public debt is an increasingly important aspect of policy in a world of high debts and and financially integrated markets. This book surveys theories and evidence on public debt composition and debt returns with thegoal of emphasizing the main policy issues. The effects of debt management on financial markets, risk-sharing, policy credibility, interest costs, and taxation are evaluated within a unified theoretical framework. The analysis clarifies the trade-off involved in policy decisions and shows how to usetheory and evidence to answer practical policy problems. This book is a valuable reference to researchers and satisfies the increasing demand by policymakers for sound economic principles to guide the choice of debt instruments.
| Author | : Mr.Barry J. Eichengreen |
| Publisher | : International Monetary Fund |
| Total Pages | : 60 |
| Release | : 2019-01-15 |
| Genre | : Business & Economics |
| ISBN | : 1484392892 |
Download Public Debt Through the Ages Book in PDF, Epub and Kindle
We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.
