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Public Debt Management And Macroeconomic Stability
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Book Synopsis Managing Public Debt and Its Financial Stability Implications by : Mr.Udaibir S. Das
Download or read book Managing Public Debt and Its Financial Stability Implications written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2010-12-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the relationship between the level and management of public debt and financial stability, and explains the channels through which the two are interlinked. It suggests that the broader implications of a debt management strategy and its implementation should be carefully analyzed by debt managers and policy makers in terms of their impact on the government's balance sheet, macroeconomic developments, and the financial system.
Book Synopsis Public Debt Management and Macroeconomic Stability by : Peter J. Montiel
Download or read book Public Debt Management and Macroeconomic Stability written by Peter J. Montiel and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Debt Management by : Rudiger Dornbusch
Download or read book Public Debt Management written by Rudiger Dornbusch and published by Cambridge University Press. This book was released on 1990-11-30 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Guidelines for Public Debt Management -- Amended by : International Monetary Fund
Download or read book Guidelines for Public Debt Management -- Amended written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-09-12 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Book Synopsis Making Debt Work For Development and Macroeconomic Stability by : International Monetary Fund
Download or read book Making Debt Work For Development and Macroeconomic Stability written by International Monetary Fund and published by International Monetary Fund. This book was released on 2022-04-26 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The coronavirus crisis has stiffened debt and development-related headwinds that had become strong even before 2020. Sustaining development while maintaining debt sustainability has been made harder by the protracted effects of the pandemic on public finances, earnings and employment, and human capital accumulation of vulnerable populations. The fiscal support programs financed by public debt provided relief and saved lives and livelihoods. But debt-induced uncertainty can now dampen investment and growth, especially given rising global interest rates. Bigger debt servicing burdens will reduce available fiscal space for development and stabilization and growing sovereign debt financing needs can crowd out domestic investment. Over-indebtedness can adversely affect economic development through many channels—"debt overhang,” “fiscal space,” “crowding out” and increased crisis risk —making countries vulnerable to abrupt changes in market sentiment, jeopardizing both stability and growth.
Author :International Monetary Fund, Publisher :International Monetary Fund ISBN 13 :1498330665 Total Pages :40 pages Book Rating :4.4/5 (983 download)
Book Synopsis Revised Guidelines for Public Debt Management by : International Monetary Fund,
Download or read book Revised Guidelines for Public Debt Management written by International Monetary Fund, and published by International Monetary Fund. This book was released on 2015-03-11 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Revised Guidelines for Public Debt Management have been developed as part of a broader work program undertaken by the IMF and the World Bank to strengthen the international financial architecture, promote policies and practices that contribute to financial stability and transparency, and reduce countries external vulnerabilities.
Book Synopsis Debt Management and Macroeconomic Stability by : Peter Montiel
Download or read book Debt Management and Macroeconomic Stability written by Peter Montiel and published by . This book was released on 2003 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :149834657X Total Pages :64 pages Book Rating :4.4/5 (983 download)
Book Synopsis The Medium-Term Debt Management Strategy by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book The Medium-Term Debt Management Strategy written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2017-07-28 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report to the Boards of the International Monetary Fund (IMF) and the World Bank (WB) is the third in a series regarding the evolution of the Medium-Term Debt Management Strategy (MTDS) framework and the associated capacity building efforts. In 2007 the two Boards endorsed the development of the MTDS and ancillary tools, and mandated a program of technical assistance to help countries build capacity in this area. This endorsement and mandate reflect a recognition that sound debt management is critical both to macroeconomic stability and to the development and functioning of the financial sector. The IMF and the WB have collaborated to deliver a large volume of MTDS-based technical assistance to numerous, diverse countries, with a focus on middle- and lower-income countries. Donors have recognized the importance of this work and have been generous in their support. The assistance has taken many forms, including country visits by staff and experts, the delivery of regional training events, and the organization of forums. As documented here, modes of delivery have evolved, with greater emphasis on tailoring to country circumstances, ownership, and coordination within and across agencies in the recipient countries. The report and accompanying annexes describe how capacity building on MTDS has been adapted to keep abreast of country needs. An increasing number of countries have market access (such as through the issuance of Eurobonds or local currency bonds), and face the potential realization of contingent claims, which requires that the MTDS framework consider additional risk factors; more diverse scenarios and market risk metrics; and a wider range of strategies. In many countries, effective capacity building in MTDS was complemented by efforts to strengthen institutions and governance arrangements; debt recording; and government cash management. Linkages with the formulation of annual borrowing plans (ABP) and debt sustainability analysis (DSA) have been strengthened, but more work is needed. Providing a sustained stream of support, rather than one-off missions, often produced better results. Country ownership, often reflected in commitments under IMF- or WB-supported programs, has proven critical to the sustained enhancement of debt management capacity. The value and effectiveness of these capacity building efforts are documented in the report using qualitative and quantitative metrics. The responses from national authorities to a questionnaire on their experience with MTDS technical assistance and the evolution of various quantitative indicators suggest that there were benefits and these were generally sustained. In particular, the majority of countries that had received technical assistance indicated that it helped them to introduce a structured and coherent approach to designing a debt management strategy (DMS) and raise awareness of risks among senior officials and broader stakeholders. Countries also appreciated advice on institutional and governance reforms and integrating debt management into macroeconomic policy formulation and implementation. The observations are supported by case studies detailing how technical assistance was successfully tailored to country needs. It is shown that many recipient countries are now better able to integrate debt management into overall economic policy formulation and adapt their debt management strategies to changing countries’ circumstances. For some, risk exposure indicators have improved even as debt levels have increased. Looking forward, the report suggests that the MTDS framework and modes of delivery should continue to be updated and refined, while maintaining core functions. Some countries will need more sophisticated techniques both to analyze cost-risk trade-offs and to implement their chosen strategy. Others are still in the process of building a solid foundation for debt management. In addition to hands-on trainings, greater use of on-line learning may further enhance effectiveness and efficiency. Building institutional capacity in debt management is a long-term endeavor, often times requiring a more “programmatic” approach, and sustained client ownership. Such an approach would involve diagnosis followed by an actionable reform plan supported by tailored technical assistance. The Boards are asked for their views on priorities in a strategy for future development of capacity building in this area, and how best to ensure that improvements in debt management are sustained.
Book Synopsis Coordination Between the Monetary and Public Debt Management Policies by : Zorica Raspudić Golomejić
Download or read book Coordination Between the Monetary and Public Debt Management Policies written by Zorica Raspudić Golomejić and published by LAP Lambert Academic Publishing. This book was released on 2013-01 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains the main characteristics of and prerequisites for coordination between monetary and public debt management policies in Croatia and evaluates current practice, particularly during recession years. Attention is drawn to the importance of coordination for achieving macroeconomic stability and to the main problems and challenges obstructing successful coordination. It is assessed that the Croatian National Bank (CNB) has consistently contributed to improving coordination, despite the narrowing of its room for manoeuvre. Notwithstanding some contribution to coordination made by the Government and Ministry of Finance, they must take measures and employ instruments to make more significant adjustments and, together with the CNB, define an optimum fiscal and monetary policy mix for the future that will ensure stable economic growth. This paper gives an overview of major CNB measures aimed at facilitating the public debt management and improving coordination with the Ministry of Finance. It also points to a certain contribution of the Ministry of Finance to the coordination improvement, indicating major barriers to effective coordination.
Book Synopsis coordinating public debt management with fiscal and monetary policies: an analytical framework by : Eriko Togo
Download or read book coordinating public debt management with fiscal and monetary policies: an analytical framework written by Eriko Togo and published by World Bank Publications. This book was released on 2012 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Quantifying the Sustainability of Public Debt by : Cansın Kemal Can
Download or read book Quantifying the Sustainability of Public Debt written by Cansın Kemal Can and published by Cambridge Scholars Publishing. This book was released on 2021-06-09 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite its beneficial aspects, public debt can be hazardous for macroeconomic performance should it reach unrepayable levels as a consequence of snowballing explosive trends. Failure to monitor the existing trend in public debt in order to detect such divergences from the stable path, and the lack of an adaptive public financial management can potentially culminate in a public debt crisis whose disruptive economic impacts can permeate all sectors of the economy very swiftly. However, public debt sustainability is a vague concept with no straightforward operational definitions. In addition, its multi-faceted nature is an impediment for the implementation of real-world appraisal of the fiscal posture from a stability viewpoint. As such, quantifying the public debt sustainability is essential for overhauling the fiscal policies so as to avoid a potential debt crisis stemming from malfunctioning fiscal policies. This book provides the reader with a practical and straightforward framework that outlines a tool for undertaking public debt sustainability analysis. In order to guide further empirical investigations, the discussion in this book is underpinned by a real-world application of the model which highlights the practical aspects of the tool with reference to time-varying empirical evidence from a developing country.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :9781557755551 Total Pages :444 pages Book Rating :4.7/5 (555 download)
Book Synopsis Coordinating Public Debt and Monetary Management by : International Monetary Fund
Download or read book Coordinating Public Debt and Monetary Management written by International Monetary Fund and published by International Monetary Fund. This book was released on 1997-04-15 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edited by V. Sundararajan, Peter Dattels, and Hans Blommestein, this volume outlines strategies for managing public debt, developing government securities markets, and coordinating those activities with monetary management through legal, administrative, and operational arrangements. Both transition and market economies are surveyed. The analysis draws partly on the literature on the microstructure of markets and auction systems and on selected country experiences.
Book Synopsis Global Waves of Debt by : M. Ayhan Kose
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Book Synopsis Coordination of Monetary and Fiscal Policies by : International Monetary Fund
Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Book Synopsis Public Debt in Developing Countries by : Indermit Singh Gill
Download or read book Public Debt in Developing Countries written by Indermit Singh Gill and published by World Bank Publications. This book was released on 2005 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several prominent MACs have sought to address the debt and external finance problem by generating large primary fiscal surpluses, switching to flexible exchange rates, and reforming fiscal and financial institutions. Such country-led initiatives completely dominate attempts to overhaul the international financial architecture or launch new lending instruments, which have so far met with little success. While the initial results of the countries' initiatives have been encouraging, serious questions remain about the viability of the model of market-based external development finance. Beyond crisis resolution, which has received attention in the form of the sovereign debt restructuring mechanism, the international financial institutions may need to ramp up their role as providers of stable long-run development finance to MACs instead of exiting from them."
Book Synopsis Designing Legal Frameworks for Public Debt Management by : Elsie Addo Awadzi
Download or read book Designing Legal Frameworks for Public Debt Management written by Elsie Addo Awadzi and published by International Monetary Fund. This book was released on 2015-07-02 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sustainable public debt has gained renewed attention as countries implement fiscal consolidation measures in the aftermath of the global financial crisis. Sound public debt policies and debt management practices require robust legal underpinnings. Complex legal issues however arise in the design of the legal framework, and tradeoffs are required in many instances. This paper analyzes key features of modern public debt management legal frameworks, drawing from examples in advanced, emerging, and frontier markets. It aims to provide guidance for countries that seek to review and strengthen their public debt management legal frameworks.
Book Synopsis Public Debt Management and Bailouts by : Mr.Torbjorn I. Becker
Download or read book Public Debt Management and Bailouts written by Mr.Torbjorn I. Becker and published by International Monetary Fund. This book was released on 1999-07-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
