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Optimal Debt Management
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Book Synopsis Optimal Debt Management by : Robert J. Barro
Download or read book Optimal Debt Management written by Robert J. Barro and published by . This book was released on 1995 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimal debt management can be thought of in three stages. First, if taxes are lump sum and the other conditions for Ricardian equivalence hold, then the division of government financing between debt and taxes is irrelevant, and the whole level of public debt is indeterminate from an optimal-tax standpoint. Second, if taxes are distorting, then the timing of taxes will generally matter; for example, it may be desirable to smooth tax rates over time. This consideration makes determinate the levels of debt at various dates, but does not pin down the composition of the debt, say by maturity. Finally, if there is uncertainty about real interest rates, levels of public outlay, GDP, and so on, then the relation of tax rates to states of nature becomes important. In some cases, optimal taxation dictates the smoothing of tax rates over states of nature, and this element may pin down the composition of the debt. For example, the maturity structure can be designed to insulate the government's financing costs from shifts in real interest rates. This paper studies dynamic optimal taxation in an equilibrium model that yields a form of tax smoothing as a basis for debt management. The main analysis uses a tractable form of the one-sector stochastic growth model. The type of taxation that yields the clearest results on tax smoothing is a proportional levy on consumption. In a simple benchmark case, optimal debt management entails the issue of indexed consols. More generally, payouts on debt would also be contingent on aggregate consumption and the level of government spending.
Book Synopsis Optimal Fiscal and Monetary Policy, Debt Crisis and Management by : Mr.Cristiano Cantore
Download or read book Optimal Fiscal and Monetary Policy, Debt Crisis and Management written by Mr.Cristiano Cantore and published by International Monetary Fund. This book was released on 2017-03-30 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The initial government debt-to-GDP ratio and the government’s commitment play a pivotal role in determining the welfare-optimal speed of fiscal consolidation in the management of a debt crisis. Under commitment, for low or moderate initial government debt-to-GPD ratios, the optimal consolidation is very slow. A faster pace is optimal when the economy starts from a high level of public debt implying high sovereign risk premia, unless these are suppressed via a bailout by official creditors. Under discretion, the cost of not being able to commit is reflected into a quick consolidation of government debt. Simple monetary-fiscal rules with passive fiscal policy, designed for an environment with “normal shocks”, perform reasonably well in mimicking the Ramsey-optimal response to one-off government debt shocks. When the government can issue also long-term bonds–under commitment–the optimal debt consolidation pace is slower than in the case of short-term bonds only, and entails an increase in the ratio between long and short-term bonds.
Book Synopsis Optimal Debt Management Under Corporate and Personal Taxation by : David C. Mauer
Download or read book Optimal Debt Management Under Corporate and Personal Taxation written by David C. Mauer and published by . This book was released on 1988 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Optimal Debt Management by : Francesco Drudi
Download or read book Essays in Optimal Debt Management written by Francesco Drudi and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Optimal Debt Management Policy for a Bank Holding Company by : Luiz Antonio Vitale
Download or read book Optimal Debt Management Policy for a Bank Holding Company written by Luiz Antonio Vitale and published by . This book was released on 1972 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Debt Management by : John D. Finnerty
Download or read book Debt Management written by John D. Finnerty and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Debt Management with a Stability and Growth Pact by : Alessandro Missale
Download or read book Optimal Debt Management with a Stability and Growth Pact written by Alessandro Missale and published by . This book was released on 2000 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Notes on Optimal Debt Management by : Robert J. Barro
Download or read book Notes on Optimal Debt Management written by Robert J. Barro and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consider the finance of an exogenous path of public expenditure, G(t), with taxes and public debt issues. In the absence of unexpected default, borrowing does not allow the government to escape taxes in a present-value sense. But the choices of how much to borrow and in what form affect the timing of tax collections and the ways in which these collections are contingent on economic outcomes. This note assesses these choices from an optimal-tax perspective. That is, the government manages its debt to minimize the expected present value of the distortions from financing its expenditures.
Book Synopsis Optimal Debt Management in a Liquidity Trap by : Hafedh Bouakez
Download or read book Optimal Debt Management in a Liquidity Trap written by Hafedh Bouakez and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The $13 Trillion Question by : David Wessel
Download or read book The $13 Trillion Question written by David Wessel and published by Brookings Institution Press. This book was released on 2015-11-24 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: The underexamined art and science of managing the federal government's huge debt. Everyone talks about the size of the U.S. national debt, now at $13 trillion and climbing, but few talk about how the U.S. Treasury does the borrowing—even though it is one of the world's largest borrowers. Everyone from bond traders to the home-buying public is affected by the Treasury's decisions about whether to borrow short or long term and what types of bonds to sell to investors. What is the best way for the Treasury to finance the government's huge debt? Harvard's Robin Greenwood, Sam Hanson, Joshua Rudolph, and Larry Summers argue that the Treasury could save taxpayers money and help the economy by borrowing more short term and less long term. They also argue that the Treasury and the Federal Reserve made a huge mistake in recent years by rowing in opposite directions: while the Fed was buying long-term bonds to push investors into other assets, the Treasury was doing the opposite—selling investors more long-term bonds. This book includes responses from a variety of public and private sector experts on how the Treasury does its borrowing, some of whom have criticized the way the Treasury has been managing its borrowing.
Book Synopsis Medium-Term Debt Management Strategy by : Mr.Emre Balibek
Download or read book Medium-Term Debt Management Strategy written by Mr.Emre Balibek and published by International Monetary Fund. This book was released on 2019-05-15 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides guidance on using the Analytical Tool of the Medium-Term Debt Management Strategy (MTDS). The MTDS framework consists of a methodology, published as the ‘Guidance Note for Developing a Medium-Term Debt Management Strategy’, and an associated analytical tool (AT) that can be used to assess the cost-risk trade-offs of alternative strategies to help identify the preferred strategy. The MTDS framework supported by the AT quantitative analysis helps to determine the financing strategy. The chosen debt management strategy sets out the financing composition path to meet the debt management objective(s). The profile of future interest payments and the amortizations of new debt are driven by the debt management strategy. The MTDS AT is based on annual cash flow. Although this assumption is enough for analyzing alternative debt management strategies, in some cases, particularly for countries that are heavily dependent on short-term securities with maturities of less than a year, it would be helpful to work with cash flows with higher frequency.
Book Synopsis Real Interest Rates, Sovereign Risk and Optimal Debt Management by : Francesco Drudi
Download or read book Real Interest Rates, Sovereign Risk and Optimal Debt Management written by Francesco Drudi and published by . This book was released on 1996 with total page 58 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 Corporate Debt Management by : Alberto Dell'Acqua
Download or read book Corporate Debt Management written by Alberto Dell'Acqua and published by EGEA spa. This book was released on 2019-02-20T00:00:00+01:00 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book combines theoretical knowledge and practical applications in the field of corporate capital structure and debt policy. Corporate debt management is a discipline and practice in and of itself with respect to the general principles of financial management of businesses. The book is organized in four building blocks: the main approaches for choices regarding corporate debt; the practical application through the implementation of a debt management plan; the analysis of the set of debt instruments available to satisfy the corporate financial needs; the strategies and borrowing styles for managing corporate debt. This book has been designed for a wide range of professionals involved in corporate financing and corporate and investment banking, financial analysis, management control, and corporate strategic management. Moreover it can be useful for the acquisition of in-depth knowledge by scholars and participants in Master’s degree courses in Finance and Financial Management.
Book Synopsis Optimal Feedback Strategies of a Debt Management Problem and Fine Regularity for Nonlocal Balance Law by : Steven J Gilmore
Download or read book Optimal Feedback Strategies of a Debt Management Problem and Fine Regularity for Nonlocal Balance Law written by Steven J Gilmore and published by . This book was released on 2021 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Public Debt Management and Liquidity Provision by : George-Marios Angeletos
Download or read book Optimal Public Debt Management and Liquidity Provision written by George-Marios Angeletos and published by . This book was released on 2012 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the Ramsey policy problem in an economy in which firms face a collateral constraint. Issuing more public debt alleviates this friction by increasing the aggregate quantity of collateral. In so doing, however, the issuance of more debt also raises interest rates, which in turn increases the tax burden of servicing the entire outstanding debt. We first document how this trade-off upsets the optimality of tax smoothing and, in contrast to the standard paradigm, helps induce a unique and stable steady-state level of debt in the deterministic version of the model. We next study the optimal policy response to fiscal and financial shocks in the stochastic version. We finally show how the results extend to a variant model in which the financial friction afflicts consumers rather than firms. Keywords: public debt, liquidity, optimal fiscal policy, Ramsey, Friedman rule, financial frictions. JEL Classification: E4, E6, H6.
