Guidelines for Public Debt Management
These guidelines assist policymakers at all levels in considering reforms to strengthen the quality of their public debt management and reduce their countries' vulnerability to international financial shocks. Vulnerability is often greater for smaller and emerging market countries because their economies may be less diversified, have a smaller base of domestic financial savings and less-developed financial systems, and be more susceptible to financial contagion through the relative magnitudes of capital flows. As a result, these guidelines should be considered within a broader context of the factors and forces affecting a government's liquidity more generally and the management of its balance sheet.
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asset and liability auctions benchmarks borrowing capital markets cash flows cash management central bank contingent liabilities coordination cost and risk country’s Debt management activities debt management operations debt management policies debt management practices debt management strategy debt servicing costs debt structure domestic currency debt domestic debt markets ensure example exchange rate regime expected cost exposures External Debt financial markets financial shocks floating rate debt foreign currency debt foreign exchange reserves framework government debt management government securities market government’s balance sheet government’s debt portfolio Guidelines instruments interest rates International Monetary Fund issuer issues liquidity risk macroeconomic management and monetary market liquidity market participants maturity medium to long ment MFP Transparency Code monetary policy payments potential primary dealers public debt management publicly disclosed put options reduce revenues risk management risky rollover risk secondary market settlement short-term or floating sound debt management sovereign debt management tion transactions vulnerability World Bank yield curve