Sound Practice in Government Debt Management
Government debt management has a long tradition, dating back more than two centuries in some European countries. Since the late 1980's, however, many OECD governments have invested heavily in improving the quality of their debt management practices. In recent years, the topic has received additional attention for its potential role in reducing the vulnerability of emerging economies to financial and economic shocks. Risk is a relative concept and is measured relative to a set of objectives. The authors argue that a government asset and liability management framework offers valuable conceptual insights for managing the risks associated with government debt portfolios and for considering their interface with a wide range of public policy issues. They also argue that prudent risk management requires clear objectives for debt managers, sound institutional and legal framework, appropriate quality assurance procedures and checks and balances, and efficient management information systems. Sound Practice in Government Debt Management draws from the experiences of a group of countries that are leaders in the area of government debt management and on the knowledge that the authors have accumulated in advising many governments on their debt management policies and operations. It offers valuable insights to assist government policy-makers in understanding what is involved in implementing sound practice in government debt management.
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An Overview of Government Debt Management
Managing the Interface Between Debt Management Policy
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agement agency assess asset and liability balance sheet risk bond market budget budgetary capital markets cash flows cash management central bank contingent liabilities cost and risk credit rating debt management office debt management policy debt management strategy debt office debt-servicing costs decisions default domestic currency debt economic established example exchange rate exposure financial market fixed-rate floating-rate debt foreign currency debt funding government bond government debt managers government securities government's balance sheet government's debt management government's foreign currency hedging important inflation institutions instruments interest rate investment investors issuance issues liability management liquidity loan macroeconomic policy market risk maturity ment middle office minister ministry of finance monetary policy monitoring objectives OECD portfolio management price-indexed private sector reduce refinancing risk responsibilities revenue risk analysis risk management short-term SOEs staff state-owned enterprises strategic benchmark structure swaps tactical trading transactions Treasury World Bank yield curve Zealand