A Cross-Country Analysis of Public Debt Managment Strategies
This paper analyzes results of a survey on debt management strategies conducted by the Banking and Debt Management Department of the World Bank. The analysis focuses on (1) whether a public debt management strategy exists in a given country, (2) whether it is made public, and (3) in which form it is imparted. The paper analyzes the distribution of the latter characteristics over different regions, income groups, and levels of indebtedness using graphical analysis. Using regression analysis, it investigates the extent to which basic economic factors can explain the characteristics of public debt management strategies across countries.
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addressed in benchmarks addressed in strategic average number Banking and Debt benchmark strategies CA/GDP concessional cost-risk trade-off Countries with Strategies country groups Debt Management Department debt management strategy debt strategies developing countries distribution established a strategic estimation results exchange rate regimes explanatory variable financing FX risk GDF & WDI GDP growth GDP per capita government debt government's graphical analysis guidelines high income countries higher income levels inflation interest rate risk levels of indebtedness LOGIT LP models macroeconomic monetary policy non-linear non-OECD countries OECD countries panels in Figure Percentage of Countries percentage of strategies PROBIT model public debt management public strategies questionnaire refinancing risk regional dummies regression analysis row of panels selected economic indicators significantly standard deviation stdev strategic benchmarks strategic target/benchmark strategies across countries Strategies and Strategic strategy public survey data terms of trade transparency types of risks WDI Central database World Bank yf and yf