By Graeme Wheeler
ISBN-10: 0821350730
ISBN-13: 9780821350737
ISBN-10: 1417505451
ISBN-13: 9781417505456
Govt debt administration has an extended culture, courting again greater than centuries in a few ecu nations. because the overdue 1980’s, despite the fact that, many OECD governments have invested seriously in enhancing the standard in their debt administration practices. lately, the subject has got extra cognizance for its power position in decreasing the vulnerability of rising economies to monetary and monetary shocks. hazard is a relative proposal and is measured relative to a suite of pursuits. The authors argue govt asset and legal responsibility administration framework bargains invaluable conceptual insights for coping with the hazards linked to executive debt portfolios and for contemplating their interface with quite a lot of public coverage concerns. in addition they argue that prudent threat administration calls for transparent goals for debt managers, sound institutional and criminal framework, applicable caliber coverage tactics and assessments and balances, and effective administration info platforms. Sound perform in executive Debt administration attracts from the reports of a gaggle of nations which are leaders within the sector of presidency debt administration and at the wisdom that the authors have accrued in advising many governments on their debt administration rules and operations. It bargains beneficial insights to aid executive policy-makers in figuring out what's interested in imposing sound perform in govt debt administration.
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Additional info for Sound Practice in Government Debt Management
Sample text
Within the wholesale debt market, the central bank is frequently the debt manager’s agent for undertaking liquidity management transactions through daily open market operations designed to neutralize the government’s liquidity flows. ) It is common for the central bank to conduct government bond and bill tenders or auctions for government debt managers. In addition, given the Managing the Interface Between Debt Management Policy and Other Macroeconomic Policies 33 shared interest that the central bank and the debt managers have in developing an efficient domestic market, central banks often provide advice to the debt managers on debt management strategy and issuance decisions relating to the local market.
CHOICES RELATING TO TRANSACTION DECISIONS Transaction-related decisions may involve, for example, forecasting the government’s borrowing requirements and implementing its borrowing program; managing the government’s cash balances to minimize carrying costs; undertaking transactions to move the portfolio composition of the debt closer to strategic benchmarks; and executing transactions of a tactical nature. , bilateral sources and international financial institutions) or from commercial creditors.
In April 1789 the Swedish National Debt Office was established to manage the central government’s debt. For a description of changes in the ratio of national 22 Sound Practice in Government Debt Management debt to gross national product (GNP) in the United Kingdom during the period 1688–1997, see Goodhart (1998). 2. This was especially the case with Belgium, Ireland, and New Zealand. In Finland and Sweden, deteriorating fiscal positions and rapidly expanding borrowing needs were important factors behind the upgrading of government debt management.
Sound Practice in Government Debt Management by Graeme Wheeler
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